Crypto week at a glance: 5 best and worst performers

The crypto market has been correcting since the last few months and now all eyes are on what Bitcoin is going to do next. $40,000 was Bitcoin’s strongest local support, and last week we saw a positive move from $40,000 to $48,000.

Considering $50,000 as Bitcoin’s first local resistance, this move can be seen as a test move. Major resistance is not very far, and north of $52,000 is all it needs to break into a new trend.

This volatility in the market is good because it brings in some action; at the same time, support and resistance are tested multiple times.

Usually we see such behaviour towards the beginning of any big move. This is the time where short-term traders stay away and long time traders monitor the market closely for confirmation.

From a crypto market point of view, the current phase looks like a good consolidation period and hopefully, we’re coming to the end of consolidation.

As for the next movement, it’s going to be very difficult to say. It’s because when the stock market is also correcting from an all-time high and if there is a significant correction in the stock market, we could see that effect in the crypto market as well.

This would probably decide the next big move for Bitcoin and altcoins. However, it is time for traders to be patient. In the short-term, we could also see a few short positions being open.

However, from a risk-reward perspective, it does not seem to be a favourable time to trade. If you are a long-term investor, it’s definitely a good idea to dollar-cost-average your investments and keep buying the dip.

The month of October should be interesting for the market. Stay safe and play safe.

Crypto Cart: Five best performers
OMG Network (OMG)- 107% up

Axie Infinity (AXS)- 72.5% up

OKB (OKB)- 57.7% up

Qtum (QTUM- 53.8% up

ICON (ICX)- 49.9% up

Crypto Cart: Five worst performers
Constellation (DAG): 29.5% down

Celer Network (CELR): 17% down

Velas (VLX): 15.6% down

DigitalBits (XDB): 15.5% down

IoTex (IOTX): 7% down

(Source: coinmarketcap.com, data as of 13.30 hours, IST on October 02, 2021)

(Siddharth Menon is COO, WazirX. Views are his own)

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