Weekly Cryptocurrency Update (Dec 11-17): Coins to watch – BTC, ETH, LTC, XRP & DOGE - Forex News by FX Leaders

Weekly Cryptocurrency Update (Dec 11-17): Coins to watch – BTC, ETH, LTC, XRP & DOGE

Posted Saturday, December 18, 2021 by
Arslan Butt • 5 min read

Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)

The BTC/USD coin failed to extend its overnight recovery rally and was unable to clear the $50,000 resistance zone against the US dollar. Bitcoin began a recovery wave above the $48,500 resistance zone. On the other hand, BTC could not break through the $49,500 barrier level. It tried to clear $49,500 twice, but neither attempt was successful. As a result, a bearish reaction took place below $48,500.

The price fell below the 50% Fib retracement level of the upward trend, from the downswing to $46,662, to the high of $48,512. It is currently trading below $47,500 and the 100-hourly simple moving average. If Bitcoin fails to break over the $48,500 barrier level, it may continue to fall.

BTC/USD

There is immediate support to the downside at or near the $47,600 level. The BTC/USD coin is trading at the 47,139.0 level and consolidating in a range between 46,900.0 and 49,480.0.The downward trend could be traced to concerns about inflation and a general sense of apprehension about the future of the global economy, which continues to dampen Bitcoin and altcoin values. Despite a minor price increase following the most recent Federal Open Market Committee (FOMC) meeting, at which Fed Chair Jerome Powell stated that interest rates would remain low for the time being, the overall mood in the crypto market continues to deteriorate, indicating that 2021 may end on a bearish note.

It’s worth noting that the price of Bitcoin (BTC) has been flashing red since it hit an all-time high of $69,000 on Nov. 10, when the Labor Department reported that inflation in the US had risen above 6.2 percent. While this is good news for non-inflationary assets, the SEC’s rejection of VanEck’s physical Bitcoin exchange-traded fund (ETF) on Nov. 12 surprised several investors.

On the other hand, the global digital asset savings and credit platform, Ledn, has announced the forthcoming launch of a Bitcoin-backed mortgage product, describing it as “the first of its type to hit the market.” In addition, the company has raised $70 million, bringing its total capitalization to $540 million. As a result, this news has had no discernible influence on BTC prices thus far.

Weekly Cryptocurrency Summary – Ethereum (ETH/USD)

The Ethereum price was highly negative throughout Friday’s Asian trading session. With no indication of recovery in sight, the daily pattern has been one of continuous, steady and constant selling pressure. Ethereum is attempting to break through the $4,100 barrier, but so far, it has failed. ETH has recently started a downtrend and has plummeted below the $3,900 support level. Meanwhile, Ethereum has launched a steady comeback wave above the $3,850 and $4,000 resistance levels.
ETH/USD
ETH has even surpassed $4,050, and the 100 hourly simple moving average. The gains, however, were limited and short-lived, as the price fell to an intraday low of 3,888.12. If Ethereum does not begin a new upward trend over $4,040, it may decline. To the downside, $3,950 serves as an initial support level. Significant support is building near the $3,920 level and the 100 hourly simple moving average. If the price breaks through the $3,920 support level, losses may be extended. The next significant support is at $3,885.

Furthermore, the risk-off mood in the crypto market could be linked to the selling bias surrounding the world’s second-largest cryptocurrency, Ethereum. This was further highlighted by Bitcoin’s decline. In terms of the US dollar, Bitcoin is trying to break through $49,000. BTC is declining, and closure below the $48,000 support might push it further down. But the recent selling bias in the greenback is helping to limit the decline in the ETH/USD. The broad-based US dollar was under pressure on Friday, after the Bank of England and the European Central Bank took more hawkish positions than expected, boosting both the pound and the euro.

