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Crypto Outlook

  

– BTC: $42,731.27

– ETH: $2,312.05

– XRP: $0.6213

– LTC: $73.57

The worldwide crypto market is currently valued at $1.67 trillion, showing a slight increase of  0.45%  in the past 24 hours. During this period, the total crypto market activity reached $45.68 billion, marking a 4.49% increase. In the decentralized finance (DeFi) sector, the volume stands at $8.4 billion, contributing 18.40% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $39.3 billion and representing 86.03% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 50.13%, showing a slight increase of 0.04% during the day.

BTC– BTC price increased by 0.33% and decreased by 1.96% over 24 hours and the past seven days. The asset reached a low and high of $42,101.95 and $42,854.28, respectively.

Bitcoin’s transaction fees surged, exceeding $100 million, marking the highest among blockchain networks. This remarkable increase serves as a potent incentive, enticing more operators to join the network. The aim is to deploy additional machines to seize a larger share of transaction rewards.

On December 25, Bitcoin achieved an unprecedented hash rate of 544 exahashes per second (EH/s), signifying a staggering 130% surge since January when it hovered near 253 EH/s. This substantial growth underscores Bitcoin’s increasing appeal and the fervor among miners to capitalize on its expanding transaction landscape.

BTC Technical Analysis:

BTC has been trading between S&R $40593.87 and $44670.95 for a while now.

The EMA is still trading below and is far from the current price, showing a consolidation state. The price is forming higher highs and higher lows. The RSI level is at 56.19, signaling an overbought condition. As discussed in the previous analysis, the price broke the last high and surged, forming a new swing high of $38028.73. The chart shows the price of making small candles with wick rejections, meaning no market sentiment.

Based on our analysis, Bitcoin may break above $44670.95 in the coming trading days. Moreover, if that level is breached above, the price may stand near the $46000.00 level.

  Support  Resistance
S142739.6R142858
S242663.6R242900.4
S342621.2R342976.4

ETH- ETH price increased by 0.36% and 1.64% over 24 hours and the past seven days. The asset reached a low and high of $2,261.39 and $2,317.31, respectively.

Xiao Feng, Chairman of HashKey Group, foresees Ethereum’s pivotal role in leading blockchain innovation in 2024. He emphasizes Ethereum’s superiority in technological advancements, surpassing other platforms. This aligns with Ethereum’s ongoing strides in developing practical applications with tangible real-world benefits, solidifying its position at the forefront of blockchain innovation. Xiao Feng’s prediction underscores Ethereum’s unmatched potential to drive significant advancements, leveraging its robust technology and commitment to applications that address specific needs, further establishing its dominance in shaping the future of blockchain technology.

ETH Technical Analysis:

ETH’s price maintains its bullish pressure but remains below the $2390.45 level. The price is climbing up and taking support from the bullish trend line.However, the price was pulled down for a while, but the sellers could not keep the price down for long. Traders must wait for the resistance break for a valid buy opportunity.

The 50EMA is below the price, and the RSI line is at 55.56, showing a slightly overvalued condition and overall bullish sentiment.

ETH might reach $2500 by the end of Jan 2024.

  Support  Resistance
S12308.02R12317.94
S22302.49R22322.33
S32298.1R32327.86

XRP- XRP price decreased by 0.40% and 2.05% over 24 hours and the past seven days. The asset reached a low and high of $0.6096 and $0.6239, respectively.

The XRP Ledger (XRPL) recently experienced a notable surge in its daily transaction volume, hitting its peak since the start of 2023. From December 24th, the daily transactions on XRPL consistently increased, reaching a pinnacle of 1,000,000 transactions by December 29th. Remarkably, within this five-day period, the XRPL’s transaction count surged by an impressive 287%, signifying a substantial and rapid escalation in activity on the ledger.

XRP Technical Analysis:

XRP price is stuck between two zones, $0.5738 and $0.6755.

The 50EMA crosses the current price, signaling a consolidation state where the price cannot break above or below a specific price. As the whole crypto market, including the major ones BTC and ETH, is at a halt, the XRP shows a similar pattern.

The RSI line is at 50.28, a neural overbought or oversold condition signal. In the current scenario, we can see several small candles with wick rejections showing no clear indication from either the buyers or the sellers. Traders must wait for the right opportunity once the levels are breached.

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

  Support  Resistance
S10.62146R10.62436
S20.61963R20.62543
S30.61856R30.62726

LTC- LTC price decreased by 0.70% and increased by 1.73% over 24 hours and the past seven days. The asset reached a low and high of $72.25 and $74.16, respectively.

On Christmas Day, XRP surged over 5%, hitting a significant monthly high of $0.65, reigniting excitement among investors and fans. This rise was powered by an exceptional increase in new XRP wallets. A staggering 12,819 wallets were created in a day, showcasing remarkable growth within the XRP network. This surge in new addresses stands as proof of XRP’s strong growth and vitality within its ecosystem.

LTC Technical Analysis:

LTC is moving up, but previously, it has shown ranging conditions. LTC price broke the range, moving up. On the way, it also took the support of the 50EMA. If a bullish trend line is drawn, the price seems to support it. The current price has started trading above the 50EMA by crossing above it, showing a bullish sentiment.

The market is forming higher highs and higher lows; if the price breaks the most recent major swing high at $76.90, the price may go up—a major hurdle in the resistance zone at $79.29.

LTC is predicted to reach $80 in Jan 2024.

  Support  Resistance
S173.54R173.72
S273.43R273.79
S373.36R373.9

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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