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Here are some pairs you should definitely add to your watch list this week. It’s not a trading recommendation, and you should BUY or SELL depending on your own judgment. We simply point out that these markets are hot!
The leading cryptocurrencies have been struggling recently. Bitcoin, Ethereum are up and down since defending critical support levels of $40,000 and $3,000 respectively. The cryptocurrency market started this week in the red. BTCUSD is -1.09%, ETHUSD -2.33%, LNKUSD -3.53%, BNBUSD -4.14and DOTUSD -4.49%.
LTCUSD, however, has a strong Monday, gaining 3.88%. Litecoin, an old competitor to Bitcoin aiming at fast, secure, and cheap transactions, has lost roughly 50% since the ATH in November. The coin had had a strong 7-days when it gained 26.96%, going up from $119 last Monday to $151 today.
On-chain analysis suggests that LTC whales keep accumulating, which is a sign that the price may go up even further.
Natural Gas prices went on a swing last week, gaining 14% on Wednesday and falling back 11% on Thursday. The market volatility went through the roof on the news of demand forecasts from significant economies, China, the European Union, and the US.
It looks like reactive trading is a good idea for this market. Gas has become a political issue in relations with Russia, the world’s leading supplier. Concerns about oil and gas supplies have grown as a result of the breakdown in talks between Russia and the United States over security on Friday.
Additionally, in a longer horizon, gas prices will be affected by news on other energy sources, such as shutting down nuclear plants or investments in wind and solar power.
Currently, natural gas prices are trading around $4.3 per million British thermal units, but this may change at any moment. Watch Russia news closely this week.
Advanced Micro Devices (AMD)
Tech stocks have been up and down extensive recently. Investors are unsure if it’s the time to sell high equities, and the long-term value in companies like AMD should be there in the foreseeable future.
AMD ended last week with huge price swings. On Thursday, it went down 3.43% only to recover most of the losses on Friday, appreciating from $131 to $136.8 per share.
The price is affected by both news from the customer market and b2b data centers. The chipmaker will release Q4 results at the end of January, and until then, there’s room for speculation and volatility. It’s a tech stock to add to your watchlist.
Other honorable mentions for the upcoming week are Polkadot, Chainlink, Tesla, Gold, and the Turkish Lira.
Remember that you can trade forex pairs with up to 500x leverage, making every pair an attractive margin trading target. Don’t miss out on making big profits if you have any insight into your local currency movements.