Friday, June 2, 2023

Crypto Coins See Mixed Feelings Amid NFT Slowdown: Analysis

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Crypto coins see mixed feelings amid the NFT slowdown and a shortened week in traditional markets as we can see more today in our latest cryptocurrency news.

After the shortened week in the traditional markets and the US stock exchange closing on Friday, crypto coins see mixed feelings, and Bitcoin had a hard time looking for a direction and hovered around $40K while DOGE and SHIB experienced some bigger swings.  Bitcoin wavered this week and showed some uncertainty among the market participants and the most technical indicators became neutral but the short-term buyers can remain active between the $35K and the $37K region similar to what happened earlier this year.

crypto market
Source: Quanitfy Crypto

The momentum signals and according to the MACD indicator is positive on the weekly charts and negative on the monthly one. This suggests that a period of range-bounce price action can persist and have an average price swing of 20%. On the weekly charts, the 100-week moving average which sits at $35,388 is an important level for the trend support and the buyers will keep BTC above this level in order to sustain a recovery. There’s a strogn resistance at the 40-week moving average of $46,800 and the upside target of $50,966 was in the close distance on March 28 but the price did pull back.

For now, the bullish countertrend signals that it needs to be confirmed with the weekly price close above $40,000. OpenSea the leading NFT marketplace faced a few lawsuits following the hack on its platform while NFT owner Jimmy Mc Kimmy sued the platform for recovery of $1 million loss of these stolen NFTs. The hacks led to even more uncertainty in the NFT community which can be the source of slowing the demand in the past few months. McKimmy is not alone with this major loss. OpenSea issued around $1.8 million in refunds to users whose NFTs got stolen.

OpenSea’s policy on this reimbursement is unclear right now but the platform requires users to connect the accounts on the wallet which means that others can see unlisted NFTs and can make potential offers for the assets. In the traders’ case, the hacker made an offer and hacked the code which was accepted by McKimmy, and then resold the NFT. OpenSea’s Discord account also got hacked this month after a phishing link was posted and disguised as a stealth NFT mint and was used to steal the Mutant Ape Yacht Club from the user. Similar incidents kindled the comments on Twitter and caused a major slowdown in the trades.

OpenSea Confirmed To Begin, nft, solana

SHIB and DOGE as the popular meme coins rallied by 20% over the past month and the rise in prices followed the broader crypto recovery which was led by the alternative cryptos that shows a bigger appetite for risk among traders. Tesla’s CEO Elon Musk even said he will not be selling his crypto holdings.  Waves and Luna both saw price drops from the broader market gains.


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