Cryptos Mixed In Shortened Week; Outlook For Bitcoin Signal Rangebound Price Movement

There is a decrease in the global crypto market volume by a substantial quantum over the last 24 hours, nevertheless, the m-cap has inched higher by a tad to $1.88trillion, a 0.24% increase.

Major cryptos as compiled by Coindesk based on their market share on global exchanges, there is seen a mixed trend with bitcoin notching mild gains and maintaining above $40K, while Ethereum-the second largest crypto by m-cap also hovering higher by a tad at $3034.

Notably, the ones in the red include Ripple, Terra, Avalanche, Shiba Inu, Dogecoin and Polygon.

Cryptocurrency outlook in the short term

There is a neutral indication and short term buyers could take positions between $35K-$37K as it is the support zone. As per the MACD indicator, the signals are positive on a weekly basis but on a monthly chart it is negative. That suggests a range bound price action could persist

NFT slowdown due to continuous hacks

OpenSea, the top NFT marketplace is seeing a slew of suits due to hacks on its platform. So, as continuing hacks could derail the demand for NFTs in the coming months. The platform has made a reimbursement against owners’ losses and still its policy remains unclear on the same.