An overview of the cryptocurrency market today Friday, February 5

An overview of the cryptocurrency market today

After a tense day, the price of Bitcoin seems to have calmed down to around $ 37,500. However, its dominance in the cryptocurrency market is still declining and below 61% because several Altcoins have been able to perform far better than their leader.

Reduce Bitcoin dominance

While most alternative coins have seen significant growth over the past 24 hours, BTC has failed to grow significantly. The market's first cryptocurrency tried to move towards $ 39,000 but to no avail, reaching a low of $ 36,200 after being rejected.

However, the cows returned the asset to its current position of about $ 37,600. Similarly, the continued growth of altcoins has continued to reduce BTC dominance to below 61%, the lowest level since late November 2020.

Technically, Bitcoin must cross the resistance levels of 38000, 38800 and 39190 before challenging the $ 40,000 level. In contrast, support levels of $ 37,000, $ 36,000 and $ 35,140 could help if prices fall.
New records between Altcoins

While Atrium (1%), Bitcoin Cash (1%), Polkadat (2.5%) and Light Coin (2%) have experienced slight declines in the last 24 hours, a number of Altcoins on the list are 10. Top market currencies have grown significantly.

Ripple and Cardano are leading the way with a 13% increase. As a result of these developments, XRP is again close to $ 0.45 just a few days after falling to $ 0.34. The ADA, on the other hand, hit a three-year high of about $ 0.50.

Binance Quinn and China Link have also broken new historical records. After jumping 9% in the 24-hour timeframe, the BNB rose to $ 58, while the 7% China Link pump raised the stock to $ 27.
As usual, lower market value altcoins have seen more volatility. Meanwhile, 0x is leading the way with 75% growth since yesterday and 130% price increase in weekly timeframes. As a result of this move, the ZRX has risen to $ 1.4.

Defy tokens including Maker (35%), Terra (29%), Ocean Protocol (28%), Ren (26%), Kyber Network (26%), Alpha Finance Lab (24%) and Synthetix (20%) Then fall.

The total value of the crypto market is still close to the $ 1.150 trillion mark.

Economic calendar Friday, February 5

Economic calendar Friday, February 5

Economic calendar Tuesday, January 26

Economic calendar Tuesday, January 26

 

USDJPY

USDJPY currency pair trend

The short-term trend of the US dollar against the Japanese yen is neutral. The USDJPY pair is in the downtrend channel starting from 111.71. Hence, we can expect a deep downward movement from the market. If USDJPY falls below 103.31, it could prepare for a reversal to the 102.58 price floor. However, from the buyers' point of view, the break of 104.39 and the downtrend channel will mark the end of the downtrend starting from 111.71 and can push the USDJPY to the resistance of 105.67.

EURUSD

EURUSD pair trend

 

The short-term trend of the Euro against the US Dollar is up to a slight resistance of $ 1,2222. The break of this resistance could push the EURUSD pair to the high of $ 1,2348. However, from the traders' point of view, if EURUSD falls below the support of $ 1,2052, it could indicate the entry of the currency pair into the correction phase starting from the rate of $ 1,2348. In this case, the short-term trend of EURUSD will fall to $ 1.1887 at the correction of 61.8% Fibonacci.

GBPUSD

GBPUSD currency pair trend

The short-term trend of the British pound against the US dollar is neutral. However, as long as the $ 1,3518 support remains in place, we can expect another uptrend. A break of $ 1,3745 could boost the GBPUSD short-term trend and extend the uptrend from $ 1,1409 to the 61.8% Fibonacci retracement at $ 1,3956. From the sellers' point of view, if the GBPUSD currency pair falls below $ 1.3518, it will indicate the formation of a short-term price peak. A downward divergence is seen in the four-hour MACD indicator. If this divergence works, the short-term market trend will decline.

Economic News on Saturday, January 25

Economic News on Saturday, January 25

 

Weekly Gold Analysis

 

 

Weekly Gold Analysis

Even though the strength of the global ounce uptrend has weakened, buyers still support the precious metal. Analysts are assessing the rate of economic growth due to government financial and support packages, as well as the possibility of intensifying inflationary pressures. However, according to Kitco News' weekly assessment, small investors and market participants expect future inflation to determine the trend in the gold market and ultimately push up the price of an ounce of global gold.
This week, 15 Wall Street activists took part in a weekly Kitco poll. Sixty percent of respondents predict that this week's trend will be an upward ounce of global gold. Another 20 percent predict that the market will decline and the remaining 20 percent predict that the market will be trendless. Meanwhile, 1,581 Main Street investors took part in an online poll. 67% are in favor of an uptrend, 17% are in favor of a downtrend and about 15% are in favor of a trend-free market.
The upward return of the global ounce of gold from $ 1,800 support has caused optimism among market participants. The market reacted positively to this support at the beginning of last week, but the price of an ounce of global gold continued to fall slightly. However, the gold market ended last week's trading in the $ 1855 range. Although the gold market failed to show strong momentum in early 2021, many analysts still do not want to be disappointed with the rise in gold prices, especially as the new US administration seeks to approve a $ 1.9 trillion financial package.

 

 

 

 

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