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Market Outlook
The cryptocurrency market is showing signs of volatility, with prices fluctuating wildly over the past few days. Here are some key observations and predictions for several popular cryptocurrencies.
Bitcoin (BTC)
- Social sentiment has dropped to a yearly low, signaling a potential breakout.
- Price action suggests that buyers are gaining momentum, but sellers are still in control.
Ethereum (ETH)
- Not mentioned in this article, but will be discussed in the next issue of Markets Outlook.
Other Cryptocurrencies
Ethena (ENA)
- Fell below the 20-day EMA on Dec 19, but quickly recovered to reclaim the level.
- Upsloping 20-day EMA and RSI near the midpoint signal a slight advantage to buyers.
- Bulls will try to push price to $1.23 and later to $1.33.
Virtuals Protocol (VIRTUAL)
- Correcting in an uptrend, but finding support at the 20-day EMA ($2.14).
- Upsloping 20-day EMA and RSI in positive zone signal that buyers have the edge.
- If price rises above $2.85, pair could rally to $3.32.
BGB (BGB/USDT)
- Fell near the 20-day EMA on Dec 20, but long tail shows solid buying at lower levels.
- Pair may consolidate between $4.90 and the 20-day EMA for some time.
- Buyers will have to drive price above $4.90 to reach $5.38.
Ethnea (ENA/USDT)
- Fell below the 20-day EMA on Dec 19, but quickly recovered to reclaim the level.
- Flattening moving averages and RSI near the midpoint suggest a balance between supply and demand.
- Buyers will have to drive price above $1.23 to be back in the driver’s seat.
Virtuals Protocol (VIRTUAL/USDT)
- Dipped below the moving averages, but bears are finding it difficult to pull price to $2.
- Buyers will try to push price above moving averages, opening gates for a rally to $3 and then to $3.32.
Related Articles
- Bitcoin social sentiment drops to yearly low, signaling BTC breakout.
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