The cryptocurrency market digest (BTC, DOGE). Overview for 05.10.2022

05.10.2022

The BTC recovered pretty much, but doesn’t want to follow the American stock market. On Wednesday, the asset is mostly fluctuating at $20,238.

So, the major crypto was supported from two sides: a rebound of the American exchanges and a correction in the DXY.

All technical aspects for the BTC remain pretty much the same, without any significant changes. In order for the rebound to transform into a proper growth, the asset must break the resistance at $21,000 and secure above $22,000. A major support area is still at $18,000-$19,000.

What’s next? We should keep a close eye on what will happen to global trends. Stock markets are highly unlikely to continue rising systematically, because the fundamental background hasn’t changed. The rates are rising, so is inflation, and the future prospects for companies and enterprises are still rather vague. However, the data released yesterday showed a slight slowdown in the US labour market, which may prevent the Fed from being aggressive in tightening its monetary policy. Any optimistic vibe is now looking very fragile, that’s why investors are very careful about buying.

Binance is launching a product for XRP

Crypto exchange Binance added the XRP to the list of products for bi-currency investments. It’s a double investment product, which helps to receive more profit during the subscription period regardless of the price movements.

DOGE is in demand again

DOGE has made Top 3 of the most profitable cryptos in the last 24 hours – it has gained over 8%. The market capitalisation has risen to $8.64 billion, while the daily transaction volume was $960 million.

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.