Bitcoin
Bitcoin (BTC)
$71,480.00 2.08135
Bitcoin price
Ethereum
Ethereum (ETH)
$3,606.66 1.3423
Ethereum price
BNB
BNB (BNB)
$587.50 1.96766
BNB price
Solana
Solana (SOL)
$188.99 1.9828
Solana price
XRP
XRP (XRP)
$0.6238040 0.75589
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000322 6.13992
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 4.96637
Pepe price
Bonk
Bonk (BONK)
$0.0000292 12.13366
Bonk price
Bitcoin
Bitcoin (BTC)
$71,480.00 2.08135
Bitcoin price
Ethereum
Ethereum (ETH)
$3,606.66 1.3423
Ethereum price
BNB
BNB (BNB)
$587.50 1.96766
BNB price
Solana
Solana (SOL)
$188.99 1.9828
Solana price
XRP
XRP (XRP)
$0.6238040 0.75589
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000322 6.13992
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 4.96637
Pepe price
Bonk
Bonk (BONK)
$0.0000292 12.13366
Bonk price
Bitcoin
Bitcoin (BTC)
$71,480.00 2.08135
Bitcoin price
Ethereum
Ethereum (ETH)
$3,606.66 1.3423
Ethereum price
BNB
BNB (BNB)
$587.50 1.96766
BNB price
Solana
Solana (SOL)
$188.99 1.9828
Solana price
XRP
XRP (XRP)
$0.6238040 0.75589
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000322 6.13992
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 4.96637
Pepe price
Bonk
Bonk (BONK)
$0.0000292 12.13366
Bonk price
Bitcoin
Bitcoin (BTC)
$71,480.00 2.08135
Bitcoin price
Ethereum
Ethereum (ETH)
$3,606.66 1.3423
Ethereum price
BNB
BNB (BNB)
$587.50 1.96766
BNB price
Solana
Solana (SOL)
$188.99 1.9828
Solana price
XRP
XRP (XRP)
$0.6238040 0.75589
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000322 6.13992
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 4.96637
Pepe price
Bonk
Bonk (BONK)
$0.0000292 12.13366
Bonk price

Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update October 10, 2022

Markets
Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update October 10, 2022

The cryptocurrency market lost $8 billion from its market cap during the last seven days and now stands at $938 billion. The top 10 coins traded mostly in green during the last seven days with XRP (XRP) leading the pack with a 15.5 percent of increase while BNB (BNB) registered a 3.5 percent loss. Bitcoin (BTC) is currently trading at $19,337 while Ethereum (ETH) is at 1,314.

BTC/USD

Bitcoin closed the trading day on Sunday, October 2 at $19,000 its third consecutive day in red. Still, it managed to post a 1.3 percent increase for the previous seven-day period no matter the fact it had broken the horizontal support on the weekly timeframe. All eyes were on both BTC and S&P 500 (SPX) as they were expected to re-test the old support line from below and eventually continue the downtrend if the retest fails.

On Monday, the BTC/USDT pair rallied all the way up to $19,655 to close above the 21-day EMA while also adding 3 percent to its market cap. The coin full engulfed the last three candles, but the $20,000-$20,500 area remained the real test for the buyers’ strength.

The Tuesday trading was no different and the biggest cryptocurrency continued to move North. It increased by another 3.4 percent and stopped at $20,300.

We could clearly see a Bullish divergence between the price and the Relative Strength Index (RSI) on both the daily and weekly time-frames, supporting the upside reversal idea.

In the meantime, SPX was already above the old weekly support.

The mid-week session on Wednesday came with an early drop to $19,800. Bitcoin had already surpassed the former horizontal support and the best buyers could hope for was to successfully turn it into such a stability line again, consolidate above it, and eventually continue with the uptrend.

The coin partially recovered in the second part of the day and closed with a small loss at $20,135.

On Thursday, October 6, the BTC/USDT pair rallied to $20,450 in the morning but got rejected once again, which resulted in a drop to $19,950 – a potential short-term horizontal support to serve as a point of consolidation before the next leg up.

The sell-off in the traditional markets, however, did not allow BTC to continue the upside movement and pushed its price to $19,515 on Friday.

The weekend of October 8-9 started with a fourth consecutive day in red on Saturday for the coin as it touched $19,260 during intra-day.

Then on Sunday, it remained flat.

What we are seeing midday on Monday is another attempt from bears to break the $19,000 mark before the US markets open.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update October 10, 2022 - 1

ETH/USD

The Ethereum Project token ETH closed the previous week at $1,276 stopping at the improvised mid-term diagonal support line on the daily timeframe making a new lower low on the weekly chart.

On Monday, October 3, it opened the new trading period strong. The ether climbed up to $1,327 or 3.8 percent higher but generally speaking it just continued trading in the $1,250-$1,450 range.

We saw another green candle being formed on Tuesday as ETH extended its good performance adding another 2.5 percent.

Bulls, however, faced some resistance near the 21-day EMA above $1,370 and on the third day of the workweek was forced to come down to $1,315 in the morning. Still, the price consolidated later on and jumped back up to $1,352.

For ETH it was crucial to show some strength above $1,420 and stabilize properly above the higher boundary of the already-mentioned range. Looking at the bigger picture, it was obvious that the price action was getting reduced to a smaller and smaller area and a breakout can be expected by the end of the month in either direction.

On Thursday, October 6, the ETH/USDT pair peaked at $1,384 early in the day, just to close flat later at the daily candle close, marking a local top.

The Friday session saw it drop 1.4 percent to $1,333 losing the improvised short-term stability line at $1,340.

The first day of the weekend came with another red candle to $1,317 as the pair continued to lack a general trend. Next week we are expecting the Federal Open Market Committee meeting minutes on Wednesday plus the latest CPI reading on Thursday.

On Sunday, October 9, the ether registered a small green candle to end the week.

The biggest altcoin is trading at $1,315 as of the time of writing this market update on Monday.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update October 10, 2022 - 2

Leading Majors

  • XRP (XRP)

The XRP token made a promising break out of its old $0.32-$0.45 range back in mid-September. It then rallied all the way up to $0.55 before going back down to re-test the range high and turn it into support.

The coin added 18 percent to its valuation during last week’s trading after re-testing twice the mentioned support (as visible on the daily timeframe chart).

Now it looks like it has started the next leg up to reach the major resistance above – $0.60. If bulls succeed in surpassing it then it will be the major mid-term diagonal resistance that remains the sole obstacle in front of the general trend reversal.

Support at $0.45.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update October 10, 2022 - 3

Altcoin of the week

Our Altcoin of the week is Maker (MKR). MAKER is one of the most popular DeFi projects in the crypto industry. It is the creator of the collateralized stablecoin DAI used on all major lending/borrowing protocols.

The MKR/USDT pair jumped by 63 percent in the last two and a half weeks, adding 29 percent during the last seven days alone. The coin hit the $1,170 mark before going back down to end the Sunday trading at $973.

Last week, the MakerDAO governing community voted on allocating $500 million for investing in United States Treasury bonds and corporate bonds in an attempt to diversify the current balance sheet and make it more recession-proof.

The MKR token is currently ranked at #59 on CoinGecko with a total market cap of $833 million.

From a technical perspective, the altcoin is still in a stable downtrend, with the next resistance in the $1,120-$1,170 zone, right below the 200 EMA on the daily chart.

Support at $680 – $730.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update October 10, 2022 - 4
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