The general cryptocurrency market recovery path is yet to pick up steam, with most digital assets consolidating. At the same time, the market is looking for bullish triggers as the sector comes to terms with the impact of the FTX cryptocurrency exchange collapse.
Overall, there have been signs of building a bullish momentum, but it has been for selective cryptocurrencies. Notably, the market’s current focus is on the United States’ next monetary policy that will likely dictate how cryptocurrencies and equities end the year.
As the market looks forward to the macroeconomic news-loaded week, the following cryptocurrencies are worth monitoring between December 13 and December 19.
Picks for you
Axie Infinity (AXS)
AXS, the native token of the blockchain-based play-to-earn game Axie Infinity has emerged among popular cryptocurrencies as the network continues to record increased development. AXS’s bullish momentum can be linked to the ongoing upgrades to decentralize the blockchain.
Axie Infinity’s decentralized strategy focuses on building an end-state where community members with critical contributions would play an essential role in decision-making progress. Despite AXS’s performance, there remains skepticism that the gains are event-driven, and it will be essential to focus on long-term sustainability.
By press time, AXS was trading at $8.19 with daily losses of about 3%. However, the weekly chart shows the token has recorded double-digit gains of over 20%.
From a technical analysis point of view, AXS is bullish with a summary of going for the ‘buy’ sentiment at 10, similar to moving averages at eight.
Fantom (FTM)
In recent weeks, Fantom (FTM), a scalable blockchain platform for decentralized finance (DeFi) and enterprise applications, has mainly recorded double-digit gains despite the market being weighed by different factors. The recent gains emerged following the news that Fantom Foundation could make steady profits whether it sells FTM tokens.
By press time, FTM strength appeared to have cooled, with the asset trading at $0.24 with daily losses of over 1%.
Elsewhere, crypto trading expert and analyst Michaël van de Poppe stated that the FTM was consolidating in line with the general market. In a YouTube video posted on December 10, Poppe noted that the token still has some strength and is poised to continue doing well as the aim aims for the $1 position.
For technical analysis, FTM remains bullish with a summary recommending ‘buy’ at 11, similar to moving averages at 10.
Stacks (STX)
The Stacks (STX) blockchain is also undergoing high-profile development to elevate the network to compete with established platforms like Ethereum (ETH). In particular, STX has recently recorded gains following the announcement of the Stacks 2.0 upgrade. The update will enhance the performance of dApps on the platform. At the same time, the upgrade will allow Stacks to produce high-quality smart contracts.
It is worth noting that Stacks enables dApp builders and other network participants to develop DeFi applications, execute smart contracts, and mint NFTs for Bitcoin.
At the time of publishing, STX was trading at $0.30 with daily gains of over 1%%. The token’s weekly chart indicates gains of over 18%.
Furthermore, STX technical analysis is dominated by bullish sentiments with a summary indicator ‘buy’ at 12, while moving averages are also for buying at 10.
XRP
XRP remains a cryptocurrency of focus as the case between Ripple and the Securities Exchange Commission (SEC) nears a conclusion. Indeed, both parties have made final submissions as legal analysts weigh on the possible outcome of the case. Notably, in the past, XRP has rallied with minor wins in the case, and any chances of the final judgment going in favor of Ripple might be a bullish sentiment for XRP.
It is worth mentioning that XRP performed contrary to the general market after the court admitted supportive briefs from companies and entities associated with Ripple.
Despite the positive news around the Ripple case, XRP has recently suffered increased selling pressure. In this line, a Finbold report on December 7 indicated that the token had lost about $5 billion in market capitalization within a month.
By press time, XRP was trading at $0.39, with daily losses of about 0.4% in the last 24 hours.
Indeed, XRP is attempting to regain the $0.40 support level as the price consolidates below the value. Notably, the seventh-ranked cryptocurrency by market cap has exhibited signs of disappearing volatility after the FTX collapse weighed down the recent momentum.
If XRP experiences a resurgence of buying pressure at the current level, it could trigger a surge past $0.40. Furthermore, if the buying pressure is sustained, XRP will likely retest $0.50.
Amid anxiety over the ruling in the Ripple case, XRP’s technical analysis remains bearish, with a summary aligning with ‘sell’ at 13. At the same time, the daily gauges for moving average sentiment go for a ‘strong sell’ at 13.
Bitcoin (BTC)
Bitcoin (BTC) has regained the $17,000 level, and the position is of focus moving into the new week. Based on the asset’s consolidation around the level, analysts believe $17,000 acts as a crucial stepping stone for the flagship cryptocurrency to regain the $18,000 level that served as a major support position in recent weeks.
With Bitcoin suffering the impact of macroeconomic factors, investors will be monitoring the asset to see if it can hold the $17,000 position as the Federal Reserve prepares to decide on interest rate hikes alongside news regarding inflation. Notably, there is a broader expectation that the Fed might hike rates following a higher-than-expected increase in producer prices.
By the time of publishing, Bitcoin was trading at $17,147 with minor daily losses of less than 0.5%. On the weekly chart, Bitcoin has recorded gains of less than 0.5% in the last 24 hours.
Based on recent Bitcoin price movements, the asset’s key levels to watch include $16,000 on the downside and $17,500. If BTC corrects below $17,000, the buyers need to line up and push the price, while breaching the $17,500 level will be an opportunity for the asset to reclaim $18,000 based on the strengths of the bulls. At the same time, with the release of CPI data, Bitcoin could witness volatility swings.
Indeed, Kitco News analyst Jim Wycoff on December 9 stated that both Bitcoin bulls and bears have almost an equal playing field. According to Wycoff:
“Prices are still in a sideways and choppy grind. Bulls and bears are on a level overall near-term technical playing field. The direction in which BC prices break out of the present trading range will very likely be the direction of the next trending price move.”
Elsewhere, Bitcoin’s technical analysis remains indecisive, with a summary of the daily gauges on TradingView going with the ‘neutral’ sentiment at nine, while moving averages are supporting a ‘sell’ at eight. Oscillators remain ‘neutral’ at eight.
Finally, moving into the week of December 13 will be crucial to the prospects of the general crypto market. The focus will be on the CPI data since it will partly inform the next Federal Reserve interest rate policy.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
