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Crypto Industry News:
Despite the ongoing cryptocurrency crash, the number of "dead" coins has decreased 3 times in 2022 compared to 2021.
A new study has revealed the number of cryptocurrencies that have fallen short of expectations since their launch in 2022. The CoinGecko website counted about 950 cryptocurrencies in 2022 that were considered "dead" or "failed projects", according to a study published on November 29 this year.
Determining the number of dead cryptocurrencies, the study highlighted that it reviewed cryptocurrencies that may have been off-site due to lack of trading activity in the past two months. At the same time, tokens were declared dead after being tagged for fraud or deactivation requests.
The study shows that the number of dead coins in 2022 is significantly lower than in 2021. In 2021, over 3,000 such cases were counted, and this year "only" 951.
The study found that the large number of dead coins in 2021 can be linked to a large influx of Doge and Shiba coins. It is worth noting that most "meme coins" had no significant value to the anonymous developers, and also required more involvement in their development.
Technical Market Outlook:
The Ethereum cryptocurrency has retraced 38% of the last wave down on the H4 time frame chart and is currently trading close to the level of $1,227. The 100 SMA is seen at the level of $1,246, so bulls need to break through this level in order to continue the bounce towards the technical resistance seen at $1,278. The intraday volatility is very limited. The key short-term technical support is seen at the level of $1,150.
Weekly Pivot Points:
WR3 - $1,222
WR2 - $1,201
WR1 - $1,190
Weekly Pivot - $1,181
WS1 - $1,169
WS2 - $1,160
WS3 - $1,139
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.
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