NFT Winter Has Arrived, Yet Brighter Days for NFTs Are on the Horizon
Current State of NFT Market: The global NFT market is experiencing a significant downturn, with November sales dropping by 50% to $320 million and a further decline in early December, indicating a continued slump in trading volumes.
Market Capitalization Decline: The overall market cap for NFTs has fallen to $3.1 billion, a 66% decrease from its January peak of $9.2 billion, with major collections like CryptoPunks and Bored Ape Yacht Club also seeing substantial losses.
Shift in NFT Focus: Despite the current challenges, the NFT sector is evolving from speculative hype to practical applications, with a growing emphasis on real-world utility and diverse use cases beyond digital art.
Future Outlook: There is optimism for the future of NFTs as innovative projects continue to develop, integrating NFTs into various sectors such as gaming, real estate, and brand loyalty, suggesting potential recovery and growth ahead.
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Technical Analysis for DOOD
Technical Sentiment Analysis for Doodles (DOOD) As of , Doodles (DOOD) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DOOD 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, DOOD 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 $-.
Doodles (DOOD) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00165 | 0.00247 | 0.00325 | 0.00406 | 0.00484 | 0.00566 | 0.00644 |
| Fibonacci | 0.00247 | 0.00308 | 0.00345 | 0.00406 | 0.00467 | 0.00505 | 0.00566 |
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