Crypto Outlook

-BTC: $43,503.60

-ETH: $2,272.39

-XRP:$0.638

-LTC: $72.28

The worldwide crypto market is currently valued at $1.68 trillion, showing a slight increase of 1.37%  in the past 24 hours. During this period, the total crypto market activity reached $62.61 billion, marking a 3.73% decrease. In the decentralized finance (DeFi) sector, the volume stands at $7.31 billion, contributing 11.68% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $55.29 billion and representing 88.32% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 50.65%, showing a slight decrease of 0.17% during the day.

BTC: BTC price increased by 1.17% and 1.72% over 24 hours and the past seven days. The asset reached a low and high of $42,901.28 and $43,765.09, respectively.

During a recent CNBC interview, Galaxy Digital’s CEO, Michael Novogratz, discussed the cryptocurrency market’s current status. He emphasized Bitcoin’s impressive 150% surge in the past year, linking it to the digital currency’s role as an alternative to traditional fiat currencies and a response to the Federal Reserve’s accommodating monetary policy.

Novogratz expressed optimism regarding the potential approval of a spot Bitcoin ETF before January 10th, foreseeing its potential to ignite further momentum in the crypto sphere. According to him, the green light from the U.S. SEC for a spot Bitcoin ETF could pave the way for trading to commence within a relatively short period of six to eight weeks.

BTC Technical Analysis:

BTC has maintained its bullish momentum and is still trading between S&R $40593.87 and $44670.95 like the previous week.

The 50EMA is below the current price, signaling bullish pressure. The price formed higher highs and higher lows until the swing high at $44670.95, after which the market had a pullback to $40593.87. The previous week’s scenario is still in place as the market went into a range instead of breaking up or below the marked S&R zones.

The RSI level is at 59.95, signaling an overbought and oversold condition. However, no signal suggests the price would come down except for the formation of a price pattern. Based on our analysis, Bitcoin may go up to $460000, which is also a physiological level in the coming weeks.

ETH: ETH price decreased by 0.01% and increased by 1.67% over 24 hours and the past seven days. The asset reached a low and high of $2,259.04 and $2,303.55, respectively.

Etherscan is enhancing the blockchain experience by fostering interoperability. The platform is now extending its services to a range of EVM-compatible chains, marking a significant stride towards a more interconnected and user-friendly ecosystem. This move addresses a key challenge in the DeFi space, where information is often fragmented across diverse blockchains. With this development, Etherscan aims to streamline the user experience by offering a unified platform, enabling users to effortlessly monitor and manage their portfolios spread across various networks.

ETH Technical Analysis:

ETH’s price the previous week could be seen sliding down a bit after forming its swing high at $2390.45, which also is a current swing high.

However, the download movement was significant; the sellers could not keep the price down for long. Traders and investors will still be buy-biased as the price breaks above the bearish channel, signaling the buyers are active in the market—a good buying opportunity here for traders by keeping a watch till the $2390.45 zone.

The 50EMA is below the price, and the RSI line is at 55.56, showing a slightly overvalued condition.

ETH might reach $2500 by the end of this year 2023.

XRP: XRP price increased by 4.23% and 4.25% over 24 hours and the past seven days. The asset reached a low and high of $0.611 and $0.647, respectively.

XRP has surged into focus amid substantial whale movements and market shifts. A 20 million XRP transfer to Bybit alongside a value decline raised sell-off concerns among investors. Contrarily, expert Ali Martinez’s analysis uncovered a surprising 360 million XRP accumulation by Ripple whales, valued at $223 million. This unexpected bullish trend diverges from market sentiment, sparking optimism among XRP enthusiasts amidst recent uncertainties.

XRP Technical Analysis:

XRP, like other major currencies, is losing its price. The price started to slide down from a significant swing high at $0.7004. After touching the support marked previously, the price started to come up. The 50EMA is near the price, crossing it and going along the price, signaling no clear price movement or trend. The RSI line is at 54.87, which makes the asset overvalued.

In the current scenario, we cannot confirm any trading opportunity as the price trend is unclear, and it still trades between the previous two S&R. Because the price is making small candles with wick rejection and no clear trend, traders to wait for the price to breach, any of the two S&R levels.

XRP may trade at $0.8498 very soon if the market continues to move in the bullish direction.

LTC: LTC price increased by 1.45% and 1.67% over 24 hours and the past seven days. The asset reached a low and high of $70.92 and $72.72, respectively.

Litecoin (LTC), known for its swift, secure, and cost-effective transactions, achieved a remarkable milestone. In an update on December 21, LTC showcased an impressive feat: within just 24 hours, it recorded more active addresses than both Bitcoin (BTC) and Ethereum (ETH) combined, totaling 1.4 million on-chain transactions in a single day. This surge in Litecoin activity stands out, particularly in consistently surpassing Ethereum’s daily active addresses throughout December. It signals a notable resurgence in LTC’s usage, emphasizing its increasing popularity and traction in the market.

LTC Technical Analysis:

LTC was moving up but previously had shown ranging conditions. LTC price broke the range, moving up. The 50EMA breached the price, moving down. $79.559 is the recent swing high and a resistance to the current price.

The $69.768 zone is a strong support for the current price. A long-wick rejection from the buyers shows the buyers are still active in the market. The most recent move is that the price broke the previous sign high, and the price is still trading between the two marked S&R zones. The RSI line is at 51.00, showing a slightly overbought condition.

LTC is predicted to range between $80 to $82 in December.

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