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Crypto Outlook

  

– BTC: $66,103.38

– ETH: $3,210.19

– XRP: $0.535

– LTC: $85.19

The worldwide crypto market is currently valued at $2.43 trillion, showing a slight increase of  1.58%  in the past 24 hours. During this period, the total crypto market activity reached $64.47 billion, marking a 4.66% increase. In the decentralized finance (DeFi) sector, the volume stands at $5.25 billion, contributing 8.14% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $59.47 billion and representing 92.23% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 53.56%, showing a slight creinase of 0.10% during the day.

BTC: BTC price increased by 1.35% and decreased by 0.53% over 24 hours and the past seven days.The asset reached a low and high of $64,277.72 and $66,499.46, respectively.

The Swiss National Bank (SNB) is considering a significant shift in its financial management by including Bitcoin in its reserves, which already mandate gold. The implications and outcomes of this proposal remain unclear.

Yves Bennaim, a key figure in the Swiss crypto community and board member of the Bitcoin Association Switzerland, suggests that this change is more than just a reserve adjustment. It’s a strategic move aimed at preserving Switzerland’s sovereignty and neutrality amidst global economic uncertainty, and it’s intended to stimulate discussions about the country’s financial future.

BTC Technical Analysis:

Bitcoin’s daily trading chart indicates a tug-of-war between buyers and sellers. Currently, BTC is trading within a specific range, with long-term support at $60,000 zone and resistance near the $72,756 high.

These levels are crucial for traders to consider for potential entry and exit points, especially if a breakout or reversal is supported by strong volume. Positively, Bitcoin has been consistently trading above its 100-day moving average, suggesting an overall bullish trend.

However, there are signs of caution. The Relative Strength Index (RSI) is trending downwards within a channel, signaling potential weakness.

The market outlook is currently neutral, with a critical juncture approaching.

  Support  Resistance
S164286R165720
S263581R266449
S362852R367154

ETH: ETH price increased by 0.55% and decreased by 1.26% over 24 hours and the past seven days. The asset reached a low and high of $3,119.55 and $3,236.66, respectively.

Data provider Lookonchain has noted interesting activities in whale wallets, potentially linked to Sun. Since April 8, a wallet, suspected to be Sun’s, has reportedly acquired 127,388 ETH, worth $405.19 million.

This wallet deposited a large sum of 787 million USDT to Binance on the Tron network from March 31. On the same day, a new wallet on the Ethereum blockchain withdrew $96.8 million in stablecoins from Binance. This wallet began buying ETH from Binance and decentralized exchanges, accumulating 127,388 ETH, worth $405.19 million. If these wallets belong to Sun, his ETH holdings would total 295,757 ETH, valued at $891 million, purchased at an average price of $3,014 since February 12.

ETH Technical Analysis:

Ethereum’s daily trading pattern shows it moving within a significant price range, between $2,800 and $3,730. A good strategy might involve buying close to the $2,800 level if there is a clear sign of a bullish reversal, suggesting the price might start climbing. On the other hand, it could be wise to consider selling near the $3,730 mark, as this level has often posed a tough barrier for Ethereum to break through.

The analysis is complicated by contradictory indicators from technical tools as the Moving Average Convergence Divergence (MACD) hints at a bearish trend ahead, while other indicators suggest bullish momentum.

For effective trading, it is crucial to weigh these mixed signals to make a strategy that balances potential risks and rewards.

  Support  Resistance
S13111R13189
S23074R23231
S33032R33268

XRP: XRP price decreased by 0.46% and increased by 3.75% over 24 hours and the past seven days. The asset reached a low and high of $0.5204 and $0.539 respectively.

Ripple is set to file its opposition brief in the Ripple Vs SEC lawsuit today, April 22. This brief is crucial as it could potentially end the lawsuit and influence XRP’s price this year.

In response to settlement queries, pro-XRP lawyer Bill Morgan is confident that there will be no settlement on the SEC’s terms. He argues that a company that has largely successfully defended a lawsuit shouldn’t pay $2 billion to the SEC. However, others believe a settlement could prevent further legal actions. SEC enforcement expert Marc Fagel clarified that the $2 billion penalty is not a settlement process. The judge needs to decide on reasonable remedies, if any. Fagel believes the SEC is likely to appeal the part of the summary judgment it lost against Ripple.

XRP Technical Analysis:

On the daily chart, we see that XRP recently emerged from a consolidation phase around the key price level of $0.45, with buyers stepping up to initiate a bullish rebound. However, it is coming up against two critical resistance levels: the previously breached ascending trendline at $0.55 and a convergence of the 100 and 200-day moving averages around $0.58.

Despite these barriers, the price trajectory appears poised to continue its upward retracement. If this upward movement holds, we might see a subsequent short-term dip as the price could retreat back towards the significant support level at $0.45.

  Support  Resistance
S10.5168R10.5344
S20.509R20.5442
S30.4991R30.5221

LTC: LTC price decreased by 0.66% and increased by 3.33% over 24 hours and the past seven days. The asset reached a low and high of $82.99 and $86.00 respectively.

Despite the recent downturn in the cryptocurrency market, Litecoin (LTC) has shown remarkable stability and potential for growth. While other cryptocurrencies have suffered significant losses, Litecoin’s relatively minor price drop indicates a resilience that has maintained investor interest. Matthew Dixon, CEO of Evai.io, highlighted Litecoin’s robustness, particularly compared to Bitcoin, amidst the recent market volatility. This stability could suggest that Litecoin has completed its correction phase and might be poised for a price surge.

LTC Technical Analysis:

The current trends for Litecoin present a mixed  picture. Recently, the price has shown resilience by rebounding from a strong support zone established between $75 and $80. This rebound suggests potential for the price to move towards the $95 resistance level in the near term.

From a broader perspective, the outlook is varied: we are neutral on both short- and medium-term trends, indicating uncertainty or potential for sideways movement. However, the long-term perspective remains positive, suggesting an upward trend over a longer duration.

In terms of momentum indicators, MACD presents a bearish signal as the line is currently below the signal line whereas RSI hovers at 45.

  Support  Resistance
S182.75R185.60
S281.36R287.06
S379.90R388.44

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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