Cryptocurrency analysis company Greekslive has shared its latest assessment of the market, suggesting a cooling trend following recent volatility.
According to Greekslive, the $90,000 level has become a critical point of contention in the crypto market, with U.S. stocks, particularly represented by Tesla and NVIDIA, underperforming. The focus in the crypto space has shifted to memecoins, adding volatility and signaling a potentially more dangerous market environment with significant swings in both directions.
Greekslive has observed a weaker correlation between the crypto market and macroeconomic trends this week, with macro markets expected to trade sideways. Economic events and data releases are unlikely to have a significant impact on cryptocurrency prices, providing relatively stable ground for investors.
Several key events could impact market sentiment in the coming days:
Monday, November 18:
- The G20 Summit, which will have potential impacts on global economic policies, is beginning.
Tuesday, November 19:
- The Reserve Bank of Australia is to release the minutes of its November monetary policy meeting.
Thursday, November 21:
- US to release first jobless claims of the week
- EFMA International Finance Forum to be held in Paris
Friday, November 22:
- Key US officials are expected to speak.
- The final Michigan consumer confidence index for November will be released.
On the other hand, Greekslive noted that the crypto market is entering a correction phase after a strong rally. While the options market is stabilizing, interest rates remain stable both in the context of the Block and the market.
*This is not investment advice.