A decent down day on Friday couldn’t derail the strong weekly results for the markets! John O’Donnell joins Merlin for a look at interest rates, the Fed, inflation, gold and other factors influencing current market dynamics.
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Dogecoin shows early signs of a potential recovery, trading near $0.070 at the time of writing as bullish momentum divergence suggests selling pressure may be fading. In addition, whale accumulation and improving derivatives metrics suggest a bullish outlook, hinting at a potential recovery ahead.
Top altcoins, including Ripple, Cardano, and Solana, are maintaining a bearish tone as the broader market remains risk-averse. XRP is down to a 20-month low, risking a drop below the $1.00 psychological threshold, while ADA and SOL risk losing their recent gains amid a lack of upside momentum.
Ripple and Stellar remain under pressure after falling slightly the previous day. XRP gravitates toward the key $1.00 psychological level while XLM slips below the critical support zone. Weakening derivatives metrics for both altcoins cap recovery outlook. Derivatives data shows a bearish bias among traders.
