Crypto Trading on the Weekend
Before the commencement of Christmas Eve celebrations, there were value gains in the crypto market, mainly for popular cryptocurrencies.
For instance, the biggest movers of the week were Bitcoin, Ethereum, Cardano (ADA), and Ripple’s XRP.
However, gains cannot be attributed to the well-known rally called “Santa Rally” which the crypto market missed out on in 2021. So the bad news for the crypto investors is that occurring of Santa Rally does not find any support.
In any case, gains earned prior to year-end indicate positivity. It is likely that the crypto market will continue to recover right from the 2023’s beginning.
Here is how some of the popular cryptocurrencies dealt with the weekend.
Currently, the trade markets are keen on the publication of GDP data pertaining to the 3rd Quarter in the US.
Hence, Bitcoin continued trading strongly and rebounded at a price of $16,880.87 after falling low to $16,592.41 on Thursday.
Investors are hoping Bitcoin to move ahead of its crucial resistance point of $17,000 before the end of 2022. For achieving the desired objective, Bitcoin’s RSI index will need to cover some ground for reaching 45.00.
Presently 14-day RSI indicates Bitcoin reaching 43.00. If it does move in the upward direction, it would mean BTC is to move upward.
The RSI will help bring in more investors to the bullish side as their confidence will rise in the upward movement. It is a very significant technical indicator that many major investors look up to.
If the RSI keeps on moving higher, then more and more investors will line up in favor of the bullish movement. This would help the bulls the target they have longed to achieve for good.
If Bitcoin moves down instead of going up, then the reduced value of Bitcoin could be somewhere around $16,000.
On other hand, popular crypto ADA showed great strength as it managed to bag value gains for two consecutive days. The first gain came on Thursday which took ADA’s value to $0.2482.
The second gain came on the weekend which further increased the value from $0.2482 to $0.2623.
Although ADA is swapping hands at a weekly high value, it is still falling short of its crucial resistance value of $0.2685.
Back-to-back gains for ADA came because momentum was provided by its 14-day RSI tracking which is nearing a crucial ceiling of 32.00. Presently, ADA’s RSI is tracing 30.18.
The negative aspect of the RSI however is that ADA’s current value is edging down from its recent-past highs. Resultantly, by the time of this writing, ADA was last seen swapping hands at $0.2586 today.
ADA bulls are there and hence the coin can simultaneously take down the crucial resistance of $.02685 and RSI’s crucial ceiling of 32.00.
XRP (formerly called ‘Ripple’)
By beating the odds, XRP is moving ahead and acquiring gains while ensuring bulls continue to expand on a long-term basis.
It was because of the bulls’ expansion that XRP’s value surged on the weekend. Most importantly, the coin looks strong in taking down a crucial resistance point of $0.3555.
Presently, XRP is trading against USD at a price of $0.3531. Hence, there is hardly any distance that the coin has to cover in breaking above the crucial resistance.
On the negative side, however, XRP’s sentiment in the market is unfortunately bearish.
Considering the minute difference between the present value and crucial resistance, the gap between XRP’s 14-day RSI tracking and crucial ceiling seems bigger.
For instance, the crucial ceiling in RSI is 41.00 while the present RSI tracking is resting at 39.65.
Gains Not Attributable To ‘Santa Rally’
When gains came on the weekend, many investors thought that it might be because of the ‘Santa Rally’ effect. However, there was no such thing as a ‘Santa Rally’ in fact the gains were mostly spontaneous.