Macro Overview
- US CPI Y/Y: Came in lower than the previous figure and aligned with expectations, which is bullish for the market. The data release triggered an upside rally, further supported by consistently favorable macroeconomic trends over the past few months, reinforcing a positive market outlook.
- US PPI M/M: Came in line with expectations, presenting a neutral to bullish sentiment for the crypto market.
Crypto Markets Overview
Top Tokens Update
- November Token Unlocks: Memecoin (MEME): Scheduled to unlock 3.45 billion tokens valued at about $37.8 million for its airdrop. Additionally, a linear unlock will release over 10 million MEME tokens daily, worth approximately $117,000.Aptos (APT): Plans to release 11.31 million tokens worth $93 million. Allocations include $32 million to core contributors, $26 million to the community, $11 million to the foundation, and $23 million to investors.
Avalanche (AVAX): Set to unlock 1.67 million tokens valued at $39 million for its foundation.
Optimism (OP): Will release 31.4 million tokens worth $44 million for investors and core contributors.
These token unlocks can influence market liquidity and token prices. Investors should monitor these events closely, as the influx of tokens may lead to increased volatility.
- Coinbase Lists Meme Token Pepe (PEPE), Surpasses $9 Billion Valuation: Coinbase has listed Pepe (PEPE), a meme token based on the popular frog meme. Following the recent crypto rally, PEPE’s market cap has soared to over $9 billion, making it the 15th largest cryptocurrency. PEPE has surged by more than 100% over the past week.
- Upbit Listing: AGLD Soars 100%+ in Minutes After Launch: South Korean crypto exchange Upbit added 12 new tokens to its USDT trading pairs on November 13. Among the newly listed tokens, Adventure Gold (AGLD) saw a massive 100%+ increase in price just minutes after its launch. Other tokens added include MultiversX, Filecoin, Stellar Lumens, Lumiwave, and Near Protocol.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Nov-21 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- This week, BTC extended its upward momentum, reaching a new all-time high slightly above $93,000. The outlook remains bullish, although a brief consolidation could occur. $100K appears within reach as market conditions stay favorable. Funding rates are normal, and price action continues to show strength with no signs of reversal. Positive macro factors and overall market sentiment further support the bullish stance. Hence, our outlook for next week remains bullish.
- Key support levels to consider are around $85,000 and $80,000 (20 EMA D). On the upside, resistance levels is at $95,000 to $100,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish .
- ETH has continued its upward trend, although it has underperformed BTC with a significant drop in the ETH/BTC pair. Despite this, ETH remains strong, breaking out of consolidation in lower time frames. With ETF inflows surging and funding rates staying healthy, price action remains bullish. Therefore, our outlook for next week is bullish for ETH.
- Significant support levels include $3060 and $2830, while resistance levels to watch are at $3366 and $3637.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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