Thirty-six hours after the weekly close, we find prices back at Christmas Eve levels for almost all major cryptocurrencies.
Days characterized by thin volumes and negligible price deviations that in some parts of the last three days have become imperceptible.
A pattern that had already characterized last week by impacting the daily volatility calculated on a monthly basis.
The volatility index for the past 30 days falls to the lowest levels recorded since early November in the early hours of the still inconclusive phase of the FTX scandal.
Metrics measuring investor sentiment also remain anchored to last week’s levels, with values remaining pegged at the highest range of the past month.
Among blue chips, it is Ripple’s (XRP) that has seen the biggest rise in the past seven days. The native XRP Ledger token gains more than 10% from last Monday’s levels, pegging the former support, now turned resistance, of $0.37 abandoned in mid-December.
Among the best performers in the week just ended is Litecoin (LTC), which is close to double digits and at $70 per token. Despite a 50% loss in overall value since the beginning of the year, LTC is among the crypto stocks that have managed to best absorb the bearish phase of the entire 2022.
At a distance follows Polygon (MATIC) with a 2% gain on a weekly basis. A rise that continues into today with a 1.5% climb since the open. In the Top 30, these are the top 3 daily gains.
Analysis of Bitcoin (BTC)
The technical picture of Bitcoin (BTC) remains unchanged despite the downtrend that began shortly after the day’s turnaround with prices returning to test the $16,700 short support.
It is important not to sink past $16,600 so as not to dislodge the bears from the Christmas break.
Operationally, it is advisable to wait for the break above 17k USD to return to assess upside operations and hope for a bullish outburst in the last hours of the year to undo yet another negative quarterly performance.
Analysis of Ethereum (ETH)
There is speculation about the performance of Ethereum (ETH) in these festive days. The ping-pong of prices between $1,230 and $1,200 for more than 8 days does not allow identifying new operational levels, beyond those indicated last week, or other useful levels to understand the change of direction.
The regularity of the cyclical structure indicates a weekly close by the early hours of tomorrow, Wednesday. If the realized low is above $1,200 one could continue to take advantage of the price ups and downs with short-term purchases to be cashed in with bite-and-run operations.