NFT Steez is navigating an intriguing market pattern, even though it's a relatively new concept in the crypto space. The short-term trend appears bearish, with the EMA55 above the EMA10.
This is generally seen as bearish because traders may need to hold onto NFTs for longer periods to achieve profitability. Additionally, the market shows a strong ADX of 26 points, indicating a solid trend.
Key Takeaways:
- The tokenization of real assets and the issuance of bonds on the blockchain offer increased accessibility, transparency, and liquidity.
- Tokenized bonds allow investors to have direct ownership and control over the assets.
- The use of blockchain technology in the credit market can provide greater transparency.
- The use of blockchain technology in the credit market can provide greater transparency.
"This is considered bearish because traders need to hold the coin for longer in order to be profitable. It also shows a strong ADX."
However, today’s market activity has pushed prices above the EMA55, potentially reducing the gap between the two EMAs and signaling a possible bullish reversal in the coming days.
In a bullish scenario, NFT Steez could test new resistance levels near $53, suggesting a possible 30% recovery. Conversely, if the bearish trend persists, it might see a decline of around 38%, testing support levels at approximately $25.50. This dual outlook highlights the volatility and potential opportunities within the NFT market.
In a bullish scenario, ORDI could test a new resistance near $53 for an additional 30% recovery. However, if the bearish trend remains, it could dip around 38% testing support at around $25.50.