Peter Mathers
TradingLounge
Bitcoin has seen a recent climb back above $17,000, reaching a 3-week high. However, overall volume for the cryptocurrency has been diminishing, which could indicate that either a low point has been reached or that another low could potentially be on the horizon around the $15,000 mark. Technical analysis using the Elliott Wave theory suggests that there are currently two potential wave counts. The bullish count sees the current movement as part of wave (iii) of iii) of 1, while the bearish count sees it as part of wave c of (ii) of v) of 5. It is important to continue monitoring market trends and developments in order to make informed trading decisions.
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Binance holds a staggering 91.57 trillion Shiba Inu tokens worth $797.57 million in four of its exchange wallets according to Etherscan.io data.
Cardano price is the center of the crypto market's attention during the second trading week of the new year. On January 9, the smart-contract token surged by 40% since its opening at $0.248 on 2023's opening bell.
Solana price has managed to rise by almost 70% in the span of 10 days to trade at $16.40. If the bulls continue pushing the price, Solana is set to tag the critical resistance of $19.30. Should Solana end up being overbought, a correction could take place.
Litecoin price is up 100% since the summertime lows. LTC price confirms the bullish bias set forth by FXStreet analysts throughout the weeks. While a rally toward $100 seems imminent, this thesis identifies possible areas of resistance to stifle the LTC bulls.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
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