Crypto Market Review, December 9

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Arman Shirinyan

Notorious Exchange Token Rally After FTX Relaunch Narrative Covers Crypto Space

The market weekend was not as bad as one would expect given the flat performance of most assets in the market throughout the week. However, even the neutral movement of assets in the cryptocurrency market could portend an upcoming long-term recovery in the future.

The surprising return of FTT

The only thing no one expected is a reversal of FTT tokens. Today, the failing cryptocurrency exchange’s token suddenly gained more than 40% of its value in a matter of hours. But nothing that would really reassure experienced investors has happened yet.

The reason for the sudden price spike is a proposal by SBF to relaunch the exchange and send all of its profit from fees to users to compensate for their losses over time or until the entity attempts to obtain more cash by selling or redistributing its illiquid assets which are reportedly worth around $10 billion.

XMR is surprisingly stable

Monero has never been the asset of choice for short-term traders looking for the quick gain in the market. XMR has mostly moved in and out of long to mid-term trends, with the volatility of the asset not reaching tokens and coins like Shiba Inu or even Dogecoin.

Due to its nature, XMR is also not pushed around cryptocurrency derivatives trading platforms or heavily promoted by cryptocurrency exchanges as a tool for traders trying to accelerate. crypto.

Source: Trading View

The main selling point of XMR is privacy, safety and security. By using anonymous transactions, XMR has become popular among traders and investors who are willing to hide their tracks in the cryptocurrency market for whatever reason. It’s also a popular payment tool for various services, like VPN providers.

Thanks to the aforementioned advantages, XMR remains popular among retail investors, which exclusively pushes its value upwards in the open market while other assets slowly decline.

Over the past 30 days, XMR has gained around 30% of its value, unlike other digital assets that either moved in a range or lost what they gained in the recovery from the implosion. from FTX.

Dogecoin has something to remember

The golden cross that we mentioned several times in our previous market reports did not help the meme maintain the same pace we saw in early November and it turned back, losing around 30% of its value in a relatively short time. .

However, the number of strong support levels on DOGE’s decline could become the helping hand the meme coin desperately needs to sustain the uptrend it started in November.

The three levels of support would be the regular and exponential 50-day moving averages and the 21-day moving averages. These indicators act as guidelines for the asset in the uptrend and could become a determinant between bullish and bearish trends.

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