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Weekly Cryptocurrency Market Brief

Dogecoin (DOGE) underwent a strong bullish run last week to reach new highs at over $0.70, before experiencing a fall in price as sellers looked to book profits at the time of Elon Musk’s appearance on Saturday Night Live (SNL). The pricing-in of the event took place at a time of massive volatility for the coin. After its fall, it rebounded off the Fibonacci golden pocket region, the resistance-turned-support range of $0.40-0.43, after retracing from its previous bullish run, and has consolidated in the $0.45-0.60 range after the last bounce.

Neo (NEO) broke an important resistance at $113, reached a new high at $140 and has been consolidating over what has now become a support at the $113 level, which also happens to be the Fibonacci golden ratio retracement level of its previous bullish move. The recent price action marked a break of the previous symmetrical triangle pattern and its behaviour in the $113-130 region will be key to understanding the next possible steps in the trajectory of Neo in the current bull market.

After several weeks of consolidation in the $1-1.50 range, Cardano (ADA) finally broke and held above the $1.50 level, reaching $1.80 at the end of last week. This represents a major milestone for Cardano, as it reached new all-time highs in the current bull market, after having struggled to break the $1.50 resistance in the previous period. It is currently holding support over the $1.70 level and would look to consolidate and make more gains due to its move to the upside.

(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.

ABX has received in-principal approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)

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