New Moves from Digital Assets
The cryptocurrency market continues to fluctuate, with many digital assets unable to make large moves. For now, investors expect that the crypto space will try to leave the big sell-off that will happen in 2023. However, there is still interest in some cryptocurrencies that will end in 2022, because their price will give insight into what to expect next year.
So here are five cryptocurrencies to watch for the week of December 26.
Digital Asset – Bitcoin (BTC)
Following recent gains in Bitcoin (BTC) fueled by positive macro news, the first digital asset hit the market in the now known sub-$17,000 region. Bitcoin continues to suffer from losses caused by the collapse of the cryptocurrency exchange FTX.
Interestingly, the data shows that despite Bitcoin’s consolidation, the property performed a quick recovery after the FTX saga compared to the previous major capitulation event. Along these lines, there are speculations that the impact of FTX could be disastrous for Bitcoin.
For example, as reported by Finbold, noted investor Bill Miller said that Bitcoin hovering around $17,000 can be considered significant considering the impact of FTX’s fall. At press time, Bitcoin was trading at $16,825 with a daily correction of less than 0.1. %6,825 with a daily correction of less than 0.1%. On the weekly chart, Bitcoin is up almost 0.7%.
Obviously, focusing on the price of Bitcoin is very important since the movement of the asset usually determines the general condition of the market. Therefore, Bitcoin investment will be key for the crypto sector. Additionally, there are fears that Bitcoin may settle further before rallying again. Meanwhile, historical data suggests that Bitcoin may be in line for a recovery in the next three years. Meanwhile, Bitcoin’s technical analysis is dominated by bearish sentiment and the summary of the one-day view on TradingView is in line to “sell” at 15. The moving scale is for “strong sell” at 13, while the oscillators are “neutral” at 8.
Despite a difficult year, Cardano (ADA) onchain transactions continue to progress, reaching new milestones.
For example, in 2022 alone, Cardano smart contracts exceeded 4,400 tokens, growing by 394%, and transactions reached 56.9 million, an increase of 139%. In addition, Cardano has started testing the DJED stablecoin with new features. In fact, network services should eventually increase interest in the bottom line of the platform, ADA. At press time, ADA was trading at $0.26, up almost 3% on the weekly chart. ADA fell below the critical $0.30 level extending the downtrend line seen over the past few days.
In addition, price forecasts indicate that the decline line may extend into the new year, predicting that ADA will trade at $0.24 on January 1, 2023. In addition, the technical analysis for ADA continues to break, and the combination is associated with a “sell” feeling at 15, while the moving numbers point to a “strong sell” at 14.
The XRP community is awaiting the decision of Ripple and the Securities Exchange Commission (SEC). The final decision may affect the price of XRP, which has seen the attention of the market in the green sector amid the prolonged wild market shooting after the victory was won during the hearing. Despite the legal hurdles, XRP ranked third in the top 10 currencies of 2022.
At press time, XRP was trading at $0.35 with a loss of 1% over the past 24 hours. With XRP failing to break the $0.40 resistance level, the token is witnessing whale activity. According to Finbold’s report of December 21, the XRP addresses of whales and sharks holding about 1 million and 10 million reached 1,617 in the last month of 2022. With the whale appearing to hit the signal, investors will watch the price action. If the mark breaks the $0.33 support, it can be corrected to $0.31.
Meanwhile, investors are still betting on Ripple despite ongoing legal challenges, and the company is emerging from a position among the ten most valuable startups US. As XRP is collapsing, technical analysis is giving mixed signals and a summary of the one-day view is associated with a “sell” opinion at 15 while the moving average is for a “strong sell.” and 14.
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Binance Coin (BNB)
Price crypto exchange binance profitability index remains stable in 2022 Despite Bear Market. However, focusing on BNB’s performance has become a focus, especially with the fall of FTX. Obviously, concerns have been raised about Binance’s security, directly affecting BNB’s value. At the same time, there is uncertainty in the future of Binance, and reports indicate that the US authorities are planning to prosecute the exchange and its leaders. At press time, BNB was trading at $244, extending a recent support pattern given that the token is down 0.5% on the daily chart.
In the cloud of uncertainty that prevails, analysts believe that BNB has a strong foundation that can make the brand emerge as the best digital asset for 2023. Elsewhere, technical analysis of BNB and TradingView has a summary that supports “selling” at 14. The moving average points to “strong selling” at 13.
Digital assets Tezos, an open-source blockchain, is seeing increasing development activity, and the team is looking to achieve higher scalability and a number of strategic improvements.
For example, on September 23, the 11th Tezos protocol upgrade went live. In fact, the team focused on introducing Smart Contract Optimistic Rollups (SCORU). In addition, the network registers a strong ecosystem of non-fungible tokens (NFT).
At this time, the development project does not indicate the price of XTZ. However, it should be noted that Tezos ranked among the top cryptocurrencies of 2022. At the time of reporting, Tezos and XTZ were trading at $0.79 with a loss of around 3% in the last 24 hours. From technical analysis, XTZ is bearish, and the summation and moving averages go for a “strong sell” effect at 16 and 14, respectively.
In conclusion, cryptocurrencies appear to be stuck in a consolidation phase that will extend into the new year. However, the stocks may rally or fall further if a critical stimulus emerges.