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Weekly Price Analysis: No Santa Rally as Prices Range
The end-of-year market winds down for cryptocurrency traders, and it appears there will be no Santa rally in sight. As the year draws to a close, the crypto market has become increasingly range-bound, with prices failing to break above key resistance levels.
ETH’s price action has been particularly unimpressive, trading at $3,418.21 as of publishing. The asset’s inability to push through the $3,500 mark suggests that it may be stuck in this current range for some time.
Similarly, Solana (SOL) has failed to break out of its own narrow range, with price action testing a high of $202.00 and a low of $175.10. The asset’s open interest data shows fluctuations but ultimately remains lower compared to previous weeks, suggesting that traders are not feeling optimistic about the asset’s prospects.
Ripple (XRP) has also seen its price range narrow significantly, failing to break above its weekly high of $2.34 or below the recent low at $2.11. As with Solana, open interest data suggests a lack of conviction from investors, which could be contributing to this lack of upward momentum.
It’s worth noting that these assets are not immune to the broader market trends and sentiment. In an increasingly bearish environment, even the most resilient assets can fall victim to the whims of the market.
In conclusion, it appears as though there will be no Santa rally in sight for crypto traders, at least in the near term. The lack of conviction from investors and the failure of key assets to break above resistance levels suggests that the range-bound trading seen in recent weeks may continue into the new year.
Disclosure: The article is a part of our analysis and should not be considered as investment advice.
Source: coinjournal.net
