Market Report - 11 December 2023

Overview

Altcoins have been the star performers in the cryptocurrency market over the past week. Among the altcoins with a market value above $1 billion, Avalanche's AVAX token emerged as the leader with a gain of 17% on Wednesday (6/12).

Another notable mover is Helium, which saw a surge of 42% in its value after the company announced the launch of a mobile phone plan in the U.S. that provides unlimited data, texts, and calls for only $20 per month.

Layer 1 tokens - ADA, ALGO, AVAX, and SOL - have been among the top performers as the capital rotation from the stalling Bitcoin has lifted the altcoins, resulting in gains of 7% to 11%.

Bitcoin Price Movement

In the recent market dynamics, Bitcoin (BTC) witnessed a bearish pullback, retracing to the crucial $42,000 level. A notable pattern has emerged on the daily chart, revealing the formation of a potential double top pattern. This pattern, characterized by two peaks at approximately the same price level, often signals a reversal in the ongoing trend.

Market analysis suggests that the price of BTC may encounter support in the range of $40,000, representing a significant psychological level, or at the $42,000 resistance level. These levels are pivotal as they have historically played roles in either supporting or resisting price movements.

Ethereum Price Movement

Ethereum (ETH) recently underwent a retracement, reaching the $2,250 level. Analysts are eyeing a potential buying opportunity if the pullback extends to the $2,100 level. This level is perceived as a strategic entry point by market participants, and its significance lies in historical price reactions.

The longer-term sentiment for ETH remains optimistic, with a bullish outlook prevailing among investors. Despite the short-term pullback, the overall trajectory suggests positive sentiment and confidence in the future performance of Ethereum.

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Disclaimer

This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.

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