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Crypto Outlook

  

-BTC: $41,074.06

-ETH: $2,214.98

-XRP: $0.6181

-LTC: $72.05

The overall value of the global cryptocurrency market is now at $1.55 trillion, showing a decrease of 5.69% in the last day. In the past 24 hours, the total trading volume for all cryptocurrencies reached $96.35 billion, marking a significant increase of 111.45%.

Within the decentralized finance (DeFi) sector, the trading volume is currently $11.06 billion, constituting 11.47% of the total cryptocurrency market activity during the last 24 hours. Stablecoins, a type of cryptocurrency pegged to a stable asset, contribute $88.17 billion to the total trading volume, making up 91.51% of the market activity in the same period.

As for Bitcoin, its dominance in the market stands at 51.98%, experiencing a slight decrease of 0.26% within the day.

BTC– BTC price decreased by 6.24% and 1.74% over 24 hours and the past seven days. The asset reached a low and high of $40,234.58 and $44,034.62, respectively.

Babylon Chain, a pioneering protocol centered on Bitcoin staking, recently secured $18 million in Series A funding led by Polychain Capital and Hack VC. This injection of capital, unveiled on December 7th, marks a significant leap for Babylon’s Bitcoin Staking protocol, bridging the gap between decentralized finance (DeFi) and the Bitcoin blockchain.

With a primary focus on enabling proof-of-stake (PoS) networks to stake BTC, Babylon Chain’s Bitcoin Staking protocol aims to infuse liquidity and heightened security into burgeoning blockchain ecosystems. This development positions Babylon as a catalyst in intertwining the DeFi landscape with the immense potential of the Bitcoin blockchain.

BTC Technical Analysis

BTC broke the bullish channel we plotted on the Daily TF. The price until Dec 4th was trading inside the bullish channel, but with more buyers entering the market, the price broke and was holding near the $44000.00 level. Here, $44000.00 is also psychological level.

The EMA is still trading below and is far from the current price, showing a bullish sentiment. The RSI level is at 56.96, signaling a slight inclination towards an overbought condition. The price increased almost by 10.65% after breaking above the bullish channel.

The important thing to note is the price was not able to maintain its position; it came down and went up again, forming a small body and a long wick. The price currently rests in the broken zone, meaning a good BUY opportunity is due.

Based on our analysis, Bitcoin may go up to $46032.31, which is also the next resistance zone.

  Support  Resistance
S140624R140998.5
S240402.7R241151.5
S340249.6R341372.9

ETH- ETH price decreased by 6.28% and 0.87% over 24 hours and the past seven days. The asset reached a low and high of $2,171.60 and $2,376.75, respectively.

Ethereum Layer-2 network Blast has achieved a remarkable milestone with its Total Value Locked (TVL). Surging to $835.88 million, the TVL has surged by 26.5% in the last week alone, soaring from roughly $300 million a mere fortnight ago according to DefiLlama’s data. This rapid expansion underscores Blast’s burgeoning influence within the Decentralized Finance (DeFi) landscape, signifying a substantial embrace of the Web3.0 protocol.

The Ethereum network has burned 105,248 ETH while generating 70,655 ETH in the last month, resulting in a net decrease of 34,579 ETH in circulation. Such a reduced supply might exert upward pressure on Ethereum’s price, typically driven by heightened demand due to scarcity. Nonetheless, cryptocurrency values are influenced by multifaceted elements, and this decline in Ethereum’s supply represents just one variable amid several impacting its market value.

ETH Technical Analysis:

ETH is still maintaining its bullish sentiment. The market is moving up, breaking the double-top pattern formed previously. Extending the bullish trend line that we drew in our previous analysis, we could clearly see the price respecting it. The price took support from the bullish trend line and recently came for the third one.

The price broke the previously formed resistance and went up by 12.12%. The next major resistance to look at is $2504.40. The 50 EMA is below the price, and the RSI line is at 56.17, showing a neutral overvalued condition. A big pullback to the broken support makes the trend valid. On the lower TF, a good rejection from the buyers at the current level will make it a valid BUY.

  Support  Resistance
S12187.84R12207.57
S22174.69R22214.15
S32168.11R32227.3

Based on the analysis, ETH is anticipated to reach $2500.00 by December 2023.

XRP- XRP price decreased by 7.17% and 0.96% over 24 hours and the past seven days. The asset reached a low and high of $0.6051 and $0.6649, respectively.

Band Protocol, a top data oracle platform, reveals plans to integrate with XRP Ledger (XRPL), marking a pivotal moment in blockchain. As the primary oracle provider for XRPL’s mainnet and Ethereum Virtual Machine (EVM) sidechain, Band Protocol ensures enhanced data reliability and a robust blockchain infrastructure. This alliance reshapes decentralized application (dApp) dynamics on XRPL by offering secure data feeds crucial for accuracy. Empowering developers with trustworthy resources fuels innovation, particularly within decentralized finance (DeFi), amplifying XRPL’s potential for transformative advancements.

XRP Technical Analysis:

There is no clear market direction for XRP. While the overall market seems bullish, XRP may continue its trend with minimal volatility.

The 50EMA is trading along the price, showing no clear trend, and the market may go into a range state. The RSI line is at 47.36, showing a neutral overvalued and undervalued condition. However, a Bullish RSI Divergence could be seen, giving hope that the market may trade up.

Overall, in the current scenario, the price is making small candles with wick rejection, which clearly indicates an unbiased market trend. The market’s key levels are $06755 and $0.5738.

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

  Support  Resistance
S10.61186R10.61686
S20.60853R20.61853
S30.60686R30.62186

LTC- LTC price decreased by 6.84% and 0.28% over 24 hours and the past seven days. The asset reached a low and high of $71.66 and $77.46, respectively.

Litecoin (LTC) encountered a setback after a stable week, raising concerns about its future path. Recent data revealed a notable surge in LTC holders liquidating their wallets, with around 199 thousand wallets that previously held LTC now empty, constituting the largest sell-off since October 2022. These widespread sell-offs typically foreshadow price declines, indicating reduced demand that might negatively affect the coin.

LTC Technical Analysis:

LTC is moving similarly to XRP. The price broke the previous swing high at $76 and formed a new swing high at $78.75. The 50EMA is near to the current price showing neutral market control from buyers or sellers.

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 $78.75, which is also a swing high. After touching the 50EMA, the price started to move up a little. The RSI line is at 49.53, showing a neutral overvalued and undervalued condition.

LTC is predicted to reach $80.00 in December.

  Support  Resistance
S172.164R172.714
S271.807R272.907
S371.614R373.264

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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