U.Today – U.Today has summarized the top three important news stories from the past day, check them out!
Peter Brandt's new prediction may shock bulls with a bearish reality
As 2024 draws to a close, market participants are closely monitoring what level Bitcoin's price will enter in 2025. Although the major cryptocurrency made a new all-time high this month, it is now trading below that threshold, indicating… Possible weakness, despite a 128% increase since the beginning of the year. In light of these market fluctuations, famous trader Peter Brandt took to the X platform to tell us that Bitcoin is currently showing a clear head and shoulders pattern. According to Brandt, there are three possible scenarios for how this pattern might work. “It may be completed and priced at $78,000, it may fail with a rental payment: or it may turn into something else,” he wrote in his post on X. The trader pointed out that as it stands now, it is a head and shoulders top and should be traded for what it is.
The size of the rise reaches 87%, will the price follow?
Recent on-chain data shows that XRP is now showing early signs of recovery after a week-long decline that resulted in a loss of more than 6%. According to CoinMarketCap, yesterday the asset's trading volume rose 87% to $4.57 billion, providing the liquidity needed to respond to shifts in demand. At the time of writing, this metric has moved higher, reaching $6.25 billion over the past 24 hours. After reaching a peak of $2.86 on December 3, XRP has faced bearish sentiment, but recent developments point to a potential recovery, with increased volume being a potential catalyst. Additionally, metrics such as the 2.66% increase in XRP open interest, according to CoinGlass, indicate that market participants are positioning themselves for a recovery, with an initial target of reclaiming the $2.25 resistance area. Currently, XRP is trading at $2.09, up 0.56% over the past 24 hours, according to CoinMarketCap.
$40 Trillion Support (SHIB) Ready: What Comes Next?
Despite the overall market slowdown, the Shiba Inu is approaching a major support level, supported by a trading volume of 40 trillion SHIB. The In and Out of the Money Around Price (IOMAP) gauge indicates that if SHIB continues to decline, it will activate a strong support around $0.000022. This level is a crucial area for a potential recovery, as 23,170 addresses have accumulated SHIB in this price range. At the time of writing, SHIB is trading below this support area, at $0.00002134, down 1% over the past 24 hours. If SHIB can climb back to the $0.000022 support level and hold there, the dog-themed meme cryptocurrency could pave the way for a bounce; Conversely, a break below this level could lead to further declines, potentially testing the $0.000020 mark.
