The cryptocurrency market is moving forward this Monday and this situation also supports the price of Ripple (XRP / USD), Dogecoin (DOGE / USD) and Litecoin (LTC / USD).
Bitcoin is trading above the $ 44,000 level and, for now, everything indicates that the price could rise above the $ 45,000 resistance again. Joe DiPasquale, chief executive of BitBull Capital, which manages crypto hedge funds, said:
Are you looking for timely news, tips and market analysis? Sign up for the Invezz newsletter today.
The current upside came after considerable hourly price action which saw volumes dry up and short positions rising. Typically, when the market is leaning heavily on one side of a trade, too long or too short, the price can move to counter that weight and tighten positions.
The crypto market also reacted positively after the US released its Non-Farm Payrolls report on Friday, which showed the country added 467,000 jobs in January. The jobs report surpassed economists’ estimate of 150,000 new jobs for January, and traders continue to ignore geopolitical turmoil and concerns over Federal Reserve tightening.
Bloomberg analyst Mike McGlone said he believes 2022 will be a successful year for Bitcoin and other cryptocurrencies as many institutions have begun to view cryptocurrencies as an excellent value asset.
According to the latest news, KPMG Canada, a member company of the Big Four accounting giant KPMG, has added Bitcoin and Ethereum to its corporate balance sheet.
Benjie Thomas, KPMG Canada managing partner for advisory services, said he believes institutional adoption of cryptocurrencies will continue to accelerate.
KPMG posted global revenues of a staggering $ 32.13 billion in 2021 and the company expects blockchain technology to continue to grow and become a regular part of the asset mix.
Ripple, Dogecoin and Litecoin could advance even further in February if the positive trend continues, and traders should consider that if Bitcoin would advance above the 50,000 resistance again. dollars, would add a further boost to the entire crypto market.
XRP is seeing resistance of $ 0.90
Ripple (XRP) continues to perform well in the second trading week of February 2022. Ripple could advance even further in the ongoing positive trend and, if the price breaks through the resistance of 0.90 dollars, the next price target could be 1 dollar or even higher.
On the other hand, if the price drops below the support level of 0.60 dollars, it would be a strong “sell” signal and we have the way to 0.50 dollars.
DOGE could advance above $ 0.20
The price of Dogecoin (DOGE) went up by 0.13 dollars at 0.17 dollars in less than four days and, according to technical analysis, it could rise above 0.20 very soon dollars.
If the price breaks through the resistance of 0.20 dollars, the next price target could be 0.25 dollars; however, if the price drops below the 0.15 support dollars, would be a strong “sell” signal.
LTC has strong support at $ 125
Litecoin (LTC) went from 120 to 139 dollars in less than 28 hours and the current price is 137 dollars.
If the price breaks through the resistance of 150 dollars, the next price target could be 160 dollars; however, if the price drops below the 125 support dollars, would be a strong “sell” signal.
In summary
The crypto market is advancing this Monday and this situation also supports the price of Ripple, Dogecoin and Litecoin. According to the latest news, KPMG Canada, a member company of the Big Four accounting giant KPMG, has added Bitcoin and Ethereum to its corporate balance sheet.
Invest in cryptocurrency, stocks, ETFs & more in minutes with our favorite broker,
eToro
10/10
67% of retail CFD accounts lose money
