Crypto News 12/28: Bitcoin could hit the $ 100,000 zone if it breaks this resistance with ETC, Dogecoin, UST, Shiba Inu, Decentraland
From the perception that Bitcoin can still hit the $ 100,000 region to people losing money from the Chivo wallet issued by El Salvador. Here are some highlights from the crypto market.
Veteran trader Tone Vays says he identified a catalyst that helped push BTC price past $ 100,000.
In a recent YouTube video, he said BTC was referring to “critical resistance” that the market must overcome in order to hit the $ 100,000 mark.
BTC price chart | Source: Ton Vays
Vays said the past 200-week moving average reflected Bitcoin’s bearish momentum. But that is gone now.
When asked about BTC’s recent correction to the $ 48,000 region, he said that BTC would inevitably rebound to the $ 62,000 region and then back to the $ 55,000 region and start a strong rally.
He also thinks that Bitcoin is forming a triangle pattern and is now trying to break out of this pattern. Once the breakout signal completes, BTC price could head towards the $ 100,000 region in the future.
Ethereum Classic has lost nearly 5.5% in value and could retest the $ 33.4 region.
ETC price rebounded from $ 28.12 to $ 41.9 in early December. The 38.2% retracement at $ 36.64 is currently serving as support, but markets could be difficult to hold in this area if selling pressures mounts in the short term.
ETC Price Chart | Source: TradingView
In mid-December, ETC slid below $ 36.64 and quickly fell to the $ 33.4 area.
ETC was rejected again at 23.6% at $ 38.6. This means that ETC is likely to fall towards the $ 33 region in the coming weeks.
Billy Markus is not a Dogecoin whale and wants people to stop thinking about him being the leader or agent of this brand.
Markus (currently “Shibetoshi Nakamoto” on Twitter) said that he himself no longer had any contact with Dogecoin and was no longer involved in the project. He’s just a member of the community right now. He also said he currently holds about 220,000 DOGE, or $ 42,000.
I don’t speak for Dogecoin.
I am not in the project. I am a community member. I keep about 220k doges.
I will defend those who I feel are actively improving the space. I will discourage those who I think are not.
I’ll talk about anything I want
– Shibetoshi Nakamoto (@ BillyM2k) December 27, 2021
With the recent explosion of DeFi, Terras Stablecoin UST has quickly turned into a great development project that rivals two giants, USDT and USDC.
$ UST marketcap is now $ 10 billion, the first decentralized stablecoin to hit this milestone.
There is no longer any doubt about the product market suitability of decentralized money in decentralized economies.
– Mach Kwon (@stablekwon) December 26, 2021
According to the report, the “capacity” of stablecoin issuers has increased 500% in the past 12 months. UST, one of the stablecoins in the Terra ecosystem, has reached several milestones in this area.
UST has tapped DAI for the largest decentralized stablecoin and is among the top 22 crypto projects by market capitalization.
UST’s market cap is around $ 200 million in early 2021. By December 2021, the market capitalization of this asset has reached $ 10 billion.
News Shiba Inu
Shiba Inu’s holdings have fallen below $ 2 billion, but the price of the asset has remained unchanged.
According to data from WhaleStats, the amount of SHIB tokens held has decreased by about $ 50 million.
Number of SHIB tokens held | Source: WhaleStats
After Shiba Inu Wal, among the top 1000 largest Ethereum addresses, began to bounce back, he bought 300 million tokens.
After the Shib peaked at $ 0.0004, whale address buying activity almost completely disappeared, directly impacting the market and causing the price to drop.
Decentraland (MANA) price threatens to fall as the range of the last five daily candles has continued to shrink and form a short-term rising wedge, a warning sign that the rally is likely to end.
Two other factors, including the RSI and the composite oscillator, also indicate a potential downward move in the market. The RSI moved above the oversold area for the first time in a bull market (50) recently but is slowly turning down. In addition, the composite indicator also shows a downward trend.
MANA price table | Source: Youtube
MANA’s upside could be capped at $ 4.48 between December 27-29 at the top of the cloud (Senkou Span a). Then drop to $ 4.01 from December 30th to January 4th, 2022.
Downside risk is currently limited at the lower end of the cloud (Senkou Span B) at $ 3.25. It is expected that the MANA price will turn here in the next two to three weeks.
People lose money from the Chivo wallet issued by El Salvador.
On December 16, at least 50 Salvadorans reported losses totaling more than $ 96,000 after the government set up a Bitcoin wallet (BTC). Some people lost quite a bit – around $ 61, but others say they lost thousands of dollars.
Hilo con algunos afectados por la Chivo Gualet.
1- $ 16,000 pic.twitter.com/EC3hehXKDz
– El Comisionado (@_elcomisionado_) December 18, 2021
Bukele said in October that 3 million Salvadorans use Chivo wallets, about half of the country’s 6.5 million people.
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