Crypto Price Prediction: A sudden selling pressure in the crypto market continue to keep market sentiment in uncertainty, is it the right time to invest?
Published 12 mins ago
Updated 10 mins ago
Crypto Price Prediction: On Tuesday, the crypto market witnessed a sudden selling pressure prolonging a correction trend in several altcoins. Despite this pullback, the overall market dynamic remains in buyers’ favor, providing a new entry opportunity in coins like Ethereum(ETH), Oasis network(ROSE), and Helium(HNT).
Currently, the global cryptocurrency market capitalization stands at $1.66 trillion, marking a slight decline of 0.31% since yesterday. In contrast, the total trading volume in the crypto sphere has witnessed a substantial increase of 23.61% in the last 24 hours, totaling $74.32 billion.
Also Read: Analysts Predict BTC Rally To Continue As Bitcoin Funding Rates Reset
Ethereum(ETH) Price Takes A Strategic Pause Before Next Leap
In December, the Ethereum(ETH) coin predominantly fluctuated within a defined range, oscillating between $2400 and $2133. While this lateral movement in the daily chart signifies market indecision, it came after an 8-week rally indicating the buyers are taking a breather.
This pause in momentum, hovering above the 23.6% Fibonacci retracement level, suggests a healthy market correction, potentially setting the stage for a renewed upward trajectory. Notably, Intotheblock, a prominent on-chain data provider, highlighted that Ethereum’s long-term holder base expanded significantly, exceeding 70% in December.
This shift underscores a strengthening investor confidence and long-term commitment to Ethereum. Currently, the ETH price is trading at $2141, experiencing a minor intraday setback of 1.34%.
The Ethereum price is primed for a potential breakout above the $2400 resistance, which could pave the way for reaching higher targets at $2675 and $2957.
Helium(HNT) Price Offers Pullback Opportunity
Helium (HNT) coin demonstrated remarkable performance in the first three weeks of December, surging 236% from a monthly low of $2.7 to a high of $9.65. Despite the overall market uncertainty, HNT experienced a 23.57% retracement, now trading around $7.31.
According to Fibonacci retracement analysis, if the Helium price sustains above either the 38.2% or 50% levels, which correspond to $6.55 and $5.5 respectively, it maintains its bullish stance. A rebound from these levels would suggest a replenishment of bullish momentum, potentially leading to the HNT price surpassing the $10 mark.
Moreover, the midline of the Bollinger Bands provides additional support, reinforcing the likelihood of a recovery
Oasis Network(ROSE) Price Gives Key Resistance Breakout to Chase $0.167
In line with general bullish sentiment and the formation of a bullish reversal pattern, the ROSE token price has shown an aggressive rally initiated from the 4th week of October. In the last 10 weeks, the coin price has surged from $0.0396 to the current trading price of $0.14, registering a remarkable 264% growth.
In light of an increasing volume, the ROSE price has breached some crucial resistance like $0.085, $0.116, and most recently $0.137. If the Coin buyers managed to close today’s daily candle above this breached resistance, the buyers would obtain another stepping stone for higher levels.
The post-breakout rally will surge the price another 15% to hit the next resistance level at $0.167.
The Momentum Indicator RSI at 80% reflects a strong bullish momentum and a slight hint of overbought assets.
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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.
