Skip to main content

We experienced October as ‘Uptober.’ How will November turn out?

Expectation

The Previous Month’s Announced

08.11.2023 17:15 USD FED Chairman Powell’s Speech
09.11.2023 XRP Scheduling a Meeting Date to Discuss Solutions for the Ripple and SEC Lawsuit Process
09.11.2023 16:30 USD Applications for Unemployment Benefits

215K

217K

09.11.2023 22:00 USD FED Chairman Powell’s Speech

We closed the past market week with a heavy flow of data. This week is expected to be calmer.

We will follow the statements to be made by the Chairman of the Federal Reserve, Powell, on Wednesday and Thursday.

The Fed had kept the policy interest rate unchanged last week, within expectations, at the range of 5.25-5.50%. Thus, it did not increase interest rates in its last two meetings and interest rates are at their peak level in the last 22 years. The dollar index is trading around the 105 levels.

We lived through October as a complete ‘Uptober’. It was a month that made investors smile with a rise of 28.51%.

The 34,860 level appears as a short-term support. If Bitcoin breaks this support downwards, we could see retracements down to 34,150. In case of an upward break, the channel’s resistance level of 35,760 could be followed.

In November as well, we are witnessing investors who took profits from Bitcoin (BTC) turning towards altcoins. Last week we saw nice increases in Cardano (ADA) and Solana (SOL). They will continue to be on our radar this week.

We have observed Solana moving within a channel for a long time and currently, it is trying to find support from the lower band of the channel. At this point, if it breaks the channel downwards, we might witness panic selling. However, if it breaks the channel upwards, we could see an acceleration in buying.

In September 2021, the price of ADA, which had surpassed 3 dollars, is now trading at around 0.34 dollars, approximately 90% down. In the bear market, the fundamental motivation of ADA Coin investors during the last bull season had been the potential for a Cardano network that could compete with Ethereum with the arrival of smart contract capabilities. However, this did not happen despite several major updates.

The two-day ‘Cardano Summit 2023’ event held from November 2nd to November 4th was expected to have a positive impact on the price. On November 1st, the rise was confirmed and the challenging region for ADA Coin, 0.32-0.34 dollars, was surpassed. The main motivation was fed by optimism supported by the potential of ETF approval that had started since October 19th. At the moment, a quite positive atmosphere can be observed.

There is Good News from Hong Kong

Hong Kong plans to open the way for individual investors to participate in spot cryptocurrency exchange-traded funds (ETFs).

Julia Leung, the Chairperson of the Securities and Futures Commission (SFC) of Hong Kong, in an interview with Bloomberg, stated that evaluations for such participation are ongoing and that new risks need to be taken into consideration.

The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.