As 2022 is about to close, it’s a good time to take a look back at what happened this year. It was a historical year for cryptos where everything that could go wrong did.
The collapse of the Terra Luna ecosystem, the changing macro sentiment, rising inflation, the fraud and scandal of FTX, and the billions of dollars lost for investors.
Despite the harsh year, crypto is still here. It seems that it will only continue to get better in a much more regulated environment.
The past seven days have been very relaxed in the crypto markets during the holiday period.
Bitcoin (BTC-USD), the biggest cryptocurrency by market cap, finished the week up only 0.2%.
However, some of the biggest altcoins posted big losses. Some of them include Solana (SOL), down 9%, Polkadot (DOT), down 6%, and Algorand (ALGO), down 9% in the last seven days.
As a follow-up to the last article, this piece will go over the cryptocurrencies to watch this week: Bitcoin, Ethereum (ETH-USD), Ripple (XRP-USD), and Litecoin (LTC-USD).
As mentioned above, Bitcoin barely moved in the past week.
At writing, Bitcoin is trading at around $16,800, just below the critical $17,000 level that now acts as a resistance. If Bitcoin can’t push above that level and comes back down, the next support to watch for is $16,000. However, in the event that buyers do come into the markets and break above $17,000, the next resistance to watch is at $18,000.
Ethereum was stronger than Bitcoin in the past week, up 2.6%.
As of now, Ethereum is still in a consolidation pattern, and it can be clearly seen on the daily chart that the current resistance is at $1,300 while the support is at $1,000.
The $1,000 support level is extremely important for Ethereum, as not only is it a strong support area that has been tested multiple times, but it is also a number that has a strong psychological effect on traders.
The second-biggest crypto by market cap is trading at around $1,250. This is not too far away from its resistance at $1,300. If Ethereum breaks over $1,300, the next resistance level will be $1,400. However, if sellers regain control and drop the price below the $1,000 support, the next major support to watch for is $700.
With the rumors about a decision in the Ripple vs. SEC case ending up being false, XRP broke below its support area at $0.36 before managing to climb back up. As of now, the cryptocurrency is trading at $0.367.
In the event that sellers push the price lower, the next area of support to watch for is $0.33. However, if the bulls come back into the markets, the next resistance to keep an eye open for is $0.40. Only a break above that level may create a new uptrend for XRP.
At writing, Litecoin is up around 9% in the past seven days. From a technical perspective, LTC is now trading above a major support area at $70. If this level holds and buyers come in again to push higher, the next resistance level to watch should be at $75. However, if the negative momentum continues across the crypto markets, the next support area to keep an eye on is $57.
As we get closer to the end of the year, trading slows down across all financial markets. This is a great opportunity to take some time off the charts, enjoy some quality time with your loved ones, and come back stronger for 2023. See you all next year!
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