• Notification Date: 27-12-2024
• Notification No: N/A

Bitcoin's 'Santa Rally' Faces Growing Risks, XRP Holds Steady, and Dogecoin Shows Signs of Bearish Pressure

With the holiday season getting underway, the much-anticipated "Santa Rally" for Bitcoin is starting to look worn. After having dipped down just below the 50 EMA at $95,000, Bitcoin staged a minor recovery back to its trading around $97,000. Still, there are more nervous traders. That's because this rally has all the hallmarks of a lower high and may very well represent the setup of the downtrend. If Bitcoin fails to break past the previous high of $104,000, it will be a challenge to keep the rally going. On a breakdown, key supports around $84,500 might come under threat, and with selling pressure, Bitcoin's near-term prospects become uncertain. Investors should look for a clean breakout above resistance levels before the bullish confidence can be regained.

XRP continues to face downward pressure. It may have resisted the bearish trend around the 26 EMA, but XRP still remains stuck in a bearish channel. The asset's fall has placed it precariously close to significant support levels, and as volumes decline, the trend looks quite dim. A drop towards the $1.80-$1.50 range may be seen if XRP cannot hold above the 26 EMA. A successful breakout above $2.50 would be required to regain investor confidence and reverse the current downtrend.

Low trading volume is another red flag for Dogecoin. Lying dormant with low market activity depicts a dying momentum. On the other hand, a failure by Dogecoin to breach the $0.34 resistance puts it into a limbo of stagnation. While bears are still around, a situation where heavy selling is absent might mark a turning point if bulls start making moves at considerable support levels, especially at $0.28.

Uncertain times call for caution among the crypto investors, as their market keeps navigating through pretty volatile waters.