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Crypto outlook

  

-BTC: $37,272.09

-ETH: $2,005.17

-XRP: $0.6234

-LTC: $70.46

The global cryptocurrency market capitalization presently stands at $1.42 trillion, reflecting a modest increase of 1.75% within the last 24 hours. Over the same period, the total cryptocurrency market volume reached $40.37 billion, demonstrating a notable 5.97% surge.

Within the decentralized finance (DeFi) sector, the 24-hour volume registers at $4.43 billion, constituting 10.97% of the total cryptocurrency market volume. Notably, stable coins contribute substantially, accounting for $35.68 billion, equivalent to 88.39% of the overall 24-hour crypto market volume.

Bitcoin’s dominance, a key metric, currently stands at 51.32%, indicating a marginal decrease of 0.07% over the course of the day. These figures underscore the dynamic nature of the cryptocurrency landscape, warranting continued observation.

BTC: price increased by 2.34% and 0.17% over 24 hours and the past seven days. The asset reached a low and high of $36,414.60 and $37,509.36, respectively.

Mike Belshe, CEO of BitGo, remains optimistic about the imminent approval of a spot Bitcoin exchange-traded fund (ETF) while acknowledging the hurdles in its path. In a recent interview with Bloomberg, Belshe expressed confidence in ongoing discussions between companies vying for Bitcoin ETF approval and the SEC, suggesting a positive outcome may be forthcoming. However, amidst this optimism, Belshe cautioned about the potential for continued rejections by the SEC before eventual approval.

BTC Technical Analysis:

As discussed earlier in our analysis, BTC has maintained its bullish move by breaking the previous swing high. It has gained bullish momentum and is trading between S&R $35546.02 and $37994.13.

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. We could also see that once the price formed a swing high and when the price went for the next higher high, buyers were insufficient to push further.

The RSI level is at 62.50, signaling a slight overbought condition. Our analysis sticks to buyers’ sentiment as the overall trend seems bullish. Based on our analysis, Bitcoin may go up to $39133.49 in the coming weeks.

  Support  Resistance
S137145.9R137293.1
S237048.6R237343
S336998.7R337440.3

ETH: ETH price increased by 3.01% and decreased by 2.83% over 24 hours and the past seven days. The asset reached a low and high of $1,944.90 and $2,015.63, respectively.

Fidelity’s potential entry into Ethereum ETFs could potentially drive up ETH prices. Similar anticipation occurred with Bitcoin ETFs proposed by major finance entities like BlackRock, causing a surge in Bitcoin’s value. However, the SEC’s delay in deciding on these ETFs until 2024 has created uncertainty.

Crypto ETFs enable tracking prices without direct ownership, facilitating broader market access. Fidelity, a significant asset manager wielding $4.2 trillion, venturing into Ethereum could spark heightened interest among a larger audience, drawing more participants into the Ethereum market.

ETH Technical Analysis:

ETH has gone down after a huge surge in the price. After a big bullish candle on 9th Nov, the price slid down 8.41%. The market saw red candles with a hammer, signifying the market moments as bearish.

As the overall market is uptrend, this could be a pullback phase for ETH. The most important thing to note is the multiple candle rejection at a support level of $1948.94. The support here is strong as it is not allowing the sellers to push below it.

The 50EMA is below the current price. The RSI is at 60.79, showing a slight overbought condition like BTC.

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

  Support  Resistance
S12010.85R12022.85
S22004.32R22028.32
S31998.85R32034.85

XRP: XRP price increased by 3.23% and decreased by 6.35% over 24 hours and the past seven days. The asset reached a low and high of $0.604 and $0.6287, respectively.

David Schwartz, Ripple’s CTO, highlighted the XRP Ledger’s role in transforming how real-world assets are tokenized. In a recent interview, Schwartz expressed enthusiasm for the evolution of the XRP ecosystem. He noted a shift from an intense focus solely on the XRP token among investors to a broader interest in the capabilities of the XRP Ledger.

Schwartz emphasized the increasing institutional adoption of the XRP Ledger’s technology. He highlighted its expanding use in enterprise and financial applications, indicating a growing recognition of its potential in these sectors.

XRP Technical Analysis:

XRP price took off after breaking above the consolation zone. The price formed higher highs and lows and was inside the bullish channel. The price started a swing high at $0.7346, went down and came up drastically, and witnessed a lot of bearish pressure closing with a small body and a long wick.

Before this doji candle, a few small candles with rejections showed signs of momentum loss. XRP has come down halfway to its bullish move in recent trading weeks.

The 50EMA has just touched the price, which shows that both the buyers and sellers are not in proper control. The RSI line is at 51.75, a signal of neutral overbought and sold condition. A resistance of $0.6733 is very close to the price. However, if this resistance(Swing high) is breached above, XRP may trade up.

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

  Support  Resistance
S10.61776R10.62446
S20.61333R20.62673
S30.61106R30.63116

LTC: LTC price increased by 2.15% and decreased by 6.62% over 24 hours and the past seven days. The asset reached a low and high of $68.94 and $70.69, respectively.

Litecoin, known for its transaction speed and lower fees, holds a strong and active market. In analyzing the rise in crypto appreciation, Litecoin is a crucial factor in evaluating the sustainability of any asset. Litecoin has proven its liquidity over time, boasting established trade volumes and market capitalization. These diverse crypto assets have built liquidity through traditional trading platforms and decentralized exchanges.

This highlights Litecoin’s attributes, such as transaction speed, lower fees, and established market presence, emphasizing its role as a crucial factor in assessing the sustainability of cryptocurrency assets.

LTC Technical Analysis:

Like the other major crypto coins, the LTC has seen a drop in the price. Looking into the lower time frame, it is now in a consolidation state with no proper market direction.

The price has almost crossed below the 50EMA, signaling momentum loss and seller entry. However, we could not be sure of a sell here as the wick rejections show buyers continuously challenging the sellers. A strong support at $68.91, which holds the price above it. On the lower TF, the price forms lower highs and lows. Investors are to wait for more confirmation.

The RSI line is at 50.57, showing a slight overbought condition.

LTC is predicted to reach $78.87 in Nov.

  Support  Resistance
S170.18R170.66
S269.86R270.82
S369.70R371.14

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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