CRYPTO NEWS - Bitcoin Price Prediction - Ethereum NFT Market Witnesses a Bullish Trend
CRYPTO NEWS - Bitcoin Price Prediction - Ethereum NFT Market Witnesses a Bullish Trend
Intro (00:01)
Bitcoin Price: (1:11)
Ethereum News (2:15)
Crypto News: (3:12)
Bitcoin Price Prediction: (4:41)
Ethereum NFT Market : (5:15)
Outro: (06:13)
The market for Ethereum non-fungible tokens (NFT) is currently seeing an unwavering bullish trend. Recently, there has seemed to be a lot more activity, which clarifies that things are much better than previously thought. With a closing value of more than $231 million, the weekly trading volume has dramatically climbed. This was made possible by the fact that there were 154,000 traders who were in charge of carrying out 474,000 transactions. A single trader executed 3.1 trades on average, with an average volume of $487.

These very encouraging figures are the biggest proof that the NFTs, which are digital assets, are indeed seeing an enormous upward swing and cannot be set aside for anything else. They frequently stand out when it comes to art, collectibles, and virtual real estate. The present scenario happens to be witnessing the enormous amount of popularity the NFTs are generating, which in turn is helping the overall market boom. Investors, too, don’t seem far behind in enjoying the accompanying benefits in the form of increased returns on their investments.

Along with the very heartening condition of the NFT market, Doodles, which happens to be a Web3 entertainment-based company, is coming right into the limelight. The announcement is that all preparations have been made to acquire control of the animation company Golden Wolf. Due to its involvement in the highly regarded animated series Rick and Morty, this is very much in the picture. But as of now, no information about the financial aspects has been made public.

Bitcoin price struggled to clear the $23,400 and $23,500 resistance levels. BTC started a downside correction and traded below the $23,000 support zone.

The price declined below the 23.6% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. The price even spiked below the $22,500 support level. However, the bulls appeared near the $22,200 support zone.

There is also a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average.

An immediate resistance is near the $22,700 level. The next major resistance is near the $22,850 zone or the 100 hourly simple moving average, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $23,200 level.