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Christmas Comes Early: Gains Across the Board, EOS Leads the Charge

  • Thomas Hughes
    📈 Price Predictions

    All cryptocurrencies in the top 20 have posted gains for the last 24 hours and the market cap increased more than $10 billion in a day, according to CoinMarketCap


Christmas Comes Early: Gains Across the Board, EOS Leads the Charge
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

All cryptocurrencies in the top 20 have posted gains for the last 24 hours and the market cap increased more than $10 billion in a day, according to CoinMarketCap. The market is green once again after a long period of gloomy red, and it seems like this is more than a correction in a downtrend. Can this become a full-scale reversal?

While all main coins have been posting gains, EOS tops them all, showing a 22.83% increase for the last 24 hours and more than 30% over the last 7 days. Because of the climb, it overtook Stellar (XLM) to become the 4th biggest cryptocurrency by market cap.


Now there is no clear reason behind the general rally or for the EOS surge; we could be dealing with a short squeeze or maybe “smart money” is buying the big crypto dip. Keep in mind that from a macro perspective, we are still in a bear market, although the current price action is bullish.

Chart Analysis – EOS/USD

image

EOS reached a high at $2.63, jumping from $1.95 in a matter of hours. The key breakout occurred when EOS/USD shattered the resistance at 2.10, which attracted more buyers, thus driving the pair even higher.

While all of this is certainly bullish behaviour, be warned that after a strong climb usually a retracement lower follows. Adding to this probability is the overbought condition of the Relative Strength Index on a four-hour chart but on the other hand, the 2 Exponential Moving Averages (20 and 50) have crossed bullishly for the first time in a very long while, thus increasing the possibility of an extended move up.

All of this describes a classic scenario: a breakout followed by a strong move up (which already occurred), followed by a correction (retracement lower) and another push higher. The last two elements of this possible scenario have yet to develop.

Support zone: 20 EMA and 2.5 (psychological level, currently tested)

Resistance zone: 2.63

Most likely scenario: shallow retracement followed by a break of 2.63 en route to 3.00

Alternative scenario: stagnation or deeper retracement

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The cryptocurrency market did not follow the scenario of last week and keeps trading near the zone of local maxima. Since the next pullback has not occurred and the growth continues, we can safely talk about the resumption of the qualitative upward trend.

At the same time, CME data show a decline in interest of investors involvement in Bitcoin futures.


As altcoins have recovered, BTC’s domination rate reduced and now is 52%.

BTC/USD

Technical analysis of Bitcoin shows moving to an important resistance level of $6,000. In the case of continued growth and breakdown of the upper boundary of the channel, we should expect the resumption of a full-fledged upward movement. In this regard, the RSI Prediction Band also indicates bullish tendencies.  

 BTC/USD chart by tradingview

Based on a 4-hour chart technical analysis indicates the formation of the Triangle pattern, which shows that BTC is unlikely to move below $5,250. In the case of the breakdown of the upper boundary of the model and closure above $5,500, one can expect continued growth with a potential goal of $5,700. An additional signal here is the test of the support line on the Relative Strength Indicator (RSI).

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The price of BTC is trading at $5,292.45 at the time of writing.

ETH/USD

The main altcoin synchronously with Bitcoin at night showed positive dynamics, as its price increased by more than 3%. The ETH/USD pair pushed away from the support of the 200th EMA at the level of $155 and rapidly soared above the fast 50th EMA at the area of $165.

ETH/USD chart by tradingview

One more resistance area is located at $174, the break of which will push the asset closer to a psychological zone of $190.00. A breakout of this level will indicate confirmation of a rise in
ETH/USD quotes.

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The price of ETH is trading at $171.63 at the time of writing.

XRP/USD

Among the top 3 coins, Ripple has shown the biggest growth over the past 24 hours. Investors and traders are showing interest in the coin, as its market capitalization has increased by around $300 million over the last day.

XRP/USD chart by tradingview

Taking into consideration a technical point of view, Fibonacci retracement shows a consolidation in the green area (61.8%) at $0.343, which serves a consolidation zone. The RSI indicator does not demonstrate the overbought and XRP has enough strength to conquer one more resistance level at $0.35. If the crypto market continues its bullish trend, Ripple will be able to come back to its previous highs.

The price of XRP is trading at $0.3396 at the time of writing.

'Illustration of the labyrinth on a black background' image by 123rf.

'Illustration of the labyrinth on a black background' image by 123rf https://ru.123rf.com/photo_10420402_illustration-of-the-labyrinth-on-a-black-background.html?downloaded=1
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