Crypto market preparing for a big push up after monthly close.

01.12.2023

Dear traders,

The US dollar is weakening, which could lead to a significant push up in cryptocurrencies.

Jake
TOP Trader

BTC has successfully breached the $38k resistance and is currently experiencing heightened upward momentum in the coming days, targeting the next resistance level at $39.5k. A substantial bullish breakout remains a possibility for the upcoming month if the support level at $37k and above holds.

ETH has faced resistance in breaking above $2100 and is currently retracing towards the $2000 support level. The stability of this support is crucial for a more substantial bullish push upward. If this significant support level holds and buy pressure returns, we may observe a more pronounced upward movement.

XRP is currently experiencing a loss of momentum, descending below the $0.62 channel. To drive the price upward, a robust push accompanied by increased buying volume is necessary. Nevertheless, the $0.62 level demonstrates robust resistance, and a breakthrough above it would signify a bullish continuation.

LINK is currently undergoing testing at the $14 support level, and it is imperative for this level to be maintained for a bullish continuation. A substantial and forceful push is still required to overcome the prevailing strong resistance.

SOL is currently making an attempt to break through the $61 resistance. A successful breakthrough and subsequent establishment of support above $58 could pave the way for further upward movement.

EOS is presently maintaining a position just above the $0.662 support level, and it is imperative for this support to persist for a more substantial upward push on the daily chart.

LTC has successfully broken above the $70 level and must sustain this position for a more substantial upward push. However, there is a risk of a pullback if the $70 support does not hold.

The DXY dollar is attempting to break back to 103.5, but the resistance is still strong.

Crypto/stock daily news:

NOVEMBER RECAP: 3 WINNERS. 1 BIG LOSER

That’s another month in the books for crypto.

And November was like a Spanish soap opera…full of dramatic highs, heartbreaking lows, and the random “¡Ay, Dios mío!”.

Just in case you blinked and missed something, we got you covered with the biggest winners and losers of the month.

Let’s start with the winners. We got 3 of ‘em (and a few honorable mentions).

THE WINNERS

1/ COINBASE –

The biggest U.S. crypto exchange has been on a roll:

Its stock price is up 66% over the last month. And up a whopping +280% year-to-date.

It’s been named as the custodian for 9 out of the 12 spot Bitcoin ETF applications. This means that if/when the highly-anticipated ETFs get approved, Coinbase would be the one holding onto assets on behalf of those firms (i.e. Blackrock, WisdomTree, etc.).

For the most part, it has stayed out of trouble recently. Other exchanges like Binance and Kraken faced legal action from U.S. regulators this month.

Coinbase has been known to be a “slow and steady wins the race” tortoise-of-an-exchange, but turns out… being basic is based in the crypto world.

It’s like a girl seeing her Tinder date has a fully furnished living room. Not a single bean bag or lawn chair in sight. A true grown-up.

We’re grateful for companies like Coinbase for having their sh*t together.

2/ SOLANA –

The layer 1 blockchain had a historic month…

SOL is up 73% over the last month. That brings its year-to-date performance to… +327%. Holy gains.

Decentralized exchange (DEX) volume on Solana hit ~$7B in November. That’s a new all-time high.

Solana NFTs are soaring. According to CryptoSlam, Solana NFTs saw $76.5M in sales volume last month – up from $28M in October.

Skeptics have picked on Solana over the years – the network would go offline frequently, there wasn’t much adoption, and it was Sam Bankman-Fried’s favorite blockchain (yuck).

But as of late, Solana hasn’t had any network issues and has seen a big increase in NFT and DeFi activity.

3/ THORCHAIN –

2% of all spot Bitcoin volume goes through it now. THORChain, being one of the few decentralized exchanges (DEXs) that allows trading in Bitcoin, has experienced a significant increase in usage.

It jumped to the 5th largest Bitcoin exchange in the world by volume. This includes centralized exchanges (CEXes).

It’s native token ($RUNE) is up 141% in November. And is up 411% year-to-date (!!).

In other words, business is boomin’ for THORChain.

Ok, now for some quick Honorable Mentions:

Illuvium (ILV): +118% this month. The blockchain-based game debuted on the Epic Game Store earlier this month (180M users).

Immutable X (IMX): +84% this month. The Layer 2 partnered up with Ubisoft to build a new web3 gaming experience.

Avalanche (AVAX): +82% this month. The Layer 1 blockchain is prime for crypto gaming but also found a new use case this month: tokenized funds.

And now, onto….

THE 1 BIG LOSER

Sam Bankman-Fried (aka “formerly-know-as-SBF”, or fkSBF for short) – after weeks of being called out by his former friends, colleagues, and girlfriend in court, fkSBF was convicted of 7 charges of fraud earlier this month.

He faces up to 110 years in prison. Oof.