Metaverse tokens surge as crypto market shrugs off India FUD
Crypto market struggles continue as BTC sets sights on 52,000 USDT
Select altcoins — such as ATOM, CRV and MIOTA — are bucking the trend.
The cryptocurrency market continues to struggle as it starts a new workweek. The total capitalization is down nearly 3% to $2.69 trillion. The prices of market leaders BTC and ETH are down by more than 3.5% and 4.8%, respectively, over the past 24 hours.
NFT Snapshot: Macy’s launching Thanksgiving Day parade tokens
Famous United States department store Macy’s plans on launching its own nonfungible token series to benefit the Make-a-Wish Foundation. The collection’s theme will be tied to its Thanksgiving Day parade’s balloons.
The NFTs are ERC-721 tokens and are, according to Macy’s, carbon-neutral.
Top altcoin gainers and losers: CRV and MIOTA outperform
- DORA/USDT +24.35%
- CRV/USDT +15.56%
- IOTA/USDT +13.77%
- YOYO/USDT -13.54%
- GM/USDT -14.60%
- APIX/USDT -22.91%
BTC technical analysis: 52,000 USDT in play
The price of BTC is in a precarious position against USDT. It is currently trying to maintain support around a key Fibonacci retracement level but is struggling inside of the four-hour ribbon of exponential moving averages. Many traders will be watching to see if BTC falls as low as 52,000 USDT — which is expected to be a price level where the market-leading cryptocurrency finds buyers.
ETH technical analysis: Hoping for a breakout
The price of ETH against BTC is currently trading above the four-hour EMA ribbon inside of a substantial consolidation pattern. A breakout to the upside of the large pattern could lead to significant upside for the foremost altcoin — but Ethereum’s scalability woes continue to price out many from the decentralized finance and NFT markets.
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