Ripple-Linked XRP And Bitcoin On The Edge; Will Santa Abandon Nasdaq?
XRP and Bitcoin are testing critical support levels while Nasdaq shows signs of potential weakness, suggesting a Santa rally might not materialize.Summary
Payments-focused cryptocurrency XRP is trading near a crucial $2 support level, which has historically acted as a bear fatigue zone; failure to hold this could lead to a significant price slide, while a bullish outlook requires overcoming the descending trendline near $2.50.
Bitcoin (BTC) is hovering near a vital support trio: a bullish trendline, the 100-week Simple Moving Average (SMA), and the 38.2% Fibonacci retracement from its 2022 low to the recent record high near $126,000. Breaking this support shifts focus to lower levels like $74,500, while bulls need to reclaim the 50-week SMA above $102,252 to confirm the bull run's continuation.
Adding to the uncertainty, Nasdaq's monthly chart displays a classic "hanging man" candlestick pattern at record highs, signaling potential weakness that often correlates with crypto movements. This confluence of factors suggests that the anticipated year-end Santa rally for both tech stocks and cryptocurrencies may be in jeopardy.
(Source：CoinDesk)