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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 is experiencing a challenging time to break through the $43,800 resistance point, as evidenced by its difficulty to sustain an uptrend. In recent developments, Bitcoin has seen a downturn, falling below $42,800. This is highlighted by the appearance of a bearish trend line, with resistance identified at around $42,850 on the one-hour BTC/USD chart.


For bulls, the next levels of interest is $43,250. Crushing this resistance could open the door to the $43,800 level, which will be a monumental mark for the bull run.

Alternatively, if Bitcoin fails to gather enough strength to overcome the present resistance zone, we may be in for a bearish trend. The first support zone is at the $42,250 level, with a more critical support point at $41,800. Failure to hold above $41,800 may further increase bearish pressure, potentially driving prices down to $40,500.


This leaves Bitcoin at crossroads and it is only a matter of time before the market takes a definite direction.

  Support  Resistance
S142573.6R142833.6
S242410.3R242930.3
S342313.6R342093.6

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:


In the 1-D Ethereum’s price chart, we see it has been moving upwards within a notable ascending channel. However, when it reached the upper edge of this channel, around the $2,750 resistance point, the price was pushed back down.

Since this rejection, the price has slipped below the $2,400 mark and is currently trying to push back above it. If Ethereum cannot manage to climb above this level again, there is a strong chance we could see it fall toward the $2100-$2150 pivot zone, and then toward the 200-day simple moving average, which is around the $2,000 mark.

This situation puts Ethereum at a critical juncture, where the ability to recover above $2,400 could significantly influence its short-term direction.

  Support  Resistance
S12271.08R12309.4
S22252.39R22329.03
S32232.76R32347.72

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:


XRP’s price has been on an encouraging upward journey since mid-2022, consistently setting higher highs and lows, a clear sign of a strong uptrend. Despite this, the current market landscape suggests a degree of caution, as it seems unlikely for XRP to embark on a significant rally from its current price of $0.51.

For those keeping a close eye on XRP, it may be prudent to hold off on initiating long positions at the moment as it has broken the trendline to downside. There is a possibility that XRP could retest its trend line at 0.54 level and fall to the $0.46 support level.

While this could be seen as a bearish signal in the short term, a prompt recovery above the $0.54 support level and trend line could reinforce a bullish outlook. Successfully navigating these milestones could indicate that XRP is ready to continue its ascent, potentially reaching the next resistance level at $0.69- $0.7.

  Support  Resistance
S10.496R10.514
S20.490R20.525
S30.479R30.531

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:

LTC recently took a notable turn, as it slid past the crucial $70 support mark, ushering in a bearish phase. This dip found a temporary base around $63, from where we have seen a recovery phase. Impressively, Litecoin managed to climb over the $67 resistance hurdle, exhibiting its potential for a comeback.

However, around the $70 mark, sellers are holding their ground, keeping the pressure on. Currently, Litecoin is hovering just below the $68 level and is also under the 100-period smoothed moving average (SMA) on the 4-hour chart, which does not bode well for bullish sentiments. Adding to the hurdles, there is a significant bearish trend line in place, with resistance pegged near $67.

Looking downwards, the $64 level stands as the immediate support. Ultimately, LTC’s market stance hangs in the balance. The ability of the bulls to defend the $63-64 support zone could very well dictate Litecoin’s direction in the near future.

  Support  Resistance
S166.099R168.347
S265.244R269.742
S363.85R370.596

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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