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U.Today – U.Today summarizes the top three important news of the previous day, check it out!
Peter Brandt’s new forecast may shock the bulls with a bearish truth
As the year of 2024 approaches its conclusion, market participants are closely watching what level the price of Bitcoin will enter in 2025. Although the flagship crypto has reached a new all-time high period high this month, it is now trading below the threshold, indicating potential weakness, however. a 128% increase since the beginning of the year. Due to these fluctuations in the market, the famous trader Peter Brandt took to the X platform to share that Bitcoin is currently showing a clear head-and-shoulders pattern. According to Brandt, there are three possible scenarios for how this pattern might work. “It could be completed and cost $78,000; it could fail with a thrust hire: or, it could morph into something else,” he wrote in his X post. The trader points out that as it stands now, it is a head and shoulders above, which should be sold as is.
volume skyrockets 87%, the price will follow?
Recent on-chain data shows that XRP is now showing early signs of recovery after a week of decline that resulted in a loss of more than 6%. According to CoinMarketCap, yesterday, the trading volume of the asset increased by 87% to $4.57 billion, which provides the liquidity needed to respond to changes in demand. At the time of writing, this metric has increased further, to $6.25 billion in the last 24 hours. After reaching a peak of $2.86 on December 3, XRP faced bearish sentiment, but recent developments indicate a possible rebound, with the volume boost being a potential catalyst. In addition, metrics such as the 2.66% increase in XRP Open Interest, per CoinGlass, suggest that market participants are positioning themselves for a recovery, with an initial target of recovering the $2.25 resistance zone . Currently, XRP is changing hands at $2.09, up 0.56% in the last 24 hours, per CoinMarketCap.
40 trillion (SHIB) support ready: What’s next?
Despite a general slowdown in the market, the Shiba Inu is approaching a significant level of support, which is strengthened by the trading volume of 40 trillion SHIB. The In/Out of the Money Around Price (IOMAP) metric suggests that if SHIB continues to decline, it will move to strong support around $0.000022. This level is an important area for potential recovery, as 23,170 addresses accumulate SHIB in this price range. At the time of writing, SHIB is changing hands below this support zone, at $0.00002134, down 1% in the last 24 hours. If SHIB can climb back to the $0.000022 support and hold it, the dog-themed crypto meme could pave the way for a rebound; on the contrary, a drop below this level could lead to further decline, possibly testing the $0.000020 mark.
