Trent RhodeAfter opening today’s session with a 1.31% increase, Bitcoin has sustained its momentum as positive CPI numbers were announced. Currently up by 4.6% as of writing, Bitcoin is trading at $17,800 as it fights to break the resistance area of $17,600 to $17,800. Could this be the start of a new rally?
Bitcoin Price Prediction and Technical Analysis
Relative Strength Index (RSI)
After closing at RSI 51.15 from the previous day, Bitcoin’s Relative Strength Index is at RSI 59.68 as of writing. A clear breakout from the significant resistance of RSI 50 was needed to exhibit a potential bullish trend. With a bullish RSI, Bitcoin could be set for another rally in the near term.
Moving Average Convergence Divergence (MACD)
After having a significant move so far in the day, the moving averages are approaching the MACD’s zero line with increased separation between them as observed from the indicator’s histogram.
A breakout from the zero line is an added confluence for a potential bullish scenario.
Price Action, Supports, and Resistances
After breaking out from the $17,000 to $17,300 area of resistance, this is now going to act as potential support for Bitcoin.
As Bitcoin attempts to break out from the daily EMA 50 and the resistance area of $17,600 to $17,800, traders should assume a potential retest and price consolidation to this area if Bitcoin fails to continue its rally in the next couple of days.
Bitcoin Fundamental Analysis
CPI Numbers Released – Lower Than Expected Inflation
Following Tuesday’s report on the consumer price index, stock prices rose dramatically on an indication that inflation could be slowing. The index rose just 0.1% from the previous month and 7.1% from the year prior, both of which were lower than projected by economists. Core CPI followed suit, as it rose 0.2% on the month and 6% annually, again lower than expected.
Key takeaways from November inflation report:
1) Inflation is cooling. (7.1% in Nov. vs 9.1% in June)
2) Gas prices are down
3) Goods prices (used cars, meats, furniture) are largely down or slowing
4) High rents are the main problem now. Unclear how long that lasts pic.twitter.com/EPyYEBEXhx— Heather Long (@byHeatherLong) December 13, 2022
This news was well-received by investors as a sign that inflationary pressure may be subsiding in many areas after a tumultuous past few months.
Top Altcoins to Buy
With the Consumer Price Index (CPI) signaling a potential softening of the headwinds for risk asset markets, it may be a good time to consider purchasing assets to diversify one’s portfolio and get set up for the next bull run. With many analysts anticipating a potential bullish month to end the year, here are 3 promising coins to add to your portfolio.
Dash 2 Trade (D2T)
Dash 2 Trade is an upcoming analytics and social trading platform that looks to change the crypto trading landscape. With its numerous novel features, Dash 2 Trade promises big things for investors looking to get in on a good thing early.
The features of Dash 2 Trade include trade signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. The D2T token powers the ecosystem of Dash 2 Trade. Users will need to buy D2T and subscribe to the platform’s premium tiers in order to access most platform features.
You can buy Dash 2 Trade tokens at a highly discounted rate now in its presale. Sales of D2T tokens are snowballing as the project has already raised $9.7 million and the presale is 73% complete. The project is also well ahead of schedule, with the pre-sale dashboard being released soon.
Calvaria (RIA)
Calvaria is a blockchain-based game in which players can collect, trade, and do battle with NFT-based cards. A play-to-earn game, it also has the distinction of enabling users to play without holding any cryptocurrency—something that could open up the game to a wider audience. The RIA token will be used within the play-to-earn version of the ecosystem for purchasing in-game items, while it can also be used for staking to earn passive income. The presale for the token has raised just over $2.4 million and is currently in its fifth stage—its final stage before launch.
RobotEra (TARO)
In RobotEra, players use NFT-based robot companions to explore and rebuild the post-apocalyptic world of Taro. With in-game tools, players can construct their own robots and other items without any coding skills required. The game also includes many ways to generate income through questing, community events, renting out billboards or spaces for advertisements
The project plans to merge VR and AR into the game by 2023, making player-created worlds even more interesting. The game contains multiple methods for players to contribute to the in-game economy, which will set the game up to do well even in times of market instability. Since its presale launch, RobotEra has generated over $539K in sales.
Related:
- Chinese Police Arrest Group for Laundering $1.7 Billion in Crypto – Here’s What Happened
- Hackers Just Stole $6.9 Million From This DeFi Protocol – Here’s the Story
- Terra Luna Classic Price Prediction – Can LUNC 3x From Here?
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
This article was written for Business 2 Community by Trent Rhode.
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