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Crypto Market Summary: Week of Sep 13

Last Week Recap

The crypto market experienced a major sell-off on Sep 7 and is now trying to maintain its footing. The price movement looks eerily similar to the May’s sell-off. This time, the excess caused by crazy leveraged positions are missing. This may imply a greater holding force for crypto investors which may limit further downside. Who knows? Time will tell.

Pockets of altcoins did experienced a sharp rebound following the Sep 7 sell-off. One notable old guard is Omise which has rebounded to more than $9. Solana and Cardano have been enjoying stronger support as well.

The SEC is at it again – “regulation by litigation”. It has threatened to sue Coinbase should the latter proceed with the launch of its Lend product.

For this coming week:

  • Bitcoin continues in its range bound price pattern. Near term resistance at $48K and support at $44K. Any movements would be catalysed by global events and news pertaining to the crypto market
  • Things seems to be in favour for Ripple after the SEC admitted that it had not divulged that XRP is a security to any third parties before the lawsuit was made.
  • Our team has completed its review of the pre-alpha version of My Neighbor Alice (MNA). Not bad. Watch out for our review which should be out in a week or two. Our view – ALICE token is a multi-bagger.
  • We continue to like ETH. Its impending Merge to the beacon chain will create a strong price vector as it will become the first and most adapted energy efficient blockchain.
  • Some say keep BTC for its absolute scarcity. But, better alpha can be found in other tokens. Watch for game NFTs like ALICE and AXS.
  • Take note of SOL, ADA, ETH, ALICE

Crypto is high risk. Trade with what you can afford to lose.

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About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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