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Crypto Price Prediction: With the Bitcoin price reverting from the $44500 mark, the crypto market has entered into a new phase of correction. This wave of selling pressure has caused retracement to the majority of major cryptocurrencies, allowing buyers to recuperate bullish momentum.
However, selective tokens like ImmutableX(IMX), Terra Classic(LUNC), and Aelf(ELF) continue to show strength or lie within the safe retracement zone to indicate a strong possibility of revival.
Also Read: Jeremy Allaire Touts Bitcoin as Safe Haven in Economic Turmoil
ImmutableX Price Analysis: Bullish Pattern Signals Rally Above $2.8
ImmutableX stands as an innovative blockchain protocol, specializing in scalable and eco-friendly transactions, particularly in the NFT and gaming sectors on Ethereum’s network. In the last two weeks, the IMX price has experienced a meteoric rise, with its coin value escalating from $0.53 to a remarkable high of $2.25, an impressive 340% growth.
This surge is in tandem with the broader bullish trend in the crypto market, further propelled by Immutable’s strategic partnerships. The recent alliances with giants like Amazon and leading game publishers, including Ubisoft, have significantly buoyed this uptrend.
Moreover, Immutable’s announcement of a new collaboration with Transak as the primary payment partner for Immutable Passport and Checkout on the zkEVM network has added to the positive sentiment. Amid this rally, the technical chart shows the formation of a double bottom pattern, witnessing a decisive breakout from its neckline of $1.59 on December 4th.
This pattern projects a change in market sentiment and aggressive accumulation from buyers. By the price time, the ImmutableX price tried to reach $0.57 with a modest daily gain of 0.14%. Under the influence of the chart pattern, the current recovery may rise another 40% to reach a high of $2.8.
The weekly Relative Strength index of 83% projects an aggressive buying momentum and hints at an overbought asset, which needs a minor pullback for sustainable growth.
Terra Classic Price Analysis: Fibonacci Reversal Point Hints 120% Rally
The Terra Classic (Luna) price has been on a recovery trajectory since late October, gaining significant momentum in late November, coinciding with a massive surge in Stablecoin USTC. From the low of $0.000054, the coin’s value rocketed by 490%, peaking at $0.00028.
However, amidst current market volatility, it experienced a 39% drop to $0.7, seeking support at the 50% Fibonacci retracement level, a crucial juncture for sustaining long-term growth. If this correction recuperates the exhausted bullish momentum, the LUNC price is likely to rebound higher.
A breakout above the nearest resistance of $0.000217, would bolster buyers to rechallenge the last swing high of $0.00028. A breakout above this threshold would signal a continuation of the recovery, potentially leading to a 120% increase from the current level to $0.00037.
The 20-day EMA slope offers additional support amid the current correction.
Aelf Price Analysis: Emerging Stronger from Accumulation
The Aelf (ELF) coin has spent the past two years trading sideways, capped below the $0.58 level. This period represented a prolonged accumulation phase, bolstering a slow yet steady growth in 2023.
However, the coin’s recovery gained significant momentum towards the end of November, with the price rebounding from $0.427. This reversal resulted in a 92% surge to $0.804. Amidst this rally, the ELF price successfully breached the $0.58 resistance, signaling an early sign of a trend reversal.
Despite the prevailing uncertainties in the crypto market, ELF’s price continues to climb, backed by a rounding bottom pattern. This pattern suggests the coin price could rise another 60% to $1.29. A breakout above this neckline resistance would intensify the buying momentum and bolster the continuation of the recovery trend.
The Moving Average Convergence Divergence indicator showing a wide gap between the MACD and the signal line in a bullish crossover state reflects the recovery trend is active.
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