Support holding the last line — will it hold up?

28.11.2023

Dear traders,

The crypto market is at a crucial support level that needs to hold before a significant bearish sell-off begins.

Jake
TOP Trader

BTC has pulled back from the resistance at $38k and is currently trading at $37k, with a notable likelihood of retesting support at $35k. There is still a risk of a more substantial decline if the support fails to hold.

ETH is poised to break $2100, but it is currently retracing towards the $2000 support. It’s crucial for this support to hold for a more significant bullish push upward. If the substantial support remains intact and buying pressure returns, we could witness a more substantial upward movement.

XRP is experiencing a loss of momentum, retracing below the $0.62 channel. A robust push with increased buying volume is necessary to drive the price upward. However, $0.62 presents strong resistance, and a breakthrough above it will indicate a bullish continuation.

LINK is currently testing the $14 support and must maintain it for a bullish continuation. A significant, robust push is still required to overcome the strong resistance.

SOL is retracing towards the $55 support, with a notable likelihood of a significant push back to the $47 support for a retest.

EOS is currently maintaining its position just above the $0.662 support, and it needs to continue doing so for a more substantial push upward on the daily chart.

LTC is currently contending with the $70 resistance and must maintain a position above it for a more significant push upward. It remains at risk of a downtrend and a more substantial push downward.

The DXY dollar didn’t hold above 103.5, and there is a big possibility of a push back with a target at 102.5.

Crypto/stock daily news:
WTF IS BLAST?

Crypto investors are akin to 4th graders – every few weeks, they develop a new crush.

The latest crush: Blast.

– Blast is an Ethereum Layer 2 (L2) network. L2s can be likened to EZ passes for toll roads – they facilitate quick, cheap, and easy transactions.

– It incorporates native yield for ETH and stablecoins. Users deposit money on Blast and receive a percentage yield in return. (ETH is automatically staked with Lido to earn 4%. Stablecoins are converted to DAI and staked with MakerDAO to earn 5%).

– Founded by “Pacman” (governmentally known as Tieshun Roquerre), he is the founder of Blur, one of the leading NFT marketplaces.

– Blast secured $20M in funding from Paradigm, Standard Crypto, eGirl Capital, Primitive Ventures, and a few other angel investors.

Having launched its “Early Access” last week, Blast has already accumulated $564M in total value locked (TVL).

Why this matters: Blast is emerging as one of the fastest-growing blockchains ever.
It achieved a TVL of $500M in just 5 days (!!), which is approximately 3 times faster than the next blockchain on the list (Arbitrum, which took 13 days).

However, many observers are raising red flags about Blast:

? It currently lacks a “live” product (the L2 network is set to launch officially next year).

? Users are unable to withdraw their funds until February 2024.

? Project funds are under the control of 5 unknown multi-sig wallets.

? It claims to offer “risk-free returns” (considered some of the most dangerous words in finance).

? The platform features a rewards system where users earn “points” for depositing money and inviting others to join. Here’s what it looks like…

Looks normal, right? Well, keep tilting your head to the left and—

***lawyer busts through the door and whispers something in ear***

Actually, don’t hurt yourself.

Our lawyer informs me that we don’t offer any “reader’s neck insurance.”

So, here. We’ll tilt it for you…

Pic: triangle

Voila. A triangle.

And many people are raising concerns about Blast’s reward system, likening it to a “Ponzi-like” structure.

Trader JAKE’s Take: Crypto projects are a lot like Tinder profiles – you get just enough info to decide whether to swipe left (aka pass) or right (aka it’s a match).

Well, Blast is the hot supermodel with a questionable bio. It has 12/10 looks but is a “Director at Herbalife.

And with all the red flags (no product, no way to withdraw funds, etc.), we’re swiping left for now.

FAST NEWS:

Bakkt® has been assisting businesses in navigating the crypto space responsibly through custody, trading, and onramp solutions, all backed by multi-layered security.*

JPMorgan estimates that Grayscale’s Bitcoin Trust could face $2.7 billion in outflows. Analysts at JPMorgan suggest that if the Grayscale Bitcoin Trust receives approval to transform into a spot Bitcoin exchange-traded fund, investors might withdraw as much as $2.7 billion. — DL News

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