Turning to the charts of last week, we can see that BTC finally managed to break above 21k this price point, has been a pain over the last few weeks and many chartists are taking it as a sign that a recovery is imminent.
To that I say check the longer time frames we are not out of the woods yet.
From where I’m standing BTC would need to blast through 24K to start a longer term recovery.
This is unlikely to happen for many reasons, some crypto, some macro.
Don’t forget that bear markets are filled with fast relief rallies that end in even lower lows.
Now last week’s top performing cryptos were Chillies, our weave, OKX’s OKB token, Algorand and loop ring.
So starting with Chili’s the CHC token seems to have pumped on the continued growth of the crypto project despite the bear market.
CHC also seems to be especially popular on the OKX exchange which recently introduced a fan token section.
I’ll come back to OKX in a second.
As you can see CHC is approaching overbought territory on the weekly this is because its price is just about piercing the upper bound of the Bollinger band and the RSI is above 70.
In fact there also seems to be a bearish divergence between the RSI and CHC’s.
Price this suggests a big correction is coming next up is our weave whose AR coin again pumped on the news that the crypto project had partnered with Meta to store data from its Instagram NFTs in a decentralized manner.
I reckon there are many people who are expecting more big announcements.
Now that our weave is in the spotlight it’s too bad that AR’s chart doesn’t support this expectation.
AR is extremely overbought on the daily and also briefly entered overbought territory on the weekly.
The daily chart reveals that lots of AR holders are taking profit above 18 as denoted by the long wicks at the top of the candlesticks.
Then there’s OKX’s OKB token which pumped purely because of trading activity on the exchange, some of which is probably related to Chili’s based fan tokens because OKB’s price action is fundamentally dependent on the OKX exchange there isn’t much point in doing in-depth technical analysis for what.
It’s worth OKB appears to be on a long-term uptrend despite the bear market.
I wouldn’t place any bets on a centralized crypto entity with all the regulators running around these days though but maybe that’s just me.
As for Algorand it’s hard to find an exact cause however ALGO could be pumping in anticipation of the upcoming FIFA World Cup in Qatar which will take place at the end of the month.
This is because Algorand became the official blockchain for FIFA earlier this year and will be supporting the organization’s event in Qatar and beyond.
Like CHC and AR ALGO is looking extremely overbought on the daily and the weekly chart a correction is almost certainly imminent.
The question is whether ALGO Wales will sell the news when the World Cup in Qatar begins or whether they’ll keep the pump going until the final goal.
And last but not least we have Loopring whose LRC token appears to have pumped because GameStop announced the release of its NFT platform built on another Ethereum scaling solution called immutable X.
As far as I understand GameStop is also using Loop Ring for NFTs so the hype probably spilled over.
In contrast to the previous cryptos Loop ring is only overbought on the daily.
It still seems to have some wiggle room on the weekly but speculation might not be enough to take its price higher.
If anything GameStop’s immutable X integration is bearish for LRC as it could take away from loot print share.
I don’t think this will happen as quickly as some are saying though if at all that’s because the two layer twos don’t seem to be interoperable and loop ring has some seriously cutting-edge Tech, then again so does immutable X.
