Crypto Price Prediction: With a major cryptocurrency showing stability at a high level, the market sentiment shows a spark of upcoming recovery.
Published 2 hours ago
Crypto Price Prediction: In December a majority of major cryptocurrencies witnessed notable correction amid the increasing market uncertainty. However, with the second largest cryptocurrency Ethereum projecting a strong bounce back, the altcoin market is projecting sustainability at higher levels. In the last 24 hours, tokens line Bonk(BONK), and Kaspa(KAS) Sei(SEI) have shown the highest intraday growth, reflecting the potential for uptrend continuation.
Additionally, there’s a rising wave of optimism surrounding the potential approval of the Bitcoin Spot ETF, fueling expectations for a robustly bullish market in 2024
The glocal cryptocurrency market capitalization currently stands at $1.67 trillion, reflecting a 1.46% decline from the previous day. Meanwhile, the total volume of cryptocurrency transactions over the past 24 hours amounts to $73.96 billion, marking a 10.34% reduction.
Also Read: Historical Trends Suggest Bitcoin Bull Cycle Will Continue Until This Year
Healthy Retracement Hints BONK Price Could Regain $0.00003
The Solana-based meme cryptocurrency BONK has recently undergone a significant correction, retracing from its peak at $0.000035. Over a span of two weeks, the BONK price experienced a 61.53% drop, eventually finding support at $0.0000135. This level is notably aligned with the critical 61.8% Fibonacci retracement level.
As the market stabilizes, the BONK price is showing signs of a resurgence. Currently trading at $0.000016, the coin has seen an impressive intraday increase of 12%, forming a ‘Morning Star’ candle pattern. This pattern, emerging at the robust 61.8% FIB support suggests a potential bullish reversal which could overcome the immediate resistance at $0.0000175.
Should this bullish trend continue, we may see the BONK price aiming for successive targets: initially at $0.0000126, followed by $0.0000267, and $0.000035.
The Relative Strength Index (RSI), hovering above the 50% midline, reinforces this optimistic outlook, reflecting a growing bullish sentiment.
Bullish Pattern Sets Kaspa(KAS) Price to chase $0.18 Target
After a month-long correction, the Kaspa(KAS) coin found solid footing at the intersection of $0.1 and the 38.2% Fibonacci level. This crucial support has paved the way for a bullish ‘double bottom‘ reversal pattern, marked by an 8% intraday gain and a new trading price of $0.112.
The coin has successfully breached the neckline resistance of $0.115. If it maintains its momentum above this level, we could anticipate a further 14% surge, challenging the descending resistance trendline. A break above this line could set the stage for KAS to reach towards the $0.183 mark, as per the Fibonacci extension tool.
Adding to this bullish scenario is the potential crossover in the Moving Average Convergence Divergence (MACD) indicators, suggesting a stronger recovery trend. This signals a possible return to a bullish trajectory for Kaspa coin, aligning with the overall market’s gradual shift towards recovery.
SEI Price Preparing for 32% Breakout Rally
Defying the current market uncertainty, the SEI coin price continues to develop new higher highs and lows with its north march. In mid-December, this altcoin showcased suitable support at the $0.22 mark and rebounded 151% to currently trade at $0.55.
With an intraday gain of 20%, the buyers will likely challenge the last swing high of $0.58. Should the rising price breach this barrier, the SEI recovery could prolong to $0.73 coinciding with the 0.618 Fibonacci extension tool.
An upward tilt in the Bollinger band indicator accentuates the buyers are dominating this asset.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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