Chart of the Day
Growing unrest in China over Covid restrictions have sent shivers through the global markets, with stocks sliding during Asian trading hours and the dollar advancing. The political tension added stresses to an already-fragile global market, and the impact may have rippled to the crypto markets. After closing on a slightly positive note last week, BTC kicked started the new week with some shades of red. As of the time of writing, the largest cryptocurrency by market cap is trading near the $16.1k level after shedding 2.5% of its market value in the last 24 hours. Historical on-chain data suggests that BTC price will likely reach a macro cycle bottom when 58% to 61% of the supply are in unrealized loss, as indicated in orange. The green shading represents coins locked up inside the Grayscale’s BTC Trust, which is now trading at a 40% discount.
In a similar vein, ETH is now changing hands at the $1,100 handle, after posting a 4% decline in the same period. Mid-to-large altcoins are submerged in a sea of red, with LTC and SOL leading the downside correction on a 6.7% decrease in a similar time frame.
While major cryptocurrencies stabilized over the past week, several altcoins outperformed the broader market with staggering double-digit gains. Celo Network’s native token, CELO, is up 54.2% week-on-week, with a major technical-driven pump on Sunday. The jump came a few days after the launch of Curve Finance on the Celo network and the partnership announcement between Consensys and Celo to improve multichain support and scalability. Network fundamentals are improving, with the number of active developers doubling in the past month. The total value locked on the protocol, too, has surged by nearly 50% to $121 million since a week ago.
On the 1-day chart, CELO recently broke out from weeks-long resistance near the 50-day EMA and is now testing the next resistance level near the 100-day EMA. The trading volume has reached levels last seen in May, suggesting the outperformance is well supported by speculative capital. Meanwhile, RSI on the daily chart is on the high end but remains within the neural territory.
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Talk of the Town
Despite dampened sentiments in the crypto space, the week dedicated to celebrating the art scene with a twist of web3 is about to unfold in Miami. After first rising to prominence in the art scene, the Art Basel Miami Beach Fair gradually adopts a technical edge by weaving nascent concepts such as web3 and NFT into the experience. Apart from hosting the MiamiWeb3 Summit and DCENTral Miami, the biggest DeFi and NFT web3 conference, the week will also feature a five-day festival that spans 12 buildings and two city blocks, offering unparalleled web3 experience. The collaboration with Tezos will also allow visitors to mint NFTs in real-time.