Cryptocurrency Price Forecasts on December 16: XRP – OSMO – ICP

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Amid the current unpredictability in the cryptocurrency market, certain tokens are maintaining a bullish outlook, presenting potential entry points for investors.

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In the past two weeks, the cryptocurrency market has been in a state of indecision, with the top two leading coins trading sideways after reaching their annual highs. The neutral candles on these assets indicate a lack of clear direction from both bulls and bears.

Bullish Signs for Selective Tokens Amid Market Uncertainty

While the broader cryptocurrency market faces indecisiveness and a correction phase, specific tokens like XRP, Osmosis (OSMO), and Internet Computer (ICP) are holding onto their bullish setups, poised for potential upward movements.

The global cryptocurrency market capitalization currently sits at $1.59 trillion, reflecting a 1.82% decrease from the previous day. In the last 24 hours, the overall market volume has dropped significantly by 27.69%, reaching $60.51 billion.

XRP Price Analysis| TradingView Chart

XRP Price Eyes Bullish Breakout Amid Sideways Trading

Decoupling from the broader market’s recovery, XRP has exhibited a sideways trading pattern in the last two weeks. Within this consolidation, the coin’s price moves within a triangular formation, defined by converging trendlines.

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On December 13th, a notable shift occurred as the coin’s price bounced from the lower boundary of the triangle, signaling the initiation of a new bullish phase within the pattern. This move is expected to drive the coin’s value up by 7%, targeting the upper trendline at $0.67.

The Federal Reserve’s decision on December 13 to maintain existing interest rates, revealed during the Federal Open Market Committee (FOMC) policy meeting, has added optimism to the crypto market sentiment.

A successful breach of the triangle’s upper trendline by XRP would reinforce buyer confidence, paving the way for a rally towards $0.78, with further potential targets at $0.84. The asset’s increased volatility is reflected in the narrow range within the Bollinger band boundaries.

Osmosis (OSMO) Coin Exhibits Robust Recovery Amid Cosmos Network Merger

In the midst of a broader market bullish trend, Osmosis (OSMO) has undergone a robust recovery phase since late October. Over the past two months, the coin’s value has witnessed an impressive surge from $0.225 to a peak of $1.5, reflecting a remarkable growth of 566%.

Osmosis Price Analysis| TradingView Chart

This substantial rally appears linked to a pivotal development within the Cosmos network, where the two leading decentralized exchanges (DEXs), Osmosis and Umee, are poised to merge. The V-shaped recovery trajectory has successfully breached notable resistance levels at $0.686, $0.908, and most recently at $1.25, establishing strong footholds for further upward momentum.

Currently positioned at $1.50, the Osmosis price holds potential for an additional 20% gain if it maintains support above the $1.25 mark, targeting the next significant resistance level at $1.78.

However, a cautionary note arises from the Average Directional Index (ADX) reaching a high of 74%, suggesting that buyers might be nearing a saturation point. This raises the possibility of a minor pullback in the near future.

Internet Computer (ICP) Coin: Decisive Breakout Spurs Significant Recovery

Initiating its recovery trajectory in mid-October, the Internet Computer (ICP) coin bounced back from a support level of $2.87. The momentum gained considerable strength on December 13, marked by a decisive breakout from a resistance trendline that had influenced a downtrend for the past 20 months.

Internet Computer Price Analysis| TradingView Chart

Following this breakthrough, the ICP price has surged to its current trading value of $9.25, achieving an impressive weekly increase of 76.82%. In the course of this rally, the coin successfully surpassed a crucial resistance level at $8.28, now serving as a robust foundation for buyers to extend the recovery.

Sustaining stability above this level positions the altcoin to target higher resistances at $9.83, $11.4, and $15. The Relative Strength Index (RSI), currently elevated at 88%, underscores the aggressive trading momentum among investors.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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