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Crypto Outlook

  

-BTC: $42,155.82

-ETH: $2,265.44

-XRP: $0.5273

-LTC: $67.76

The worldwide crypto market is currently valued at $1.63 trillion, showing a slight decrease of  0.92%  in the past 24 hours. During this period, the total crypto market activity reached $40.53 billion, marking a 15.71% increase. In the decentralized finance (DeFi) sector, the volume stands at $4.30 billion, contributing 10.60% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $36 billion and representing 88.82% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 50.89%, showing a slight increase of 0.01% during the day.

BTC: BTC price decreased by 0.82% and increased by 2.62% over 24 hours and the past seven days. The asset reached a low and high of $41,696.91 and $42,681.67, respectively.

David Marcus, a former executive at Meta, predicts that Bitcoin could become the default medium of exchange for AI agents. He suggests that “sats” (short for satoshis), the smallest unit of Bitcoin, could be used by AI agents for real-time transactions, taking advantage of Bitcoin’s decentralized and borderless nature. These transactions would be settled in real time on the Bitcoin Lightning Network, a protocol designed for instant, low-cost Bitcoin transactions.

This integration could lead to a new era of automated financial transactions, with AI agents handling microtransactions and converting them to fiat currencies when necessary. This idea has also been supported by other tech visionaries, including Joe Lonsdale, the co-founder of Palantir, reinforcing the notion that the future of AI and cryptocurrencies is closely intertwined.

BTC Technical Analysis:

Bitcoin’s price journey has been quite a rollercoaster lately, with a noticeable trend of making lower highs and lows. This trend became especially evident after it faced a solid roadblock at the $48,000 level.

If we take a peek at the daily chart, Bitcoin’s price broke below an ascending channel, which was sitting just below that tough $48K resistance. This break might signal a bearish reversal, if the coin does not manage to climb back into that channel.

Right now, the $38,000 mark is acting as support, stopping the price from falling further. Moreover, RSI is showing numbers below 50%, hinting that there is a pretty good chance the price might dip even more.

However, as of writing this, Bitcoin’s price has actually perked up, leaping over $42,000. Currently, majority of the technical indicators are depicting the currency at a neutral state.

  Support  Resistance
S142119R142224
S242080R242290
S342014R342329

ETH: ETH price decreased by 1.07% and 6.67% over 24 hours and the past seven days. The asset reached a low and high of $2,242.68 and $2,300.00, respectively.

Celsius Network, a crypto lender, has transferred over $1 billion in Ethereum (ETH) to exchanges like Coinbase, Paxos, and FalconX, causing a stir in the market. This transfer of 459,561 ETH continues Celsius’ pattern of large fund transfers. Since November 2023, Celsius has moved a total of 740,321 ETH (around $1.69 billion) to exchanges. Despite these large transfers, Celsius still holds 62,468 ETH worth about $139 million. Experts believe these transactions were over-the-counter (OTC), as 12 new wallets withdrew 296,835 ETH ($660 million) from Coinbase shortly after Celsius deposited ETH there. While the exact purpose of these transfers is unclear, they may be related to creditor repayments.

ETH Technical Analysis:


Ethereum has experienced a notable downturn this week, declining nearly 10%, following its inability to maintain the upward momentum it had previously garnered. This setback has brought its price back to the vicinity of a crucial support level at $2,150.

The current market trend for Ethereum is predominantly bearish when viewed through the lens of higher timeframe analysis. However, a more granular examination of shorter timeframes, such as the 4-hour chart, suggests that the asset may be in an oversold condition, potentially setting the stage for a price rebound.

Looking forward, Ethereum finds itself at a pivotal crossroads. Should the buyers successfully stabilize and maintain the price above the $2,150 threshold, there lies a substantial opportunity to overturn the current bearish sentiment and initiate a positive momentum shift.

  Support  Resistance
S12254.66R12267.2
S22250.31R22275.39
S32242.12R32279.74

XRP: XRP price decreased by 0.99% and 2.23% over 24 hours and the past seven days. The asset reached a low and high of $0.5217 and $0.533, respectively.

The XRP Ledger, associated with the XRP cryptocurrency, has reached a significant milestone with the number of active wallets on its network. As per the  report, XRP Ledger now has 5.02 million individual wallets holding more than 0 XRP, the highest number of holders in the past decade, indicating a surge in XRP adoption. The number of XRP holders has doubled since February 10, 2021, and tripled since May 29, 2019, reflecting the cryptocurrency’s growing popularity among investors and enthusiasts.

XRP Technical Analysis:

On the daily XRP chart, we have observed a distinct downward trend that has been in play since July 2023. This pattern is defined by a falling resistance line that repels prices downwards, with the most recent rejection happening in start of January.


After these rejections, the XRP price has plunged more sharply, falling below what was previously a stable support level. This led to a low of $0.49 only a few days ago.

Looking ahead, the sentiment surrounding XRP is clearly on the side of the bears. At the moment, XRP is testing the waters near the $0.54 resistance point. It is worth keeping an eye on this level because a break above $0.54 may be a sign of changing momentum towards a bullish outlook.

  Support  Resistance
S10.52366R10.5266
S20.5224R20.52828
S30.5207R30.52955

LTC: LTC price decreased by 0.76% and 5.41% over 24 hours and the past seven days. The asset reached a low and high of $67.41 and $68.50, respectively.

Litecoin (LTC), a Bitcoin fork created in 2011, offers quick, inexpensive peer-to-peer transactions and a larger supply cap of 84 million LTC. Recently, there’s been speculation about a potential trend reversal as Litecoin’s price nears $65. Its weekly whale transaction volume, currently averaging at $3 billion, is the lowest since November 2020. Litecoin is largely dependent on Bitcoin to drive its recovery, sharing a 0.73 correlation with Bitcoin

LTC Technical Analysis:

Litecoin did not join in last year’s market rally and has continued on a downward path. Recently, it has broken out of its upward channel pattern in a bearish move, hinting that it might be headed towards the $60 support level. What is more, the altcoin is trading below the 200-day moving average – a key marker it needs to cross to flip the script and start a bullish trend.

Looking at the overall trend, there is a clear and consistent downtrend across all time scales – short, medium, and long-term. This is further underlined by the momentum indicators; the MACD line is trailing below the signal line, and the RSI is lingering below 45, both signs of bearish momentum.

Resistance-wise, the altcoin is facing hurdles at $80 and then again at $95. Overcoming these would be key signs of a possible reversal from its current downward trajectory.

  Support  Resistance
S167.31R167.696
S267.176R267.948
S366.923R368.083

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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