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Crypto Outlook

  

-BTC: $37,280.60

-ETH: $2,070.57

-XRP: $0.6661

-LTC: $75.90

The worldwide crypto market is currently valued at $1.41 trillion, showing a slight dip of 0.53% in the past 24 hours. During this period, the total crypto market activity reached $48.69 billion, marking a 7.26% decrease. In the decentralized finance (DeFi) sector, the volume stands at $7.57 billion, contributing 15.54% to the overall crypto market activity within the last day. Stable coins make up a significant portion, totaling $42.36 billion and representing 87.00% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 51.14%, showing a slight increase of 0.05% during the day.

BTC: BTC price increased by 0.60% and 6.24% over 24 hours and the past seven days. The asset reached a low and high of $36,868.26 and $37,405.12, respectively.

During the 2023 Australia Crypto Convention, Michael Saylor, co-founder of MicroStrategy, offered insights into the future of Bitcoin, foreseeing a substantial surge in demand that could potentially see a tenfold increase by the conclusion of 2024. Saylor emphasized Bitcoin’s transformative journey, transitioning from an “offshore unregulated asset” to a widely recognized “institutionalized mainstream app” between 2020 and 2024.

He anticipates that Bitcoin’s trajectory will shift towards becoming a mainstream asset post-2024, attributing this shift to evolving supply-demand dynamics, particularly in light of the upcoming Bitcoin halving.

BTC Technical Analysis:

BTC has gained bullish momentum and is trading between S&R $35546.02 and $37078.08.

The EMA is still 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 79.39, signalling an overbought condition. As discussed in the previous analysis, the price broke the previous high and surged, forming a new swing high of $38028.73. The price is forming a retest, giving a good buying opportunity.

Based on our analysis, Bitcoin may go up to $39133.49 in the coming weeks. Moreover, if that level is breached, the price may stand at near $46000.00 level.

  Support  Resistance
S136921.1R137018
S236881.9R237075.7
S336824.2R337115

ETH: ETH price increased by 1.37% and 9.07% over 24 hours and the past seven days. The asset reached a low and high of $2,036.10 and $2,072.24, respectively.

The Near Foundation has joined forces with Eigen Labs in a strategic alliance to optimize Ethereum roll-up transactions. Their collaborative efforts are geared towards substantial processing speed enhancements and reduced transaction costs. Simultaneously, the partnership aims to tackle liquidity fragmentation issues between various Layer 2 solutions. By integrating Eigen Layer and implementing upgrades to the Near-Ethereum Rainbow Bridge, this collaboration is poised to elevate the overall efficiency and interoperability of the blockchain ecosystem.

ETH Technical Analysis:

ETH was moving up and was trading between major current zones of $1734 and $1896. However, the price recently broke the $1986.54 resistance zone with a big bullish candle that increased the price by 13.08%. The level of $2136.72 is a new swing high. What’s interesting is the price coming back for the retest. If gone in the lower timeframe, the price will give a BUYING trading signal.

The 50EMA is below the current price, and the price pattern is higher in highs and lows. The RSI is at 72.35, showing an overbought condition.

Based on the analysis, ETH is anticipated to reach $$2303.54 by November-last 2023.

  Support  Resistance
S12039.05R12056.5
S22029.75R22064.65
S32021.6R32073.95

XRP: XRP price increased by 1.39% and decreased by 2.48% over 24 hours and the past seven days. The asset reached a low and high of $0.6555 and $0.6705, respectively.

The XRP Ledger is on track to receive an update, with the “fixReducedOffersV1” amendment gaining support from over 80% of validators. If the amendment maintains this level of support for two weeks, it will be activated. This amendment, part of the XRP Ledger’s version 1.12.0 release, aims to address a minor issue with decentralized exchange (DEX) offers, specifically improving the rounding of reduced offers to prevent them from blocking better offers in the order book.

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 64.06, a signal of overbought condition. A new swing high is formed at $0.7326. As the market is still in the bullish channel, a higher lower is formed right near the diagonal support(Bullish trend line). The current scenario, as the price is making small candles with wick rejection, may give a buying opportunity until the previous swing low is breached.

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

  Support  Resistance
S10.65144R10.66034
S20.64667R20.66447
S30.64254R30.66924

LTC: LTC price increased by 2.42% and 4.91% over 24 hours and the past seven days. The asset reached a low and high of $73.44 and $76.64, respectively.

Following Bitcoin’s surge, Litecoin (LTC) has experienced a moderate rise, surpassing $74 and slightly outpacing the overall market growth. Simultaneously, ScapesMania (MANIA) is gaining attention during its presale phase, enticing investors with the prospect of stable returns in the often unpredictable crypto market. While MANIA is attracting interest for its presale momentum, it reflects a broader trend of investors seeking stability in the volatile landscape of crypto investing.

LTC Technical Analysis:

LTC is moving up, but previously have shown ranging condition. LTC price broke the range, moving up. On the way, it also took the support of the 50EMA. The current price has started trading above the 50EMA by crossing above it, showing a bullish sentiment.

The market is forming a higher high and higher low, with multiple wick rejections from the buyers showing a bullish inclination. The resistance is at $78.87, and the price is near it. The RSI line is at 64.18, showing a slight overbought condition.

LTC is predicted to reach $78.87 in Nov.

  Support  Resistance
S173.484R174.254
S273.027R274.567
S372.714R375.024

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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