Analyst Says Apex Crypto Into ‘Final Support Before Rolling Over’ By Benzinga
© Reuters. Bitcoin, Ethereum, Dogecoin Slump Further As 2022 End Nears: Analyst Says Apex Crypto Into ‘Final Support Before Rolling Over’
Benzinga – Major coins were trading lower on Tuesday evening as the global cryptocurrency market cap fell 0.8% to $807.1 billion at 7:15 p.m. EST.
| (CRYPTO: BTC) | -1.5% | -1.4% | $16,708.61 |
| (CRYPTO: ETH) | -1.4% | -0.5% | $1,212.28 |
| (CRYPTO: DOGE) | -2.8% | -1.5% | $0.07 |
| Classic (LUNC) | +7.9% | $0.00017 |
| Quant (QNT) | +3.4% | $114.26 |
| OKB (OKB) | +3.5% | $23.98 |
Why It Matters: Bitcoin and Ethereum traded in the red even though other risk assets, such as stocks, were largely bereft of major movement. At the time of writing, the U.S. stock futures were marginally in the green.
On Tuesday, the S&P 500 fell as bond yields rose and investors took stock of what lies in store for them in the upcoming year.
The yield on the benchmark rose 10.4 basis points to 3.851% after they climbed to a five-week high of 3.862%, reported Reuters.
Among the day’s events, Fidelity Investments filed three trademark investments with the United States Patent and Trademark Office for a variety of Web3 goods and services — including an NFT marketplace and a cryptocurrency trading platform.
On Bitcoin, Michaël van de Poppe said that Bitcoin is “into final support before rolling over.” The trader said, “If this is lost, I think we’ll be looking at $16.1K and/or $15.7K. Needs to break $16.8K again as well.”
#Bitcoin into final support before rolling over.
If this is lost, I think we’ll be looking at $16.1K and/or $15.7K.
Needs to break $16.8K again as well. pic.twitter.com/tJUYVTJQVq
— Michaël van de Poppe (@CryptoMichNL) December 27, 2022
Santiment noted that Litecoin’s (CRYPTO: LTC) price ratio compared with Bitcoin remains up “big” since large addresses began appearing at historic rates in May. Since June 12, the price ratio is up 130%, according to the market intelligence platform. On Tuesday, the number of addresses holding 1,000 or more LTC rose to 4,232 — the highest since 2020.
#Litecoin’s price ratio vs. #Bitcoin remains up big since large addresses began popping up at historic rates starting in May. Since June 12th, the $LTC / $BTC price ratio is up +130%. The network just hit the most 1,000+ $LTC addresses in 2 years. https://t.co/ebgP2kw1tQ pic.twitter.com/Jq3AdhAMPO
— Santiment (@santimentfeed) December 27, 2022
Among other altcoins, chartist Ali Martinez pointed to TD Sequential — an indicator that points to the change in the price trend of an asset — and said the metric presented a “sell signal” on XRP’s four-hour chart amid the formation of a bearish divergence against the RSI.
“The bearish formation anticipated a one to four candlesticks correction for [XRP],” said Martinez.
#Ripple | The TD Sequential presents a sell signal on $XRP four-hour chart while a bearish divergence forms against the RSI.
The bearish formation anticipated a one to four candlesticks correction for #XRP. pic.twitter.com/nuoQ5XRYhY
— Ali (@ali_charts) December 27, 2022
Read Next: Bitcoin, Ethereum, Dogecoin May Surprise During Holiday Lull But Analysts Warn Crypto Investors Of A Bumpy Ride In 2023
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