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- Dgenz Crypto Weekly 013
Dgenz Crypto Weekly 013
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
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The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Last week ended with $SOL setting new all time highs (ATH) of $295.71 while this week began with $BTC setting a new ATH of $109,588 just hours before Trump was sworn in as the 47th president of the United States. Solana's rise was due to the release of the “Official Trump” token, $TRUMP, on the Solana blockchain. $TRUMP quickly went viral and soared in value, rising more than 1,100% from $6 to $75 in 36 hours. We also saw $DOGE price jump 13% in just 15 minutes as the official Department of Government Efficiency website went live with the Dogecoin logo front and center.
Crypto Insights: Weekly Charts
Bitcoin
$BTC reached a new all time high of $109,588 to kickstart the week. Price action failed to close above previous ATH's, although on the 4HR chart we can see that it is still holding the up trend. It also appears to have just put in a double top on those 2 previous candle closes so a retest of the trend at about $103,750 is where price should develop next. However, a break below down to support at $102,406 would invalidate our trend and likely see prices retest supports further down.
Bitcoin Dominance
$BTC.D on the daily is still in an uptrend which is why with every swing down towards the trendline alts get a good run but as soon as it bounces off said trendline those moves are quickly retraced back down with even further losses. $BTC.D is currently sitting at a major resistance and a rejection here would form another lower high as investors move funds into the altmarket. Once this trendline breaks it's likely that it will be a slow grind down to 54% over the next couple months with alts taking over.
The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.
USDT Dominance
Once again $USDT.D has gone and retested the bottom of the broken trendline as well as the weekly support that has held for the last 3 years. Right now we can see the daily chart is bouncing off from major support levels so we have to be careful here. The general rule is to take profits on altcoins when $USDT.D is at support levels and buy altcoins and $BTC when it's at resistance levels.
The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.
TOTAL3
TOTAL3 rejected from the $1.13T resistance over the weekend, however the chart looks to be close to breaking out and setting new all time highs soon. A close above this resistance is what we need to see so that the altmarket can start to see heavier inflows and start sending coins parabolic.
The TOTAL3 chart represents the combined market cap of all cryptocurrencies excluding Bitcoin and Ethereum, offering insight into the performance and capital flow within the altcoin market.
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Spotlight: Token of the Week
$TRX
Tron looks to be breaking out from it's daily down trend so picking up some $TRX at current market price (CMP) could be a great idea. Make sure to leave some room for potential DCA's as the breakout is not confirmed just yet. Not only does the chart look great but it was also announced yesterday that the Tron DAO was partnering with Wintermute. This collaboration seeks to enhance liquidity and trading efficiency with the Tron ecosystem by leveraging Wintermute's expertise in providing liquidity for $TRX.
This is not financial advice. Please conduct your own research and trade responsibly.
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