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Academy Daily News Article
Crypto Market Daily GameFi Metaverse NFT OKX Insights

Crypto market bleeding slows, but BTC eyes support between $50K and $53.6K

2021.11.23 Rick Delaney

Metaverse crypto asset SAND shows strength as The Sandbox launch draws closer.

The cryptocurrency market remains in the red today, although the bleeding from the recent all-time high appears to be slowing. After yesterday’s nearly 3% slide to $2.69 trillion, the market has dropped by another $30 billion to around $2.657 trillion. 

However, a few major altcoins are bucking the trend, with metaverse asset SAND among the day’s top gainers. Other notable performers include EGLD, LRC and FTM. 

Major cryptos remain in the red, but some altcoins are showing strength. Source: COIN360

NFT Snapshot: On-chain GameFi is the flavor of the week

With minting going live on Nov. 18, Wolf Game has quickly risen to become one of the most traded projects over the last 24-hours, with a daily volume of more than $9 million. Unlike many NFT collections, the project is 100% on-chain and introduces play-to-earn dynamics, taking clear inspiration from established projects like Anonymice and Ether Orcs. Participants stake their Wolf and Sheep NFTs to generate passive income in Wolf Game’s native WOOL token. 

Wolf Game appears to have kicked off interest in these all-on-chain, gamified collections. Similar projects such as Chain Runners, EvoSnails and Feudalz have also made it into NFT Stats’ top collections over the last 24-hours. 

Top altcoin gainers and losers: SAND pumps, DASH dumps

  • MEME/USDT +89.4%
  • DEP/USDT +36.5%
  • DOSE/USDT +17.4%
  • TOWN/USDT -11.5%
  • KOL/USDT -13.5%
  • DORA/USDT -18%

Coming off the back of a $93 million raise and with its alpha launch event looming, The Sandbox’s native currency, SAND, is OKEx’s top daily gainer of coins or tokens with a market cap of over $1 billion, with a gain of around 13.6%, per the exchange’s default time settings. Behind SAND are large-caps EGLD, LRC and FTM, with respective gains of around 10.8%, 9% and 8.8%.

Meanwhile, altcoin market mainstay DASH dumped by around 5.6%, and one of yesterday’s winners, DORA, became today’s loser, shedding 18%.

With The Sandbox’s launch anticipated and funding secured, SAND is one of the strongest altcoins on OKEx today. Source: OKEx

BTC technical analysis: Leading crypto eyes further downside 

Having fallen below the 50-day simple moving average on Nov. 18, BTC continues to look for support as it trades at around 56,500 USDT. Likely areas for the price to bounce can be found at the 100-day SMA, which is currently 53,600 USDT, or the overall trendline down at around $50,500.

OKEx’s BTC/USDT daily chart — 11/23. Source: OKEx, TradingView

ETH technical analysis: Itching to break out

At around 0.0737, ETH/BTC remains comfortably above its 25-day moving average and those of longer time frames. As noted in yesterday’s Crypto Market Daily, ETH appears to be consolidating toward the top of a large triangle it has been trading within since mid-October. Should the number two digital asset by market capitalization break above 0.0743 BTC, continued upside seems likely.  

OKEx’s ETH/BTC daily chart — 11/23. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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