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SCN30 Index Surges Double Digits, Yields Greatest Weekly Return Across Asset Classes

Volatility is back across markets as we see Altcoins rising in tandem with the US stock equities. Bitcoin is now attempting to break 11K and gold is back above $1,900/oz once again.

The SCN30 Index broke out from a sideway price accumulation phase to 256.06 points, featuring a 10.34% gain. Major players pushing the SCN30 Index upward are in the DeFi sector where fresh liquidity seems to be flowing back into the risk-on market as investors seek to make a quick buck.

During the past week, Bitcoin (BTC) yielded a +8.79% return while its traditional counterpart, gold rose +0.45%. WTI crude oil barely moved, adjusted up slightly at +0.84%. The Nasdaq (NDX) surged +5% and the S&P 500 (SPX) followed closely at +3.68%. The SCN30 Index, however, blew past other assets with a double-digit gain.

BNB Technical Analysis

Binance Coin (BNB) is on the verge of creating a new yearly high above $33 as it surged almost 9% during the past 24 hours. Breaking above the previous high will send BNB to retest the all-time high level at $40 which also serves as 1.618 Fibonacci resistance level.

On the flip side, BNB’s first layer of support lies at $27, but with a series of higher highs indicates that BNB is still on a clear uptrend path.

ADA Technical Analysis

Cardano (ADA) one of the top-performing mid-cap Altcoins of 2020, faced a major sell-off after a surge to its yearly high back in August. The upward trendline in yellow still provided support for ADA as it bounced and successfully smashed through the 1.618 Fibonacci resistance at $0.105 to the upside.

The $0.105 resistance now should serve as a support level with the upside target at $0.13 which was a previous local high. In the mid to long term, $0.16 which is both the 2020’s high and the 2.618 Fibonacci’s would be deemed as a formidable resistance level.

OMG Technical Analysis

OMG Network (OMG) successfully created the first major higher high since the swing-low at $2.44 in late September. If the momentum continues, the next target should be at the $4.5 level and the mid to long term target will be located at the 0.618 Fibonacci’s level at $6.15.

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SuperCryptoNews is Asia’s leading blockchain & crypto news provider, covering daily news focused on trading and investment 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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About SuperCryptoNews

SuperCryptoNews is Asia’s 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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