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Home»ALTCOIN NEWS»Cryptocurrency Market Weekly Summary: Slight Rise Amid Quiet Markets
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Cryptocurrency Market Weekly Summary: Slight Rise Amid Quiet Markets

By Crypto FlexsOctober 13, 20245 Mins Read
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Cryptocurrency Market Weekly Summary: Slight Rise Amid Quiet Markets
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  • The cryptocurrency market hid its intentions in calmness.
  • Hidden forces lifted certain coins against the downturn.
  • For now, the critical threshold remains unbroken.

Cryptocurrency markets were relatively subdued this week, with most major coins experiencing minor fluctuations. Some assets rose slightly on positive developments and strong indicators, while others fell slightly due to market volatility and investor caution.

The overall sentiment remains cautious but hopeful as traders watch for signs of a significant move. As markets remain quiet, all eyes are on key levels that could dictate future movements. The coming weeks will be pivotal in determining whether the bulls can overcome the current hurdles or whether bearish pressures will dominate the environment.

Cryptocurrency Market Winner

Amidst the quiet, several cryptocurrencies have achieved notable performance. Avalanche (AVAX) led the gains, up 6.2% to $28.58. AVAX is approaching the critical resistance level of $29.35 and technical indicators such as the strong Relative Strength Index (RSI) indicate strong buying pressure.

The Avalanche Foundation’s move to repurchase AVAX tokens from Luna Foundation Guard strengthened investor confidence with the goal of preventing market dumping. The upcoming Avalanche 9000 upgrade and the launch of the Retro9000 grant program have further boosted network activity.

TRON (TRX) followed suit, up 5.5% to $0.1631. The recent burn of over 10 million TRX tokens highlights a deflationary strategy, reducing supply and strengthening bullish momentum. The expansion of the network, with TVL reaching $7.4 billion and hosting approximately 50% of USDT’s total supply, reflects growing confidence. If TRX breaks above the $0.18 resistance level, it could surge.

Ethereum (ETH) rose slightly by 0.15% to $2,450. Despite trading within a narrow range between $2,300 and $2,600, ETH maintains important support. Analysts are optimistic about the long-term outlook, citing historical trends and the possibility of cryptocurrency-friendly policies emerging in the upcoming US elections.

BNB (BNB) rose slightly 0.1% to $568.20. After testing the $555 support level, BNB’s price stability stood out despite declining on-chain activity and network fees hitting four-year lows. Technical analysis points to a potential breakthrough as development activity increases within the BNB ecosystem, potentially paving the way for further gains.

Cryptocurrency Market Losers

On the other hand, several cryptocurrencies experienced moderate declines. Solana (SOL) fell 0.3% to $145.67. Despite an expanding ecosystem with a record 36 million SOL locked in DeFi, bearish sentiment is growing due to lower trading volumes. Analysts are mixed. Some expect a surge to $176, while others warn of a possible correction if the key level is not exceeded.

Bitcoin (BTC) fell 0.4% and is currently trading at $62,316. If higher lows are confirmed, hopes are high that BTC will break out of the $50K-$72K trading range and potentially rise to $75K-$80K. However, higher leverage in the futures market poses risks, making the $65,000 resistance level a significant hurdle for new upward momentum.

Toncoin (TON) fell 0.8% to $5.23. Despite the bullish mood and recent price hikes, TON needs to break the resistance of $5.302 and maintain support above $5.137 to continue its upward trajectory.

XRP fell 0.85% to $0.5293. Currently at pivotal resistance levels, XRP could see significant gains if it breaks, with some analysts predicting returns in excess of 1,000%. However, failure to hold support above $0.52 could lead to a deeper correction, making the next few trading sessions crucial.

Cardano (ADA) fell 1% to $0.3492. Facing growth and governance challenges, founder Charles Hoskinson believes that raising prices could help solve these problems. Significant whale activity suggests optimism, but ADA needs to break above $0.40 and hold key support levels to restore stability.

Finally, Dogecoin (DOGE) fell 1.5% to $0.1101. Bearish sentiment persists despite active addresses reaching an eight-month high and signs of increased network usage. DOGE is testing important resistance at $0.115. A successful breakout could target $0.13, while a failure could result in a drop to $0.10.

On the flip side

  • Market stability can be misleading because quiet periods often precede sharp corrections, making it difficult for traders to anticipate sudden movements.
  • Bullish sentiments about key support levels may overlook underlying macroeconomic factors such as rising interest rates or regulatory changes.
  • Bullish indicators such as RSI and TVL are promising, but may not account for broader issues such as liquidity constraints or external market shocks.

Why This Matters

This week’s cryptocurrency market movements are a reminder of the unpredictable nature of digital assets, with both volatility and key resistance levels determining market sentiment. The next few weeks will be crucial in shaping the long-term trend. This is because key support and resistance zones can set the tone for broader market momentum and investor confidence.

Read here to learn more about the company’s recent multi-million dollar investments in various cryptocurrencies, including Bitcoin and Ethereum.
Remixpoint invests $5.7 million in Bitcoin, Ether, SOL and AVAX.

Want to know more about the recent performance of various cryptocurrencies, including AVAX, Ethereum, and Solana? Check out this article:
Cryptocurrency markets have been hot for two weeks as AVAX leads rise.

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