Crypto Market update and analysis for BTC, ETH, EGLD, LTC and MATIC - December 21, 2023
Crypto Market in the last 24h
📉 Crypto Market Cap: €1.49T (↑0.10%)
📈 Total Crypto Market Volume 24h: €61.99B (↑3.50%)
📊 Total DeFi Volume: €7.28B (↑11.75%)
💱 Total Stablecoin Volume: €54.63B (↑88.11%)
🔍 Bitcoin Dominance: 51.85% (↓0.78%)
Bitcoin (BTC) Analysis
BTC/EUR is currently displaying a cautionary sign as it takes the form of an M pattern. Adding to the complexity, there’s a supportive trendline in play. Traders are advised to closely monitor the situation, as a potential scenario could unfold if the price breaks down the supportive trendline and the critical support zone at 39523 Euro. In such a case, selling pressure may escalate, leading to anticipated targets at 39022 Euro and 38683 Euro.
Ethereum (ETH) Analysis
ETH/EUR is currently navigating a sideways zone, offering opportunities for both bullish and bearish strategies. We are closely watching for a breakout in either direction, as it could trigger a trending move. To confirm a bullish scenario, attention is on a breakout above the key level 2075 Euro, which could lead to targets at 2113 Euro and 2144 Euro. Conversely, a breakdown below 1947 Euro is essential for a bearish stance, signalling potential targets at 1920 Euro and 1891 Euro.
MultiversX (EGLD) Analysis
EGLD/EUR makes waves as it successfully breaks the resistant trendline, forming a bullish W pattern. This pattern is often indicative of a potential upward trend. For confirmation of this optimistic outlook, we are closely monitoring for a breakout above the critical level of 59.26 Euro. If this confirmation occurs, the anticipated targets for the bullish move are set at 62.09 Euro and 64.11 Euro.
Litecoin (LTC) Analysis
LTC/EUR is currently finding support from a crucial trendline, hinting at potential positive momentum. To confirm this optimistic scenario, We are closely watching for a breakout above the resistance level set at 65.17 Euro. A successful break beyond this point could open the door to targets at 67.47 Euro and 69.02 Euro.
Polygon (MATIC) Analysis
MATIC/EUR is forming M pattern with bearish divergence on the MACD indicator. These align to suggest an increased likelihood of a bearish move. To confirm this potential trend, We are advised to closely monitor for a breakdown below the level of 0.6595 Euro. If this occurs, it could pave the way for targets at 0.5953 Euro and 0.5549 Euro.
Do you agree with our analysis and interpretation?
Want to learn more or have a different perspective?
Let's discuss it in the Tradesilvania community 👉 Telegram Group
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices
With the help of our platform, you can deposit, withdraw, buy, or sell any of these cryptocurrencies using the free digital wallet.
SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available trought our app.
Limitation of Liability
This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.
The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.
Total or partial reproduction of this report is permitted only by mentioning the source.