Crypto Price Prediction For December 27th: CAKE, MINA, ASTR

Crypto Price Prediction: The crypto market is bearish for the last week of the year prolonging a correction phase in leading coins like Bitcoin and Ethereum. However, On Wednesday, the crypto market witnessed a notable uptick, offering a relief rally to the majority of major cryptocurrencies. With this minor push tokens like PancakeSwap(CAKE), Astar (ASTR), and Mina (MINA) showcased double-digit gains in the last 24 hours, projecting theirs despite market uncertainty.

The global cryptocurrency market capitalization now stands at $1.65 trillion, marking a slight decline of 0.23% in the past day. On the other hand, the total volume of transactions has seen a significant rise of 6.38% in the last 24 hours, reaching $75.52 billion.

Also Read: Blockchain Expert Expects Historic Bitcoin ETF Approval By January 10

PancakeSwap Strategic Token Burn Fuels CAKE Price Rally Beyond $3.5

The PancakeSwap token price has exhibited remarkable resilience amid prevailing market consolidation, successfully maintaining its position above the $2.1 mark and continuing its upward trajectory. 

Over the past week, the token’s value soared by 57%, reaching a current trading price of $3.37. This increase is punctuated by a significant breakout from a falling wedge pattern. A key factor driving this surge is the PancakeSwap team’s recent burning of 10.16 million CAKE tokens, equivalent to about $34 million, on December 26. 

The CAKE price had been on a downward slope for more than a year, influenced by the falling wedge pattern. However, during this rally, the token broke through the upper boundary of the wedge, signaling a potential trend reversal. 

As of the latest updates, the MATIC price is $3.53, demonstrating stability above the newly surpassed $3.5 level, with evidence of long-tail rejection. Under optimal conditions, the CAKE price is poised for an ascent to the highest point of the wedge pattern, situated around $5.5, suggesting a possible 58% increase in value.

A large spread between the MACD and the signal line in a bullish crossover reflects buyers’ dominance in this asset.

Bullish Pattern Breakout Sets Mina Price Rally to Chase $2

Defying the current market uncertainty, the MINA token price has risen for nine consecutive days, standing out as the highest weekly gainer. From $0.675 low, the coin price has rallied nearly 119% to hit a 20-month high of $1.486

Amid this rally, the buyers breached the $1.26 neckline resistance of the bullish reversal pattern called the double bottom. This chart often spotted at market bottoms indicates increased accumulation from investors.

By the press time, the MINA price trades at $1.4 with a modest intraday gain of 0.47%. If the coin manages to sustain above the reclaimed barrier, the coin price could prolong its recovery 55% higher to hit $2.15.

The daily RSI slope at 81% reflects buyers are driving an aggressive recovery rally. However, as per this momentum indicator, this asset is also on the verge of being overbought region.

Here’s Why ASTR Price May See 56% Breakout Rally 

In line with general bullish sentiment and the formation of a double bottom pattern, the ASTR coin price has traveled an aggressive rally since late October. This bull run showcased a jump from $0.0385 to $0.13 registering 240% growth.

On December 26th, this rising price gave a decisive breakout from $0.116 from a double bottom pattern. Moreover, a 10% jump today offers a suitable follow to this breakout accepting the buyer’s conviction for a prolonged rally.

In favorable bullish conditions, the post-breakout could prolong the ASTR price to 56% higher to hit $0.2.

The Average Direction index value at a high of 59% hints the buyers would trigger a minor pullback to take a breather