Tuesday, December 6, 2022

TRX And FTM Surge While BTC And ETH Fluctuate: Analysis

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TRX and FTM surge in value and are the best performers today while Bitcoin’s price is facing strong resistance near the $39,200 so let’s read more today in our latest altcoin news today.

Ethereum is below the $3000 price range while XRP is consolidating near the $0.62 price point and TRX and FTM surge in value as the best performers today. BTC extended the decline below the $38,000 level but it found the support near $37,500 a move higher again and now BTC is trading above the $38,700 and it is up by 2% in the day and down by 2% in the week so on the upside, the bears could remain active near the $39,200 and higher.

Most major altcoins are trading below the key hurdles and ETH settled below the $2,920 level and XRP declined below the $0.60 before recovering to $0.62 while ADA settled below the key USD $0.90 support zone. After the downside break below the $39,200 level, the BTC price gained bearish momentum and BTC tested the $37,500 before a new recovery wave. The price is trading above the $38,700 while the resistance is near the $39,000 while the first major resistance could be set at $39,200 above which the price could increase higher.

BTCUSD. Source TradingView

On the downside, the initial support is close to $38,2000 and the next major support is close to the $37,600 below which the price could start a new drop. Ethereum’s price extended the decline below the $2850 support zone and tested the $2750 level with the price correcting losses and facing the resistance near the $2850. ETH is up by 2% in the day and about 3% down in the week. The first major resistance is close to $2920 above which the price can increase to $3000. On the downside, the immediate support is close to the $2800 level and the next major support is close to the $2750 level below which the price can gain bearish momentum.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, Arthur Hayes explains how BTC can reach $1 million in eight years, predicting in fact that we can see the “miracle in the next decade.” in a blog post on Wednesday, Hayes gave a breakdown of how the leading crypto can reach $1 million in eight years which is a value 2500% higher than the current price. Hayes described the phenomenon “The Doom Loop” which represents three things countries worldwide do to finance their deficit and is selling debt to domestic entities, selling debt to foreigners and the central bank printing money.

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