With the recent release of the Binance feed, The altcoin has been just neutral and steady this current week, while Bitcoin is experiencing some dull movement in price action. While MATIC on the other hand has been the interest of many, although the volume decreased by over 17%. In recent weeks Polygon was able to raised over 450m dollars from other whales on some private sales of their native tokens.
Meanwhile, on MATIC, comparing the same day from last week, it’s having 1.6% gain which is a positive gesture for this crypto. HOOK has been quite eye-catching since it’s been recently added to Binance Lists, whereas the volume of trades rose more than 350%. The Hooked protocol is eyeing to create an onramp for web3 development, that will provide institutions for its infrastructure to enter in blockchain space.
Have you wonder what is a Binance Convert Portal?
THe Binance Convert Portal, is one of the ways for Binance users to simply xchange a Coin to other different coin without the interference of the orderbook. With Binance Convert Portal, there are no fees or zero at all, nor slippage and risk of being filled during the exchange. This will give a best benefits for both traders and long term investors.
We break down the convert portal transactions to gauge where the market is each week. We notice a pattern with the top 3 consisting of; stable coin swaps, crypto to stablecoin and stablecoin to crypto. When the market is quiet, seeing extended movements stablecoin swaps usually top the list with users transacting between BUSD and USDT with tight spreads. On the flipside when the market has seen a period of expansion (up or down) we will usually see crypto to stablecoin or stablecoin to crypto transactions top the list as users will enter and exit positions.
Overall market technicals This Week via Binance Feed
BTC
After having a yearly low streak last month, Bitcoin has seen a slow climb entering the bull forming in the short-term time frame and an overall higher time frame range. Its have been foreseen by traders that BTC remains in the short-term range, which could swing around 3.5% either uphill or on the opposite side. level by level bull traders might need to hold their trades, while to wait in breaking the resistance at the price of 17,310$. It has been likely to see a small move towards a higher timeframe, and in the range of resistance of 18,200$.
As a rule of thumb, traders should pay attention on the market which it could shift anytime, which is a great key to identify pivoting points.
ETH
Same as Usual, ETH is still following the shadow of BTC, where it is still remains and range bound on the high time frame. According to Binance Feed, BTC swept an all-year low. ETH still stands at the middle range level of $1200 and has been respected by traders as a short-term support level, which was a resistance before. At these current levels, its hard to analyze the next swing of the market for ETH, and its still at 50/50 decision for all long-term investors. If the support still continues, might ETH will need to break and hold for a short-term trade resistance, the level, and the target for a range with over $1350.
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