. Crypto Outlook 2024: BTC, ETH, LTC, XRP, DOGE.

Crypto Outlook 2024: BTC, ETH, LTC, XRP, DOGE.

Crypto Outlook 2024: BTC, ETH, LTC, XRP, DOGE.

01 Jan 2024

The outlook for the crypto space in 2024 suggests not only significant growth but also introduces new market dynamics and the possibility of a new bull run.

The previous year witnessed significant growth in leading tokens, with strong altcoin performance despite ongoing regulatory uncertainties. BTC surged over 150 percent year-to-date, while ETH saw a robust 50 percent increase. Solana emerged as a star at the year-end, surpassing the $100 mark and yielding over 800 percent returns for investors.

In the upcoming year, there will be increased focus on Central Bank Digital Currencies, with asset tokenization emerging as a significant trend. This trend facilitates the seamless transition of real-world assets onto the blockchain, as highlighted by market experts.

BITCOIN:

Despite an increase in Bitcoin exchange supply, the price of Bitcoin remains above $41,500.

  • The exchange supply of Bitcoin has experienced a gradual increase over the past three days.
  • Despite continuous profit-taking by traders since October 2023, the price of BTC remains above $41,500.
  • Notably, statistics indicate that over 30% of the Bitcoin supply is deemed lost.

The expectation of a Bitcoin Spot ETF has helped maintain the BTC price above $41,500 as of Saturday. As of the current writing on Binance, the BTC price is $41,968. On-chain statistics reveal that over 30% of the Bitcoin supply has been held for more than five years, with much of it considered lost.

The Bitcoin exchange supply has risen from 5.37% to 5.45% of BTC’s total supply between December 27 and 30, as indicated by Sentiment data. Exchange Net Flow statistics from Sentiment show an uptick in the inflow of BTC to exchanges.

BITCOIN Technical Outlook:

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 42570.66| Positive Crossover | Bullish
  • MA 20: 42874.09| Negative Crossover | Bearish
  • MA 50: 40625.90 | Positive Crossover | Bullish

Simple:

  • MA 5: 42384.98 | Positive Crossover | Bullish
  • MA 20: 42874.94 | Negative Crossover | Bearish
  • MA 50: 40625.43 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.61| Positive Zone | Buy

Stochastic Oscillator: 20.11| Sell zone | Negative

Resistance And Support Levels:

  • R1: 42790.20| R2: 44547.81
  • S1: 41162.| S2: 39535.37

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 42985.49| Take Profit: 44547.81 | Stop Loss: 42009.04

ETHEREUM:

Ethereum pumps 7% to Hit $2,400 in 20-Month high.

Ethereum prices experienced a surge on Wednesday, standing out as attention shifted from other major cryptocurrencies. Ether, the native token of the Ethereum platform, saw a remarkable increase of over 7% in a single day, surpassing the $2,400 threshold for the first time in 20 months.

The Ethereum price has confirmed the presence of an inverse head and shoulders pattern, a recognized bullish formation. In the short term, ETH is poised for another 5% increase, aligning with the pattern’s target price. Despite positive indicators signaling further potential gains, it remains uncertain whether ETH can surpass the $2,440 mark.

As the new year approaches, cryptocurrencies are displaying volatility, with no specific asset adhering to a consistent pattern.

ETHEREUM Technical Outlook:

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2295.24| Negative Crossover | Bearish
  • MA 20: 2266.22| Positive Crossover | Bullish
  • MA 50: 2174.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 2301.01 | Negative Crossover | Bearish
  • MA 20: 2266.09 | Positive Crossover | Bullish
  • MA 50: 2174.52. | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.38| Positive Zone | Buy

Stochastic Oscillator: 43.32| Neutral zone | Neutral

Resistance And Support Levels:

  • R1: 2319.29| R2: 2557.11
  • S1: 2146.60| S2: 2005.04

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 2381.58| Take Profit: 2557.11 | Stop Loss: 2282.49

LITECOIN:

Litecoin achieved a milestone by surpassing one million daily transactions for the first time in 2023, coinciding with a rally in LTC prices.

Active addresses of Litecoin demonstrated steady growth from November 11 to December 31. During this period, LTC achieved a record-breaking milestone of one million daily transactions for the first time in 2023, coinciding with a notable rally in Litecoin prices. LTC holders experienced nearly 7% gains in the past month.

