U.Today – U.Today has summarized the top three important news stories over the past day, check them out!
New prediction by Peter Brandt may shock bulls with bearish reality
As the year of 2024 approaches its conclusion, market participants are closely watching at what level Bitcoin’s price will enter 2025. Although the flagship crypto achieved a new all-time high this month, it is now trading below that threshold, indicating potential weakness, despite a 128% increase since the beginning of the year. In light of these market fluctuations, renowned trader Peter Brandt has taken to X platform to share that Bitcoin is currently showing a clear head-and-shoulders pattern. According to Brandt, there are three possible scenarios as to how this pattern could work. “It might complete and take price to $78,000; it might fail with a thrust hire: or, it might morph into something else,” he wrote in his X post. The trader pointed out that as it stands right now, it is a head-and-shoulders top, which needs to be traded for what it is.
volume skyrockets 87%, will price follow?
The recent on-chain data shows that XRP is now demonstrating early signs of recovery following a weeklong decline that resulted in a loss of over 6%. According to CoinMarketCap, yesterday, the asset’s trading volume surged by 87% to $4.57 billion, providing the liquidity necessary to respond to shifts in demand. At writing time, this metric climbed even higher, to $6.25 billion over the past 24 hours. After reaching a peak of $2.86 on Dec. 3, XRP has faced bearish sentiment, but recent developments indicate a possible rebound, with the volume boost being a potential catalyst. Additionally, metrics such as a 2.66% increase in XRP Open Interest, per CoinGlass, suggest that market participants are positioning themselves for a recovery, with an initial target to reclaim the $2.25 resistance zone. Currently, XRP is changing hands at $2.09, up 0.56% over the past 24 hours, per CoinMarketCap.
40 trillion (SHIB) support ready: What comes next?
Despite a general slowdown on the market, Shiba Inu is nearing a significant support level, bolstered by a 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 activate strong support around $0.000022. This level is a crucial area for potential recovery, as 23,170 addresses have accumulated SHIB in this price range. At the moment of writing, SHIB is changing hands below this support zone, at $0.00002134, down 1% over the past 24 hours. If SHIB can climb back to the $0.000022 support and keep it going, the dog-themed meme crypto may pave the way for a rebound; conversely, a drop below this level could lead to further declines, potentially testing the $0.000020 mark.
