29th April 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin reasserts short term uptrend and tests recent highs. Ethereum rallies more modestly with support at 1750.
Secondary coins were mixed, but saw decent gains in Solana, up 9.8%, Cosmos up 8.3%, Ripple, up 6.7% and Cardano up 5.7%. Technically, Cosmos finds support at 10.5 while Solana finds support at 20. Ripple has short term support at 0.45. Most Secondary coins are still range-traders and towards the bottom of those ranges.
Crypto related equities were mixed but Riot, Marathon and Microstrategy all made gains of 12-13%, reasserting short term uptrends after recent corrections.
Headlines
Coinbase petitions court to force the SEC to respond to Coinbase’s July 2022 request for regulatory clarifications on various points. The SEC has so far ignored the request.
Coinbase additionally responds to Wells notice issued by the SEC, saying that the SEC allowed Coinbase’s listing as a public company, which would not have been possible if the SEC thought that Coinbase was violating securities laws.
Binance, the famously trustworthy “non-Chinese” exchange, pulls out of the deal to buy Voyager Digital’s US assets.
Berenberg analysts suggest that Bitcoin may have a renewed rally, due to a “combination of circumstances evolution and timing”. They note that Bitcoin is almost the only digital asset to be defined as a commodity, and that the next “halving” of rewards to miners within the Bitcoin protocol, may also be a catalyst, as previous such events have been accompanied by a price rise.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 29,343.53 | -0.5% | 2051.9 | 7.5% | 56 | 42 | -47 | -26 |
| Ethereum | 1,893.57 | -0.9% | 42.8 | 2.3% | 57 | 8 | -47 | -34 |
Bitcoin reasserts short term uptrend and tests recent highs. Ethereum rallies more modestly with support at 1750.
Ratio Chart
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Solana (Smart Contract Coin) | 23.41 | 9.8% | 55 | -33 | -88 | -74 |
| Cosmos (Smart Contract Coin) | 11.74 | 8.3% | 53 | -75 | -88 | -85 |
| XRP (Smart Contract Coin) | 0.48 | 6.7% | 57 | 8 | -88 | -64 |
| Cardano (Smart Contract Coin) | 0.41 | 5.7% | 58 | 8 | -88 | -64 |
| Avalanche (Smart Contract Coin) | 17.66 | 3.5% | 53 | -33 | -88 | -74 |
| DogeCoin (Memecoin) | 0.08 | 2.3% | 54 | 8 | -88 | -64 |
| Polkadot (Cross Chain Coin) | 5.96 | 1.6% | 49 | -83 | -88 | -87 |
| Monero (Privacy Coin) | 153.32 | 1.5% | 53 | 0 | -47 | -36 |
| Stellar (Privacy Coin) | 0.10 | 1.9% | 53 | 8 | -92 | -67 |
| Theta Token (Gaming Coin) | 1.01 | 1.5% | 51 | -83 | -88 | -87 |
| BNB Chain Native Token (Smart Contract Coin) | 324.77 | 0.8% | 51 | 8 | 88 | 68 |
| Near (Smart Contract Coin) | 1.93 | -0.3% | 49 | -83 | -88 | -87 |
| THORChain (Smart Contract Coin) | 1.36 | -0.9% | 50 | -83 | -88 | -87 |
| Fantom (Smart Contract Coin) | 0.42 | -0.5% | 45 | 8 | -88 | -64 |
| The Sandbox (Gaming Coin) | 0.59 | -0.4% | 44 | -83 | -88 | -87 |
| Polygon (Smart Contract Coin) | 1.00 | -1.3% | 42 | -42 | 88 | 56 |
| ChainLink (Cross Chain Coin) | 7.04 | -1.1% | 49 | 0 | -88 | -66 |
| Decentraland (Gaming Coin) | 0.55 | -2.2% | 47 | -75 | -88 | -85 |
Secondary coins were mixed, but saw decent gains in Solana, up 9.8%, Cosmos up 8.3%, Ripple, up 6.7% and Cardano up 5.7%. Technically, Cosmos finds support at 10.5, while Solana finds support at 20. Ripple has short term support at 0.45.
Most Secondary coins are still range-traders and towards the bottom of those ranges.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 35.92 | 0.6% | -4.5% | 38 | -83 | -92 | -90 |
| Block Inc | 60.79 | 0.3% | -4.2% | 32 | -83 | -92 | -90 |
| Coinbase Global Inc Cl A | 53.79 | -0.7% | -8.9% | 29 | -50 | -95 | -84 |
| Hive Blockchain Technologies Ltd | 3.24 | -4.4% | 0.3% | 49 | 8 | 88 | 68 |
| Marathon Digital Hldgs Inc | 10.07 | 0.1% | 12.8% | 54 | 42 | -88 | -56 |
| Microstrategy Cl A | 328.38 | 3.1% | 12.8% | 58 | 42 | -88 | -56 |
| Riot Blockchain Inc | 11.96 | 1% | 13.7% | 59 | 75 | -88 | -48 |
| Robinhood Markets Inc Cl A | 8.85 | 0.3% | -8.2% | 44 | -83 | -88 | -87 |
| Tesla Inc | 164.31 | 2.6% | -0.5% | 36 | -83 | -92 | -90 |
Crypto related equities were mixed but Riot, Marathon and Microstrategy all made gains of 12-13%, and all reasserting short term uptrends after recent corrections.