PakGazette – PakGazette has summarized the three most important news of the last day, check them out!
Peter Brandt’s New Prediction May Surprise Bulls With Bearish Reality
As the year 2024 draws to a close, market participants are closely watching what level the price of Bitcoin will reach as we enter 2025. Although the flagship cryptocurrency hit a new all-time high this month, it is now trading below that threshold, indicating potential weakness, despite a 128% increase since the beginning of the year. In light of these market fluctuations, renowned trader Peter Brandt took to the X platform to share that Bitcoin is currently displaying a clear head and shoulders pattern. According to Brandt, there are three possible scenarios for how this pattern could work. “It could be completed and take the price to $78,000; it could fail with a push rental: or it could morph into something else,” he wrote in his X post. The trader noted that as it stands now, it’s a top with a head and shoulders, that must be changed for what it is.
Volume shoots up 87%, will the price follow?
Recent on-chain data shows that XRP is now demonstrating early signs of recovery following a week-long drop that resulted in a loss of over 6%. According to CoinMarketCap, the asset’s trading volume increased by 87% to $4.57 billion yesterday, providing the liquidity needed to respond to changes in demand. At the time of writing, this metric rose even higher, to $6.25 billion in the last 24 hours. After reaching a high of $2.86 on December 3, XRP has faced bearish sentiment, but recent developments indicate a possible rally, with increased volume being a potential catalyst. Furthermore, metrics such as a 2.66% increase in XRP open interest, according to CoinGlass, suggest that market participants are positioning themselves for a recovery, with the initial goal of reclaiming the $2.25 resistance zone. XRP is currently changing hands at $2.09, up 0.56% in the last 24 hours, according to CoinMarketCap.
40 trillion support (SHIB) ready: What comes next?
Despite a general market slowdown, Shiba Inu is approaching a significant support level, driven by a trading volume of 40 billion SHIB. The In/Out of the Money Around Price (IOMAP) metric suggests that if SHIB continues to fall, it will trigger strong support around $0.000022. This level is a crucial area for a possible recovery as 23,170 addresses have accumulated SHIB in this price range. At the time of writing, SHIB is changing hands below this support zone, at $0.00002134, down 1% in the last 24 hours. If SHIB can return to the $0.000022 support and hold it, the dog-themed meme cryptocurrency may pave the way for a rebound; conversely, a drop below this level could trigger further declines, potentially testing the $0.000020 mark.
