NFT Market Sales Volume Drops 20.34% Amid Crypto Downturn

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1d ago

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Sales Volume Decline: The NFT market recorded a sales volume of $58.34 million over the past week, representing a 20.34% drop from the previous period, indicating ongoing market weakness that could impact investor confidence and future trading activity.
Buyer and Seller Growth: Despite the decline in sales, the number of NFT buyers increased by 21.97% to 296,018, while sellers rose by 24.63% to 270,495, suggesting heightened market participation that may lay the groundwork for future recovery.
Ethereum's Dominance: Ethereum led all blockchains with $34.97 million in sales, down 23.63%, yet attracted 33,663 buyers, underscoring its significant role and appeal in the NFT market despite the downturn.
Top Collection Performance: CryptoPunks excelled with $4.71 million in sales, surging 146.56% week-over-week, highlighting strong demand for high-value NFTs and potentially drawing more investor interest in the premium NFT segment.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	36469.337	48234.669	61205.087	72970.419	85940.837	97706.169	110676.587
Fibonacci	48234.669	57683.725	63521.362	72970.419	82419.475	88257.112	97706.169

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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