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Bitcoin ‘Santa Rally’ Might Be Dangerous, XRP Critical But Stable, Dogecoin (DOGE) Volume Hints at Bearish Drop
As the year comes to a close, investors are eagerly awaiting a potential “Santa rally” in Bitcoin’s price. Historically, this phenomenon has led to significant gains for the cryptocurrency market. However, according to recent analysis by Arman Shirinyan, such an event could be more of a mixed bag than previously thought.
Shirinyan notes that Bitcoin’s largest options expiry is set to take place tomorrow, which may lead to increased volatility and potentially drastic price swings. The analyst cautions that this type of event can also be a sign of further instability in the market.
Meanwhile, Ripple has seen a 6% decline in value over the past few days. While XRP’s current situation may seem bleak, Shirinyan sees a glimmer of hope. He suggests that the stability of its price action could indicate a reversal or at least a brief correction to the upside.
Dogecoin (DOGE), on the other hand, has seen a significant decline in trading volume over the past few days. This drop hints at a potential bearish move for DOGE, as the lack of buying pressure would allow sellers to gain traction.
There you have it!
Source: u.today
