Crypto market sees mild recovery, BTC traders look to $54K levels next

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In other news, a full-time developer at NFT marketplаce sudoswap has announced a token while teasing a new NFT automated market maker. 

The cryptocurrency market is undergoing a mild recovery today off the back of a 4% increase in the price of BTC over the past 24 hours. ETH has increased by a similar percentage as larger increases from DOT and MATIC have helped push the total crypto market capitalization up 6.4%. 

BSV has also seen a substantial increase of 40.7% over the same time frame — apparently bolstered by yesterday’s court decision that sided with the cryptocurrency’s creator, Craig Wright, on all but one count in a billion-dollar lawsuit.

The cryptocurrency market is experiencing a mild recovery today across the board. Source: COIN360

NFT Snapshot: sudoswap token confirmed by marketplace’s developer

The news that leading nonfungible token marketplace OpenSea is planning a potential initial public offering has all but eradicated any hopes that the platform would airdrop a governance token to its users — sparking a search for alternatives. One such alternative is competitor marketplace, sudoswap, which will be airdropping its SUDO token in the future, per a tweet thread from the lead developer at the project, known as 0xmons on Twitter.

According to the developer, not only is the project building a new automated market maker protocol for NFTs — which aims to increase capital efficiency and gas optimization — but it’s also planning to launch a token, tweeting “there WILL be a token” with the goal “to rapidly shift towards a DAO for funding further development.”

Citing the project’s lack of venture capitalists, 0xmons also tweeted: “so please expect a generous allotment to both the team and the community. $XMON holders and 0xmons holders are ofc top of mind for me when it comes to the community” — implying that holders of the XMON token or 0xmons NFTs may also receive a future SUDO airdrop.

Top altcoin gainers and losers: DOT leads majors’ recovery

  • RACA/USDT +40.87%
  • PEOPLE/USDT +34.51%
  • ITC/USDT +25.28%
  • PRQ/USDT -8.99%
  • FSN/USDT -9.31%
  • KOL/USDT -17.34%

The top-performing altcoin of any subjective significance on OKX today is DOT, which is up by more than 11%, per the exchange’s default time settings. On the flip side, SUSHI and XLM is two of the few losers among large-cap cryptocurrencies.

DOT is one of the top-performing altcoins on OKX today. Source: OKX

BTC technical analysis: All eyes on 54,000 USDT

Focusing on the Fibonacci retracement tool, we can see that the price of BTC has temporarily stabilized around the 50% retracement level and is now pushing up towards the 61.8% level — which may act as resistance, particularly because it is also an area of historic trading interest. Failure to convincingly break above 54,000 USDT could spark a renewed wave of negative sentiment and send BTCUSDT back to sweep the lows.

OKX’s BTC/USDT 1D chart — 12/07. Source: OKX, TradingView

ETH technical analysis: Looking for sustained support

ETH is still trading above the key breakout level against BTC — illustrated by a blue line in the below chart — and is using the four-hour ribbon of exponential moving averages as support. However, it appears as though momentum is waning, meaning ETHBTC bulls will be looking for the pair to consolidate above 0.082 BTC before making a push towards 0.1 BTC.

OKX’s ETH/BTC 4h chart — 12/07. Source: OKX, TradingView

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