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Crypto Outlook

  

– BTC: $43,068.86

– ETH: $2,533.99

– XRP: $0.5737

– LTC: $70.10

The worldwide crypto market is currently valued at $1.68T trillion, showing a slight decrease of  0.82%  in the past 24 hours. During this period, the total crypto market activity reached $58.81 billion, marking a 38.02% increase. In the decentralized finance (DeFi) sector, the volume stands at $5.07 billion, contributing 8.62% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $53.84 billion and representing 91.55% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 49.76%, showing a slight decrease of 0.06% during the day.

BTC: BTC price decreased by 0.69% and 5.47% over 24 hours and the past seven days. The asset reached a low and high of $41,705.42 and $42,996.04, respectively.

The recent introduction of spot Bitcoin ETFs in the United States caused a lot of excitement. At the same time, Bitcoin’s hash rate, which measures its network’s computing power, reached an all-time high of 630.91 million TH/s on January 11.

This significant increase occurred within just one day of the SEC approving 11 Spot Bitcoin ETFs. The approval and the subsequent rise in the hash rate indicate a growing interest and participation in the world of Bitcoin, which is a noteworthy development in the cryptocurrency market.

BTC Technical Analysis:

BTC was trading between S&R $40593.87 and $44670.95 until the previous week when the price broke above the resistance of $44670.95. After the breakout, the price was seen fluctuating with bearish pressure.

The price also respected the bullish trendline, and the 21EMA showed short-term bullish sentiment. However, the bullish trend line was broken, and the price decreased. As the support at $40593.87 seems strong, the price is still above this level.

Compared to the week, the EMA is trading along the 21 EMA. The RSI level is at 45.01, signaling a neutral overbought and oversold condition. As predicted, the BTC’s price broke $46000 but couldn’t maintain it.

  Support  Resistance
S142572.5R142824.3
S242420.9R242924.5
S342320.6R343076.1

ETH: ETH price decreased by 0.03% and increased by 11.06% over 24 hours and the past seven days. The asset reached a low and high of $2,470.42 and $2,545.90, respectively.

After a period of 8.5 years in dormancy, an Ethereum wallet has unexpectedly reawakened, revealing its holdings of 200 ETH valued at over $500,000. Whale Alert, a platform monitoring significant cryptocurrency transactions, reported the resurgence of this pre-mined Ethereum address. The wallet had remained inactive for an extended duration before exhibiting recent activity, catching the crypto community’s attention. The sudden revival of this long-dormant wallet has sparked curiosity and speculation within the cryptocurrency space.

ETH Technical Analysis:

The previously discussed $2390.45 strong resistance level is now breached. ETH has seen significant growth in the previous trading week. The 21EMA was running along the price but is now below the price, signaling a bullish sentiment.

The price is touching the bullish trend line, which could give a buying opportunity to traders and investors. The RSI line is at 60.22, showing overbought conditions. The ETH price reached $2714.36, a new high after a long time. ETH to $2800 in the first quarter. 

  Support  Resistance
S12526.92R12538.06
S22520.39R22542.67
S32515.78R32549.2
 

XRP: XRP price decreased by 0.99% and increased by 1.28% over 24 hours and the past seven days. The asset reached a low and high of $0.5696 and $0.5921, respectively.

During a recent interview, speculation emerged in the cryptocurrency community as BlackRock CEO Larry Fink and FOX Business correspondent Charles Gasparino delved into the future of digital currencies. Gasparino specifically questioned BlackRock’s potential interest in an XRP Exchange-Traded Fund (ETF), given their pursuit of an Ethereum-focused ETF. Fink’s elusive reply, “I can’t talk about it,” has sparked discussions among XRP enthusiasts, who interpret it as a strategic move, recognizing the potential impact a clear answer could have on the XRP market.

XRP Technical Analysis:

XRP was losing its strength even when the other major crypto coins and market sentiment were bullish. However, a good thing is the support at the 40.5358 level is still Vaid, as the price was not able to break below it. A lot of small candles with wick rejection shows there is no clear sentiment.

The 21EMA is above the price that still shows bearish momentum. Traders can look for sell opportunities once the price starts to form lower highs and lows in the lower time frame.

The RSI line is 42.98, showing a slight inclination of an overbought condition. XRP may trade at $0.8498 very soon if the market reverses, or else if it continues its bearish move, it may go to $0.5358.

  Support  Resistance
S10.5743R10.5797
S20.5707R20.5815
S30.5689R30.5851

LTC: LTC price decreased by 2.05% and increased by 7.21% over 24 hours and the past seven days. The asset reached a low and high of $69.34 and $71.69, respectively.

As of December 30, 2023, the Litecoin Foundation announced on Twitter (now X) that LTC outperformed all other altcoins on BitPay the previous month. Litecoin secured the top spot for cryptocurrency payments on the world’s largest crypto payment processor. While the Litecoin community welcomed this news with optimism for an improvement in LTC’s value, the native token continued to experience a decline. Despite the ongoing dip, Litecoin price predictions indicate potential improvement by the end of 2024. If the market turns bullish, LTC is projected to reach a maximum predicted price of $111.55 in 2024.

LTC Technical Analysis:

LTC was moving down, with many bearish candles pushing the price down. The 21EMA crossed the price, moving down, which is above the current price. The previously drawn S&R level is $63.377372 and $69.203743.

LTC is performing like XRP, where the seller’s pressure is more than the buyers. However, the price moved up significantly the previous week. It broke above $69.2037.

The market is forming lower highs and lower lows. Wick rejections from the buyers could be seen on the chart. The RSI line is at 49.11, showing neutral overbought and oversold conditions.

LTC is predicted to reach $80 in the first quarter.

  Support  Resistance
S170.004R170.384
S269.767R270.527
S369.624R370.764

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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