OVERVIEW
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Hey there ! 👋 

Last week, the NASDAQ outperformed – how will this impact the markets this week? We'll fill you in! Meanwhile, Bitcoin's trending lower – will it break out, or are hidden forces dragging it down?

Plus, we've got three AI-powered cryptocurrencies ready for takeoff that you can't afford to miss.

Let's dive in!

ECONOMIC AERIAL VIEW

Market Closed Higher

Last Friday marked a pivotal moment for the U.S. economy with key data releases:

• Non-Farm Payrolls: Which measures the number of jobs added in various sectors, indicated job growth added only 175,000 jobs last month, missing the expected 243,000.
  

• Unemployment Rate: Slightly increased to 3.9%, against the forecast of 3.8%

Following the economic data release, the US markets surged, suggesting optimism about potential easing of Fed policies. The NASDAQ closed 1.99% higher 👇️ 

You might be wondering why the markets would react favorably to people losing their jobs.

Always remember this adage

Main street being the general population!

Considering the market closed higher on Friday, we can expect the general sentiment of the market this week to be bullish.

CRYPTO MARKET OUTLOOK

Bull Bear Tug of War

Bitcoin reacted positively to the economic updates, gaining 6.46%. However, it is struggling to break past a key downtrend line 👇️ 

Taking a look at the volume of Bulls (buyers) and Bears (sellers), we can see that the market is in a state of indecision neither Bulls nor Bears are in charge.

This state of indecision is influenced by

• Potential delay in Fed rate cuts

• Possible increase in Fed interest rates

• Global inflation trends

• Escalating international conflicts

If these factors worsen, Bitcoin could fall to around $50,000, which is a price point that attracts significant institutional interest through options, futures, and leveraged purchases.

Taking a look at the Bitcoin daily chart, we see that technically bitcoin at 50,000 is very likely. This is because we have areas of commonality:

• Previous accumulation zone between 50,000 and 52,000

• Volume profile magnetic zone between 47,000 and 54,000

• Institutional buy orders between 49,000 and 52,000

AI POWERED CRYPTO

AI & Blockchain — Simplifying the Future

Although a majority of the crypto market has been underperforming, one sector has maintained strength. The Artificial intelligence (AI) sector.

AI and blockchain are revolutionizing industries by enhancing security, transparency, and efficiency. By 2025, their combined market value is anticipated to exceed $703 million.

AI and blockchain are powerful technologies individually, but when paired together they unlock new levels of efficiency and innovation. Let's break down how each improves the other:

AI Improves Blockchain:

• Simpler Data Management: AI makes handling data on the blockchain easier and less energy-demanding.

• Efficient Transactions: AI finds the most cost-effective ways to handle transactions.

• Better Security: AI adds smart features like image recognition to improve security.

Blockchain Improves AI:

• Reliable Data: Blockchain ensures all AI data is accurate and secure.

• Quality Data: Blockchain grants access to extensive and verified data, improving AI predictions.

• Unbiased Data Access: Blockchain helps AI use a wide range of data without bias.

When these technologies come together, they offer incredible advantages:

• Breaks Down Barriers: This technology reduces monopolies and the need for middlemen.

• More Transparency: All decisions made by AI are recorded on the blockchain, so anyone can see them.

• Builds Trust: A publicly verified data log increases confidence in AI decisions.

There are numerous cryptocurrencies making the most of these innovations to solve significant challenges, and we’ve got the best 3 for you 🙌 

But first!

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AI CRYPTO CURRENCIES

Three AI Cryptos Set to Soar

Render ($RNDR)

Render Network is a decentralized platform that leverages and commodifies unused computing power. Users contribute their computer resources and are rewarded with RNDR, the platform's cryptocurrency.

With applications in gaming, virtual reality, and the metaverse, Render makes advanced visual content creation accessible without expensive hardware.

We at Spiral are looking to add to our position between $4.7 and $3.6 👇️ 

Oraichain ($ORAI)

Oraichain combines AI with blockchain to enhance smart contracts, enabling data-driven decisions and intelligent applications such as price prediction and sentiment analysis.

We are very bullish on this project and have done a deep analysis on it. Find out more about it:

Currently trading around $10.08, ORAI may see a re-entry point at $5.90 if the overall market continues to trend lower

Near Protocol ($NEAR)

NEAR Protocol is a platform that lets people build and run applications similar to how apps work on your smartphone, but without relying on a central system like Amazon Web Services.

Currently trading at $6.83, NEAR seems to be painting a bearish M pattern which could see price drop to $3.2. This is the zone we are looking to accumulate more NEAR tokens 👇️ 

FEEDBACK

As we wrap up today’s newsletter, we anticipate that the market might trend slightly higher this week.

While a large bullish move isn’t expected just yet, we remain optimistic about a potential uptick toward the year's end, that is, if no major economic shifts are on the horizon this week. We will keep you updated on our twitter 🕊️ 

Did you find this info useful? Got any topics you’d like us to cover next? We’d love to hear from you — your feedback drives our content!