The crypto markets are showing signs of relief from last week’s bleed-out due to FTX being confirmed as insolvent and Sam Bankman-Fried stepping down as the exchange’s CEO after filing for bankruptcy.
Bitcoin Hits a Local Low of $15,588; MANA Drops to $0.411; and ZIL Dips to $0.01942
The FTX saga led to the King of Crypto dropping massively by 22% in the last week from comfortable levels around $20k to a local low of $15,588.
Similarly, the price of Decentraland (MANA) fell by 41.2% from the $0.70 support zone to a local low of $0.411. On the other hand, Zilliqa (ZIL) dropped by 35.3% from the $0.030 support zone to a local low of $0.01942.
MANA/USDT Could Reclaim $0.50
Further checking the one-day MANA/USDT chart below courtesy of Tradingview, it can be observed that the digital asset remains in bearish territory at current levels of $0.4458, below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
However, the daily MFI (green), RSI (red) and MACD indicate an oversold scenario that could lead Decentraland (MANA) to move towards the $0.50 resistance zone and turn it into support.
ZIL/USDT Could Reclaim $0.025
Similarly, the one-day ZIL/USDT chart below shows that Zilliqa is in bearish territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
It is currently trading at the $0.021 price area, and the daily MFI (green), MACD and RSI (red) hint at an oversold scenario that could allow the digital asset to move up the $0.025 price area.
The Worst Could be Over in the Short-term
Summing it up, the worst could be over in the crypto markets in the short term due to the FTX insolvency and bankruptcy that has wreaked havoc in the last week.
But caution is advised going long on any crypto asset as there still exists weaknesses in the markets, as demonstrated with Decentraland (MANA) and Zilliqa (ZIL)
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