U.Today – U.Today summarizes the top three most important news stories from the past day. Please check it out.
Peter Brandt's new forecast could shock bulls with bearish reality
As 2024 draws to a close, market participants are keeping an eye on what level Bitcoin's price will reach in 2025. Although the flagship cryptocurrency hit a new all-time high this month, it is now trading below that threshold, indicating potential weakness. This is an increase of 128% since the beginning of the year. In light of these market fluctuations, renowned trader Peter Brandt appeared on the X Platform to share that Bitcoin is currently exhibiting a clear up-and-down pattern. According to Brandt, there are three possible scenarios for how this pattern could work. “It could be completed and cost $78,000, but it could be rushed and fail. Or it could morph into something else,” he wrote in the X post. The trader pointed out that the current situation is head and shoulders above the top and needs to be traded as is.
Volumes soared 87%, will prices follow?
Recent on-chain data shows that XRP is now showing early signs of recovery after a week of declines that resulted in losses of over 6%. Trading volume for the asset rose 87% yesterday to $4.57 billion, according to CoinMarketCap, providing the liquidity needed to respond to changes in demand. At the time of writing, this indicator has further increased, reaching $6.25 billion in the past 24 hours. After hitting a peak of $2.86 on December 3rd, XRP has been facing bearish sentiment, but recent trends point to a possible rebound, with increased volume being a potential catalyst. . Furthermore, indicators such as the 2.66% increase in XRP open interest by CoinGlass suggest that market participants are poised for a recovery, with the initial goal of reclaiming the $2.25 resistance zone. Currently, XRP is trading at $2.09, up 0.56% in the past 24 hours, according to CoinMarketCap.
40 Trillion (SHIB) Support Ready: What's Next?
Despite the overall market slowdown, Shiba Inu is buoyed by a trading volume of 40 trillion SHIB and is approaching significant support levels. The In/Out of the Money Around Price (IOMAP) indicator suggests that if SHIB continues to decline, strong support will become active around $0.000022. This level is a key area for a potential recovery, as SHIB has accumulated in 23,170 addresses at this price point. At the time of writing, SHIB is trading below this support zone at $0.00002134, down 1% over the past 24 hours. If SHIB can return to and sustain the $0.000022 support, the dog-themed meme crypto could pave the way for a rebound. Conversely, a break below this level could lead to further decline and test the $0.000020 level.
