Chart of the Day
US jobs reports on Friday painted an overall picture of solid employment, buoying major stock benchmarks from a four-day selloff to close the week with some gains. Traders are now awaiting the inflation readings this Thursday to weigh the mixed jobs figures against the possibility of the Fed extending the tightening cycle further.
Despite the gloomy prospect facing the equity markets, the crypto market saw sentiments improve as BTC saw an uptick above the $21k threshold over the weekend. As of the time of writing, the largest cryptocurrency by market cap is consolidating slightly below the $21k level after posting a 1.4% loss over the last 24 hours. The bullish momentum since the major breakout in late October is still pretty much in place with BTC futures open interests trending up and funding rates reaching highs.
In a similar vein, ETH is inching closer to the $1,600 handle despite a 1.6% loss in the same period. Mid-to-large-cap altcoins saw mixed performances, with MATIC leading the pack on a 5.3% increase, and SOL down 9.33% from a post-conference hangover.
Weekly Gainer
AR, the native token of the decentralized storage solution Arweave is leading its altcoin counterparts with a 39.3% gain in the past week. The token’s recent rally is fueled by bullish news on the adoption front, as Meta announced plans to bring data permanency to web3 with the help of Arweave.
On the 1-hour chart, AR’s price action saw impressive surges last Thursday. However, the price has since entered a consolidation phase, with resistance levels sitting in the $14.4 to $17.5 zone. As of the time of writing, the pair has momentarily dropped below the 100-hour moving average, which may serve as a key price support for the storage token. On the 1-day chart, RSI remains in the overbought region, while the MACD line is converging with the signal line, suggesting that a surge in volatility, if not a complete turn of the tide, lies ahead.
Talk of the Town
Digital payments firm Circle recently announced plans to expand native support of Euro Coin and access to their new permissionless cross-chain infrastructure on Solana in the first half of 2023. The Cross-Chain Transfer Protocol is designed to let crypto projects transfer USDC across different blockchains without leveraging wrapped versions of the tokens. The move marks the first step of the firm’s commitment to providing new use cases for instant FX and more opportunities for traders with a new base currency.
Source: Bybit Blog