Weekly Cryptocurrency Summary – Litecoin (LTC/USD)

The LTC/USD coin remained well-offered near the 145.500 mark, but it was unable to snap its losing trend from earlier in the day. At the time of writing, LTC/USD is trading at $148.100, which is down 4.12% for the day. The price is about to break below the lower boundary of the channel, signaling a heavy downward trend. Despite low volatility, LTC/USD remains in a short-term bearish trend. If the market regains momentum, the LTC price may continue to follow the channel pattern. However, there is potential for a further breakdown.
LTC/USD

The negative performance of the crypto market, which has affected all crypto coins, could be the reason for LTC’s downward trajectory. The recent drop in BTC prices provides evidence of this. After failing to hold above $48,000, Bitcoin began a new downward trend versus the US dollar.BTC began to fall steadily, eventually breaking through the $47,000 support level and reaching negative territory. The recent selling tendency in the dollar, on the other hand, is helping to limit losses in the LTC/USD. On Friday, the broad-based US dollar was under pressure, a day after the Bank of England and the European Central Bank adopted more hawkish stances than expected, bolstering both the the pound and the euro.

Weekly Cryptocurrency Summary – Ripple (XRP/USD)

The XRP/USD coin has failed to halt its downward trend, and is currently trading in the red, near the 0.81178 level. The price of Ripple (XRP) declined 1.65% on the day. Ripple (XRP) rose to an intraday high of $0.83627, after a positive start to the day, before dropping.

Ripple fell to a late intraday low of $0.80452, after falling short of the first significant resistance mark at $0.8514. To reach the first significant resistance level at $0.8259, XRP would have to break through the $0.8152 pivot point. However, support is required for XRP to break out of the $0.8150 range. Unless there is a sustained crypto rally, the first significant resistance level and Thursday’s high of $0.83627 are likely to be the upper limit. The bearish bias in the Ripple prices could be attributed to recent declines in the crypto sector.

XRP/USD

As a result, the price of BTC has dropped. The bearish trend in the US dollar, on the other hand, may help to keep XRP/USD values from falling too much. On the USD front, the broad-based US dollar was under pressure on Friday, a day after the Bank of England and the European Central Bank took more hawkish postures than expected, boosting the pound and the euro.At the same time, Omicron fears dampened the mood, causing the risky Australian dollar to fall and the safe-haven yen to rise. After hitting a low of more than one week on Thursday, the dollar index, which measures the currency against six major peers, fell by 0.06 percent, to 95.914.

Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)

Since the start of the day, the DOGE/USD currency pair has been flashing red. Even though the Dogecoin ecosystem is experiencing a rise in whale transactions, the bearish price action in cryptocurrency is gaining traction. According to recent data, whale transactions on Dogecoin have grown in the last week. The number of significant transactions on the blockchain has increased by more than 148% in the last few days. The increase in significant transactions follows Tesla CEO Elon Musk’s announcement that the electric vehicle company will accept Dogecoin for merchandise. As a result, whales moved large sums of money into DOGE in the hopes of a rally.
DOGE/USD

The DOGE/USD is currently trading at 0.172569, and consolidating between 0.171051 and 0.176502. Dogecoin has gone down 6.49% in the last 24 hours. According to Elon Musk, customers can now buy Tesla products with Dogecoin. At the time of writing, Bitcoin did not appear to be on the “accepted” list.After this announcement, Dogecoin rose by a stunning 20 cents, as a result of the news. Musk announced the news on Twitter, with the words: “The news is a major deal, considering how anti-crypto Musk used to be.” Tesla’s association with cryptocurrency dates back to the beginning of the year, when Musk stated that the company would accept Bitcoin as payment for electric vehicles.

The recent rise of whale transactions on the Dogecoin network hasn’t helped the coin’s valuation in recent weeks. Dogecoin has lost more than 20% of its value in the last month, and it is no longer among the top 10 cryptocurrencies in terms of market capitalization. Furthermore, a DOGE developer recently disclosed the creation of the first nonfungible token (NFT) on the Dogecoin blockchain and the transaction details of the minted token.

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