By: Avani Patel
For almost two weeks, the cryptocurrency market has been experiencing a wavering state of uncertainty, with the leading coins, Bitcoin and Ethereum, moving sideways after reaching yearly highs. The neutral price action in these dominant assets indicates a lack of clear direction from both bulls and bears.
Despite this indecisiveness, a few select tokens have remained steadfast in their bullish stance, preparing for their next surge in value. XRP, Osmosis (OSMO), and Internet Computer (ICP) are among those defying the broader market trend, maintaining their bullish momentum.
Worldwide Cryptocurrency Market Overview
- The total cryptocurrency market capitalization stands at $1.59 trillion, down 1.82% from the previous day.
- The 24-hour trading volume has reached $60.51 billion, marking a significant reduction of 27.69%.
XRP Price Analysis
Decoupling from Market Trends
The XRP price has remained independent from the broader market recovery, trading sideways over the past two weeks. Within this consolidation, the coin price has formed a triangle pattern with converging trendlines.
On December 13th, the coin price bounced off the lower boundary of the pattern, triggering a new bullish phase. This shift suggests a potential 7% increase, targeting the upper trendline at $0.67.
The Federal Open Market Committee (FOMC) policy meeting on December 13th, which decided to maintain current interest rates, has further fueled optimism among XRP investors.
If the XRP price successfully breaks through the triangle pattern’s upper trendline, it could lead to a rally to $0.78, followed by $0.84.
Bollinger Band Indicators
The narrow range within the flattish Bollinger band indicators emphasizes the heightened volatility in this asset, indicating potential for significant price movements.
Osmosis Price Analysis
Robust Recovery and Key Developments
The Osmosis (OSMO) coin has experienced a remarkable recovery since late October, buoyed by a significant development in the Cosmos network.
Osmosis and Umee, the two largest decentralized exchanges (DEXs) in the Cosmos network, are set to merge, which has contributed to the OSMO coin’s meteoric rally.
This V-shaped recovery has breached critical resistance levels at $0.686, $0.908, and recently at $1.25, establishing a strong foundation for further upward movement.
Currently trading at $1.50, if the OSMO price maintains stability above $1.25, there is potential for an additional 20% gain, aiming for the next major resistance at $1.78.
Average Directional Index (ADX)
However, the ADX at 74% indicates a potential saturation point for buyers, suggesting a possible minor pullback in the near future.
Internet Computer Price Analysis
Extension of Recovery to $15
The Internet Computer (ICP) coin’s recovery journey began in mid-October from a support level of $2.87.
On December 13th, a decisive breakout occurred from a resistance trendline that had influenced a downtrend for the past 20 months, providing significant momentum to the ICP price.
Following this breakout, the ICP price surged to its current trading price of $9.25, achieving a remarkable weekly increase of 76.82%.
If the ICP price remains stable above $8.28, it could target higher resistances at $9.83, $11.4, and $15.
The Relative Strength Index (RSI) at an elevated 88% emphasizes the strong buying momentum among investors.
About the Author
Avani Patel is a passionate and experienced financial analyst with a keen interest in the cryptocurrency markets. Her deep understanding of technical analysis and market dynamics enables her to provide valuable insights and forecasts in the ever-evolving crypto landscape.
Disclaimer
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Investing in cryptocurrencies involves significant risk and volatility. It is crucial to conduct thorough research and consult with qualified financial professionals before making any investment decisions.
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