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Crypto Outlook

  

-BTC: $71,296.39

-ETH: $3,998.10

-XRP: $0.6243

-LTC: $91.88

The worldwide crypto market is currently valued at $2.68 trillion, showing a slight increase of  1.79%  in the past 24 hours. During this period, the total crypto market activity reached $135.34 billion, marking a 45.26% increase. In the decentralized finance (DeFi) sector, the volume stands at $12.25 billion, contributing 9.05% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $121.61 billion and representing 89.86% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 52.53%, showing a slight increase of 0.44% during the day.

BTC: BTC price increased by 2.79% and 10.31% over 24 hours and the past seven days.The asset reached a low and high of $67,194.89 and $71,419.11, respectively.

Following a recent surge, the overall cryptocurrency market, including Bitcoin, has temporarily halted its momentum. Bitcoin, having peaked at $70,000, is currently undergoing a corrective pullback. Concurrently, there is heightened anticipation regarding upcoming US economic data, notably the Consumer Price Index (CPI).

Projections indicate a 0.3% month-over-month rise in the core price index for February, with an annual increase of 3.7%—marking the smallest uptick since April 2021. The outcome of this data may influence the Federal Reserve’s perspective on inflation and potential adjustments to interest rates.

BTC Technical Analysis:

Bitcoin is currently hovering at a notable resistance spanning $69,000 – $71,000 zone, a peak it last brushed a few days back reaching up to $69,324. Optimism for an upward trajectory persists as BTC steadfastly presses against this pivotal resistance, signaling a push beyond the current barriers.

Moreover, the market’s momentum is visibly increasing, as indicated by the rising Relative Strength Index (RSI) and the expanding histogram bars on the volume indicator. These technical indicators suggest a strengthening trend, bolstered by escalating buying pressure. Should this momentum continue, Bitcoin might not only retest but possibly exceed the $72,000 mark, setting the stage for further gains.

Conversely, a shift towards profit-taking could lead Bitcoin to retract towards the $60,000 level, emphasizing the volatile nature of cryptocurrency markets.

  Support  Resistance
S168047R169849
S267146R270750
S366245R371651

ETH: ETH price increased by 1.23% and 13.69% over 24 hours and the past seven days. The asset reached a low and high of $$3,745.13 and $4,015.85, respectively.

Ethereum, a popular blockchain platform, was the primary victim of phishing attacks in February, with a staggering 78% of the total stolen assets, amounting to around $47 million. The method involved tricking users into signing phishing signatures, leading to significant losses. This incident underscores the urgent need for heightened security measures and increased user awareness within the Ethereum community. As the value of Ethereum continues to rise, so does the incentive for cybercriminals to execute complex scams. Users are advised to exercise caution, verify requests for signatures, and use hardware wallets for added security. Sharing information on emerging threats and educating newcomers is also encouraged.

ETH Technical Analysis:

Ethereum has showcased remarkable performance over the past week, edging closer to its all-time high by merely 20%. Currently, Ethereum is confronting a critical resistance level at $4,000. However, the pivotal threshold to watch is $4,860—the coin’s ATH. Surpassing this level would propel Ethereum into a phase of price ascent, setting the stage for the establishment of new market highs.

However, it is important to note that Ethereum has not experienced a significant correction or pullback for several weeks. So, the trend may shift shortly, with increased volatility anticipated as the price climbs higher.

Key support levels are established at $3,500 and $3,300, which could offer stability amidst potential market fluctuations.

  Support  Resistance
S13794R13962
S23709R24046
S33625R34130

XRP: XRP price decreased by 0.46% and 2.84% over 24 hours and the past seven days. The asset reached a low and high of $0.5933 and $0.6281, respectively.

The Bank of Japan (BOJ) is considering ending its yield curve control program, potentially replacing it with a strategy of announcing intended government bond purchases. This shift could impact the adoption of cryptocurrencies like XRP, especially given Japan’s plan to integrate XRP into all its banks by 2025. As the BOJ aligns with global trends towards alternative financial systems, this move could redefine Japan’s financial sector and its relationship with emerging technologies like cryptocurrencies.

XRP Technical Analysis:

XRP registered almost a 6% increase in its price over the past week. The cryptocurrency finds robust support at the $0.53 zone, a level that has been tested successfully. However, the critical hurdle facing XRP is the $0.66 – $0.68 resistance level. Overcoming this barrier is essential for any significant upward movement in the near future.

As we look forward, XRP is currently in a phase of consolidation, hovering just below this pivotal resistance point.

It is anticipated that market volatility may escalate once the current fervor around meme coins and other altcoins begins to wane, shifting attention back to XRP. At that juncture, the focus will be on whether XRP can capitalize on the changing market dynamics and break through its resistance to chart a new course upwards.

  Support  Resistance
S10.5939R10.6247
S20.5799R20.6416
S30.5630R30.6555

LTC: LTC price increased by 3.12% and 0.30% over 24 hours and the past seven days. The asset reached a low and high of $84.83 and $91.97, respectively.

Litecoin (LTC) is gearing up for a significant upgrade that could impact its price. The upcoming Litecoin Core v0.21.3 release will introduce Partially Signed Bitcoin Transactions (PSBTs). These standardized transactions, commonly used by hardware wallets, will now accommodate MimbleWimble Extension Block (MWEB) components. While the excitement within the Litecoin community hasn’t yet caused a price surge, this development holds promise for enhancing LTC’s value and bolstering security and privacy.

LTC Technical Analysis:

In the medium to long term, Litecoin has breached its ascending trend channel, indicating a potential acceleration in its growth trajectory. This bullish signal, however, could lead to short-term corrections as the market adjusts to this rapid development.

The presence of key support at the 73 level and resistance at 94 – 99 adds to the currency’s technical landscape, providing clear markers for traders to watch. If the price continues its ascent beyond 94, the next prominent resistance levels are found at 104 and 115.

  Support  Resistance
S184.96R190.37
S282.47R293.28
S379.55R395.77

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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