joline3melia

@joline3melia

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Though Japan has one of the largest gross domestic products (GDPs) in the world, the country dropped from third to fourth place in 2023, losing its position to Germany amid a slowing economy. Most estimates place Japan’s GDP at more than $4 trillion, suggesting that if its government were to establish a national BTC reserve, it could benefit crypto holders.

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According to his social media activity on X, Yamada has been closely following efforts in the US to introduce a strategic BTC reserve. He has retweeted posts from the American political action committee created by Elon Musk about the Tesla CEO’s proposed Department of Government Efficiency — which would likely be an advisory committee, not a government department.

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The ADA/USDT pair bounced off $0.91 on Dec. 10, but the relief rally is expected to face selling at the 61.8% Fibonacci retracement level of $1.16. If the price turns down sharply from $1.16 and breaks below the 20-day EMA, it will indicate the formation of a range.

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This optimistic view will be negated in the near term if the price turns down and breaks below $0.36. That increases the possibility of a drop to the 50-day SMA ($0.31), an important level for the bulls to defend.

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The bulls are trying to push the price back into the channel. If they succeed, it will suggest that the breakdown may have been a bear trap. The DOGE/USDT pair could rise to $0.42 and, after that, to $0.48.

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The flattening 20-day EMA and the relative strength index (RSI) just above the midpoint suggest a range-bound action in the near term. The pair could swing between $722 and $635 for a few days before starting the next trending move.

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A minor solace for the buyers is that the BNB/USDT pair rebounded off the 50-day simple moving average ($631) and rose back above the 20-day EMA. The bulls will try to push the price to $722, where the bears are expected to mount a strong defense.

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The next trending move is expected to begin on a break above or below the channel. If buyers thrust the price above the resistance line, the pair could surge to $248 and later to $264.

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The SOL/USDT pair has bounced off the support line of the channel, signaling solid buying on dips. The relief rally is likely to face selling at the 20-day EMA ($229) and then at the resistance line. If the price turns down from the overhead resistance, the pair may remain inside the channel for some time.

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Solana has been correcting inside a descending channel pattern, suggesting that the rallies are being sold into.

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The next trending move could begin on a break above $2.91 or below $1.90. If the $2.91 level is taken out, the pair could surge to $3.50. Below $1.90, the pair could descend to the 78.6% retracement level of $1.63.

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The solid rebound off the lower levels suggests strong buying by the bulls. The XRP/USDT pair could reach $2.65 and then $2.91, where the bears will try to halt the recovery. If the price turns down sharply from the overhead resistance, the pair may enter a few days of consolidation.

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