According to the Bitpanda manager, uncertainty and fears are crippling the cryptocurrency market

Alejandro Zala, Country Manager at Bitpanda España, shared a new analysis on the cryptocurrency market with Cointelegraph en Español.

According to Zala, there has been an oscillating development in the markets as they faced the relative uncertainties of global financial policy as well as the ongoing effects of the Covid-19 variant of Omicron.

According to Zala, all of the major altcoins are following Bitcoin in its attempt to bounce back from the brief decline in early December.

According to the Bitpanda manager, uncertainty and fears are crippling the cryptocurrency market
According to the Bitpanda manager, uncertainty and fears are crippling the cryptocurrency market

In a context this week in which the FED – the monetary and central banking authority of the United States – has announced that it will change its interest rate policy and bond purchases as inflation rates exceed their threshold, currently at 6.8% , the highest in four decades, commented Zala: “The Fed’s target is 2%. To fight inflation, the central authority has announced that it will reduce its bond-buying program faster than originally planned and is also planning at least three rate hikes in 2022. Overall, the markets reacted positively to the news. ”?? ?? ONE

â ???? Bitcoin printed some bullish daily candles, but its general pricing structure hasn’t changed much: the falling wedge pattern is still there, with resistance at $ 43,500 and support at $ 40,000â ???? TO

Ethereum, at May level

Ethereum’s price has fluctuated after its all-time high in November, said Zala, who further noted that the second largest cryptocurrency is trading within a range, creating a pattern of descending wedges.

This pattern also occurred between May and July and again between September and October. Both moments had positive results, with ETH finally breaking above resistance and reaching even higher levels. Although it has shown an upward trend in the past few days, ETH is still trading at the € 3,500 level, almost the same as it was in May, he added.

He also noted that ETH’s price is up 440% so far this year, up 150% from its July low.

• Has increased significantly due to the London Hardfork upgrade that introduced the burning of coins. The smart contract ecosystem has also expanded as it continues to be the main network for the DeFi and NFT sectors of the blockchain industry, ”said Zala.

DOGE rises following Elon Musk’s announcement

Elon Musk, CEO of Tesla, is again blamed for the rapid rise of DOGE. Musk announced that Tesla will accept payments on DOGE, which caused the cryptocurrency to skyrocket nearly 40% over the course of the day. The memecoin was traded around € 0.2, emphasized Zala.

However, he made it clear: “DOGE has tested the support of 0.15 euros, but it is positive that it is currently trading above the trend line.”

Is the DOT downtrend ending?

In the midst of the hype about Parachain auctions, Polkadot recorded growth of 400% between July and November and reached its all-time high of 47 euros. Like the cryptocurrency market in general, DOT has been in a downtrend lately and is now testing the lower support at € 22, noted Zala.

DOT challenged this level back in September and jumped a couple of times. The Relative Strength Index (RSI) indicator is slowly recovering, suggesting that this support could hold. Finally, Zala added.

Introduction of BEST 2.0

On that occasion, Zala also referred to the BEST token, Bitpanda’s native token trading around the EUR 1 mark, 80% higher than its July low but still 60% lower than its all-time high; also from the basics of the loyalty program which is updated with new VIP levels.

– Expanded from three to five, BEST rewards will be postponed from monthly to weekly and the new BEST Boost program will be introduced. With the new BEST rewards program, BEST holders of the VIP level can burn up to 25% of the business rewards they have collected. These burns are repeated monthly until up to 75% of the total BEST supply has been burned, ie the 1 billion BEST originally spent. agreed

(Clarification: This material is intended as a commentary on economic or market conditions and does not constitute a financial analysis or a recommendation. The analysis presented here is in accordance with the Country Manager of Bitpanda in Spain and is under no circumstances a recommendation by the Cointelegraph Investment Policy Investment conducts its own research and is responsible for its own decisions).

You might be interested in:

Similar Posts