Crypto Price Prediction December 14: BONK, INJ, BTT

Crypto Price Prediction: The Federal Reserve decision to keep interest rates unchanged at the end of the two-day Federal Open Market Committee (FOMC) meeting on Wednesday. Although the outcome of the meeting was expected, remarks by the Fed chair, Jerome Powell, regarding when rate cuts were expected were a positive gesture.

Bitcoin price rebounded from the flush drop on Monday to $40,000 and is currently up 5% on Thursday to $43,062. Ethereum (ETH) was up the same percentage as BTC to $2,285.

The total market cap experienced a similar 5% jump to $1.69 bolstered by some of the biggest gainers. For instance, Bonk (BONK) is trading at $0.000015 after rising 50% in 24 hours while Injective (INJ) rallied 27% to $31. BitTorrent (BTT), on the other hand, is trading 3% higher on the day to $0.0000013.

Bonk Price Prediction: BONK Extends Price Discovery After Coinbase Listing

Bonk, the first meme coin to launch on the Solana blockchain, exploded on Wednesday extending the rally that had taken a breather this week. With the support at $0.00001, and the listing on Coinbase as a catalyst, Bonk resumed the uptrend targeting $0.00002.

Coinbase will add support for Bonk (BONK) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 13, 2023

Traders capitalizing on the listing news, entered new long positions as they speculated on Bonk breaking out.

The Moving Average Convergence Divergence (MACD) indicator reinforces the bullish theory. However, traders must be cautious going forward to avoid sudden corrections that would trim gains, especially now that Bonk is overbought based on the Relative Strength Index (RSI).

Injective Price Prediction: INJ Sets New Record High

Like Bonk, the Injective price is in discovery mode after exploding above the previous all-time high at $17.5. The layer 1 blockchain protocol designed for finance and backed by Binance, climbed past $30 as the crypto market generally recovered following the FOMC meeting.

Holding support at $30 is critical for the resumption of the uptrend, which based on the RSI is solid and may narrow the gap to $40.

It is essential to prepare for profit-taking activities likely to take center stage as the RSI nears 100.

Any signs of weakness below $30 may trigger a sell-off as investors lock in the gains to buy INJ again when it hits lower support.

After all bull runs also roll back naturally to allow for more liquidity to collect before carrying on. Key support levels to keep in mind are the previous all-time high at $17.5, the 21-week Exponential Moving Average (EMA) (in blue), and the 50-day EMA (in red).

BitTorrent Price Prediction: What’s Next After Soaring 70% In a Week

BitTorrent is one of the most bullish cryptos in Q4, accruing 70% in gains in seven days, 184% in a week, and 168% in 30 days.

Over the last year, BTT increased by 90% to trade at $0.0000013 on Thursday. Although relatively unchanged in the last 24 hours compared to Bonk and Injective, BitTorrent may break out to stretch the leg towards $0.000002, especially if the support highlighted by the 21 EMA at $0.0000013 holds.

The RSI’s downtrend from the overbought region earlier this week shows that sellers have more control at the moment. Now that BitTorrent is not oversold, an immediate recovery may fail to occur, forcing the file-sharing token to sweep through lower liquidity at the 50-EMA ($0.00000114) and the 200 EMA at $0.00000074 ahead of the next bullish move.

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