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Crypto Outlook

  

-BTC: $34,977.34

-ETH: $1,888.82

-XRP: $0.6826

-LTC: $71.78

The global cryptocurrency market is currently valued at around $1.32 trillion. In the past day, there was a very slight decrease of 0.05% in its overall value.

Over the last 24 hours, the total trading volume in the cryptocurrency market was approximately $38.16 billion, marking a significant increase of 28.77%. Within this, the decentralized finance (DeFi) sector contributed $4.32 billion, accounting for about 11.32% of the total cryptocurrency market trading volume. Stablecoins, which are cryptocurrencies pegged to a stable asset like a fiat currency, had a trading volume of $32.7 billion, making up a substantial 85.70% of the total cryptocurrency market trading volume.

As for Bitcoin, it currently dominates 51.78% of the market, indicating its share of the total cryptocurrency market value. This dominance decreased slightly by 0.32% over the day.

BTC: BTC price decreased by 0.56% and increased by 2.05% over 24 hours and the past seven days. The asset reached a low and high of $34,594.24 and $35,340.34, respectively.

Tim Buckley, Vanguard’s CEO, aligns with the company’s conservative investment strategy by discouraging investments in Bitcoin. Despite market volatility, he advocates that investors stay the course with their existing strategy, resisting the allure of shifting to cash, which offers a 5% yield. Vanguard’s investment philosophy centres on a well-balanced approach, emphasizing the integration of stocks for growth and bonds for income, particularly suited for those with long-term investment horizons.

In essence, Buckley’s guidance underscores Vanguard’s commitment to steady, time-tested investment principles, even in fluctuating markets. The emphasis remains on maintaining a balanced portfolio that aligns with individual risk tolerances and long-term financial goals while avoiding speculative assets like Bitcoin.

BTC Technical Analysis:

BTC is now gaining some bullish momentum and is trading between S&R $32968.92 and $25546.02.

The EMA is trading below and is far from the current price, showing a bullish sentiment. The price is forming higher highs and higher lows. The RSI level is at 74.27, signalling an overbought condition. Here, the price seems to be due for correction. However, the overall trend is up.

Price may trade up further if the recent resistance is broken with some confirmation.

Based on our analysis, Bitcoin may go up to $37078 in the coming weeks. Moreover, if that level is breached, the price may stand at near $46000.00 level.

  Support  Resistance
S134852.1R134948.3
S234792.6R234985
S334755.8R335044.5

ETH: ETH price increased by 0.73% and 5.85% over 24 hours and the past seven days. The asset reached a low and high of $1,863.75 and $1,911.61, respectively.

Over the past seven days, centralized exchanges (CEXs) have experienced a remarkable Ether outflow totalling $210 million. This marks the most significant weekly withdrawal from CEXs since August. The substantial outflow reflects a prevailing bullish sentiment in the Ethereum (ETH) market, indicating increased investor buying activity.

The reduced supply of ETH on exchanges signifies growing confidence in Ethereum’s long-term potential. This trend aligns with Ethereum’s shift to a Proof of Stake (PoS) consensus mechanism and the upcoming Ethereum 2.0 launch, further fostering optimism and participation in the ETH ecosystem.

ETH Technical Analysis:

ETH, like BTC, is moving up and is trading between major current zones of $1734 and $1896. There is no bearish sign as the 50EMA is below the current price, and the price pattern is higher in highs and lows.

We can see a lot of wick rejections from the sellers on the first swing high, signalling the market still had few sellers left wanting to push the market down. However, the seller’s pressure was not sufficient as the buyers were in abundance, which took it higher. Depending on the direction of the breakout, traders and investors may take their call.

Based on the price fluctuations of Ethereum at the beginning of 2023, crypto experts expect an average ETH rate of $1986 in mid-October 2023.

  Support  Resistance
S11875.64R11880.84
S21872.89R21883.29
S31870.44R31886.03

XRP: XRP price increased by 9.66% and 22.84% over 24 hours and the past seven days. The asset reached a low and high of $0.6199 and $0.6853, respectively.

XRP has gained approval within the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority (DFSA). This approval holds particular significance given the DIFC’s status as a major financial centre spanning the Middle East, Africa, and South Asia (MEASA). Over the past two decades, the DIFC has been a hub for various financial initiatives, attracting companies, investors, and financial institutions across the MEASA region.

This milestone allows cryptocurrency-focused businesses in the MEASA area to offer a range of XRP-related services, such as lending and trading. The DIFC’s role in connecting MEASA entities with global markets makes its regulatory clarity on XRP highly influential, opening doors for cryptocurrency in the 72 member nations of the MEASA region.

XRP Technical Analysis:

XRP was in a consolation state, stuck between two zones, $0.4681 and $0.5627. But the price broke the range and is trading up. A good trading opportunity for the traders could be seen when the price broke the range, as it also gave a retest of the broken region.

The 50EMA is below the current price, signalling bullish movement. As the whole crypto market rises, the price has crossed the EMA and is moving up. The RSI line is at 85.51, a signal of overbought condition. Traders may rise the wave by looking for trade opportunities in the lower time frame.

XRP may trade at $0.7346 very soon if the market continues to move in the bullish direction.

  Support  Resistance
S10.67467R10.68475
S20.66814R20.6883
S30.66459R30.69483

LTC: LTC price increased by 0.81% and 5.12% over 24 hours and the past seven days. The asset reached a low and high of $70.44 and $72.58, respectively.

On-chain data reveals that Litecoin’s “mega whales” now hold approximately 15.4% of the total supply, marking the highest level in over five years. This data underscores the evolving landscape of cryptocurrencies, particularly Litecoin, as it navigates the shifting tides of global politics.

Litecoin initially entered the market as a means of facilitating internet-based payments, offering advantages such as reduced confirmation times, enhanced transaction speed, and additional features to streamline transactions. While it faces its own challenges, Litecoin’s role in the cryptocurrency ecosystem remains significant.

LTC Technical Analysis:

LTC is moving similarly to XRP, but LTC shows a ranging sentiment, with buyers and sellers fighting to break up or below the range. A slight inclination towards the buyer’s pressure could be seen in trying to break above the range and the resistance.

 The current price has started trading above the 50EMA by crossing above it, showing a bullish sentiment. This may be the start of a bullish move or LTC. Like other coins, we do not see good movement in LTC as the investors don’t seem interested. The RSI line is at $68.57, an overbought condition.

It’s a good thing for traders, as the price is just breaking the range. Moving into a lower time frame would give the extra confluence. LTC is predicted to reach $78.87 in Nov.

  Support  Resistance
S171.37R172.12
S270.87R272.37
S370.62R372.87

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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