In December, Litecoin experienced a 7% price increase, accompanied by a rise in volume, active addresses, and daily transactions within the decentralized project. A notable achievement for LTC in 2023 was reaching a historic milestone of one million daily transactions for the first time.

Litecoin, a decentralized asset facilitating borderless transactions, achieved a significant milestone in 2023, reaching 1 million daily transactions. Over the past year, the asset’s price has increased by 8.61%, delivering LTC holders nearly 7% gains for the month.

LITECOIN Technical Outlook:

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 73.58| Negative Crossover | Bearish
  • MA 20: 72.52| Positive Crossover | Bullish
  • MA 50: 71.83 | Positive Crossover | Bullish

Simple:

  • MA 5: 74.06 | Negative Crossover | Bearish
  • MA 20: 72.52 | Positive Crossover | Bullish
  • MA 50: 71.83 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.15| Positive Zone | Buy

Stochastic Oscillator: 53.01| Buying zone | Negative

Resistance And Support Levels:

  • R1: 75.10| R2: 85.08
  • S1: 69.11| S2: 60.53

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 77.69| Take Profit: 85.08 | Stop Loss: 73.50

RIPPLE:

As 2023 concludes, XRP holders are on the verge of reaching a historic milestone of 5 million.

This remarkable accomplishment underscores the growing popularity and utilization of XRP.

This notable accomplishment underscores the growing popularity and utilization of XRP, a prominent and long-standing digital asset in the cryptocurrency market. Over more than a decade, XRP has consistently held its position in the top 10 by market capitalization, currently valued at over $33.86 billion.

As 2023 concludes, XRP holders have numerous reasons for optimism and anticipation for the future. A pivotal victory was achieved for Ripple this year, with the SEC lawsuit determining that XRP is not classified as a security.

Ripple anticipates a surge in utility in 2024, projecting a resurgence in funding with a renewed emphasis on enterprises addressing real-world issues rather than solely concentrating on infrastructure.

Ripple Technical Outlook:

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.609| Negative Crossover | Bearish
  • MA 20: 0.610| Positive Crossover | Bearish
  • MA 50: 0.611 | Positive Crossover | Bearish

Simple:

  • MA 5: 0.610 | Negative Crossover | Bearish
  • MA 20: 0.610 | Negative Crossover | Bearish
  • MA 50: 0.611 | Negative Crossover | Bearish

RSI (Relative Strength Index): 45.09| Neutral Zone | Neutral

Stochastic Oscillator: 34.25| Selling zone | Neutral

Resistance And Support Levels:

  • R1: 0.648| R2: 0.713
  • S1: 0.600| S2: 0.523

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.586| Take Profit: 0.523 | Stop Loss: 0.632

DOGECOIN:

Dogecoin miners intensified their selling activity in Dec, diminishing their combined balances by $24 million within 40 days.

  • On Saturday, December 30, Dogecoin (DOGE) witnessed a daily low of $0.089, marking a 17% decline from the monthly high of $0.11 on December 9.
  • In the past 40 days, Dogecoin miners heightened their selling activity, reducing their total balances by 270 million.
  • The prevailing Bollinger Bands technical configuration indicates a prevailing bearish sentiment in the Dogecoin markets.

The Dogecoin (DOGE) price experienced fluctuations below the crucial $0.09 support level several times this week, raising bearish apprehensions within the influential Meme coin ecosystem. On-chain data trends observed over the past month indicate an increasing pessimistic sentiment among DOGE miners.

Doge coin’s price movement has exhibited negativity over the past two weeks. After facing rejection at its 2023 peak of $0.11 on December 9, the value of the pioneering Meme coin has decreased by over 17%, reaching as low as $0.089 on December 30.

DOGECOIN Technical Outlook:

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.0858| Negative Crossover | Bearish
  • MA 20: 0.0876| Negative Crossover | Bearish
  • MA 50: 0.0785 | Positive Crossover | Bullish

Simple:

  • MA 5: 0.0861 | Negative Crossover | Bearish
  • MA 20: 0.0876 | Negative Crossover | Bearish
  • MA 50: 0.0785 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.09| Buying Zone | Bullish

Stochastic Oscillator: 0.51| Selling zone | Negative

Resistance And Support Levels:

  • R1: 0.0891| R2: 0.0934
  • S1: 0.0845| S2: 0.0766

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.0834| Take Profit: 0.0766 | Stop Loss: 0.0884