The daily market analysis for 28th Dec 2022 shows an overall pull back in prices after a failed breakout attempt in the prior week. The altcoins have followed Bitcoin’s lead and are trading at levels near their long-term support, with Lido DAO being the worst performer on the day.
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Bitcoin (BTC) has been trading sideways in a very tight range for most of this week, settling around $16,600 where it is now. The leading cryptocurrency failed to capitalize on a breakout attempt above $17,000, and the bearish sentiment has taken over in recent days. The short-term trend is currently bearish and could see BTC test its long-term support near $16,000 if the downtrend continues.Recently, uncertainty still lingers surrounding Bitcoin miners and views differ on the influence of current pricing patterns on their activities.
Altcoins have followed Bitcoin’s lead and are trading near their support levels. Ethereum (ETH) is currently trading at $1,196.61 after being rejected twice at the $1,300 level. The DeFi sector has been struggling since mid-December, with most projects failing to rebound past their recent lows.
However,some projects have performed well in 2022,GMX being the best performing one, with a return of over 111%.Polygon,OKB,Trust Wallet Token,Unus Sed Leo (LEO),OKB (OKB) and The Open Network (TON) have been the top performers of the year.
The mentioned cryptocurrencies have demonstrated an impressive growth rate of up to 80% in the past few months.
The altcoin market has also seen a sharp correction this week, with Lido DAO (LDO) being the worst performing asset on the day. It’s down more than 12% and is trading at $0.9384 at press time,while the top performer of the day is OKB coin. Other popular assets like Ethereum (ETH) and Litecoin (LTC) have also seen their prices drop significantly below the previous key support areas.
Overall, the market sentiment is currently bearish, with investors feeling cautious due to the uncertain macroeconomic and geopolitical environments. With Bitcoin struggling to break out of its current price range, it’s unclear whether or not a new bull run will be able to materialize in 2022.
Bitcoin, Ethereum and the rest of the crypto market had a rough 2022 from a price perspective, but traders are hopeful that 2023 will include bullish developments that push prices higher.
