This week for crypto coins. The general cryptocurrency market is seeing a sell-off after seeing a positive trend in price and consumer price (CPI) data in the United States.
The latest correction left investors waiting for a possible bottom that could trigger a new rally. However, it should be noted that the current market conditions are not encouraging, and the impact of macroeconomic news is decreasing. In fact, many cryptocurrencies remain in the spotlight after posting mixed performance in recent days. Here are the cryptocurrencies to watch for the week of December 19.
In addition to recent assistance in the cryptocurrency market, TON has remained one of the most popular digital assets trading in the green sector. Obviously, Toncoin, supported by the Telegram messaging platform, benefited from the good news about the development and adoption of the network.
A recent settlement appeared following the announcement of the TON/USDT pair for futures trading on the gate.io exchange and support for the SafePal crypto wallet. In addition, the stock rallied when Telegram announced that users could buy blockchain-based tokens through Toncoin. This innovation allows users to bypass the need to use a SIM card.
In addition, following the crisis of the failure of the FTX cryptocurrency exchange, Telegram announced plans to establish a trading platform. If this plan is implemented, TON may find other use cases under the platform. At press time, TON was trading at $2.63 with a daily gain of nearly 8%. On the weekly chart, TON is up more than 35%. Due to the impressive returns, TON ranked among the strongest digital assets despite the market failure.
Elsewhere, the technical analysis of TON is still not positive, and the 1-day view on TradingView combines the opinion “buy” with 15 while the moving average is for “strong buy” with 13. Oscillator gauges remain neutral at six.
XDC Network (XDC)
The network has seen success in recent weeks, also boosted by adoption and related development reports that seem to allow users to access the XDC token. For example, as XDC shows off, the network has added the STATIS stablecoin EURS to its platform. At the same time, the network participated in a 12-week mining campaign with gate.io and the KuCoin exchange. Investors expect that the continued growth of the XDC network and various promotions will be confusing for the brand.
Currently, XDC is trading at $0.02, gaining more than 2% in the last 24 hours, while the weekly chart has seen a gain of almost 9%. Interestingly, XDC technical analysis is dominated by bearish sentiment. A collection of neutral gauges at 9, similar to a moving average at 1.
Crypto Coins XRP
XRP, the flagship of the blockchain company Ripple, remains at the center of the crypto industry’s interests amid ongoing litigation with the Securities Exchange Commission (SEC). Apparently, XRP has seen significant gains recently that seem to be unaffected by the general downturn in the crypto market.
The maximum value of XRP and the minimum value of Ripple were obtained in the ongoing contract. Meanwhile, both parties have submitted their final submissions and are awaiting a final decision. At the time of the report, XRP was trading at $0.35 with a daily loss of around 0.7%.
In fact, the indicator is related to a general market correction when it does not hold recent gains. Clearly, the XRP community was targeting the $0.50 level, which was broken by bear activity. As reported by Finbold, XRP can regain the level of $0.50 if the bull leads the mark to $0.40. However, failure to hold the $0.39 position opens another correction.
Bitcoin (BTC) is one of the best beneficiaries of positive inflation data, with the asset returning to the $18,000 level at the same time. The situation also appeared as a five-week high for the flagship cryptocurrency. However, the bear has kept big crypto coins Bitcoin bulls under control for the time being, and the asset is facing another correction below $17,000.
According to Finbold, crypto trading expert and analyst Michaël van de Poppe highlighted that Bitcoin may experience a temporary rally following macroeconomic developments.
Obviously, the relief convention was extended when the Federal Reserve raised interest rates by 50 points. However, Bitcoin still seems to be affected by other factors, such as the fall from the fall of the crypto exchange FTX. Meanwhile, in a YouTube video published on Dec. 18, Poppe said Bitcoin needs to clear a major resistance before collapsing again.
As it is, Bitcoin is trading at $16,698 with a daily loss of less than 1%, while on the weekly chart Bitcoin has corrected almost 3%. Meanwhile, the chart shows that Bitcoin reached $18,300 on December 14 on the weekly chart.