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Crypto Price Prediction: The crypto market witnessed a sudden sell-off during the early hours of December 3rd. The Top two leading coins Bitcoin and Ethereum showcased a 6% and 6.87% dip evaporating the gains obtained in the first two days of 2024.
This sell-off could be attributed to the possible rejection of spot Bitcoin ETFs by US SEC recently highlighted a digital asset financial services platform-Matrixport
The total value of the global cryptocurrency market is currently $1.74 trillion, experiencing a slight decrease of 1.08% from the previous day. Meanwhile, the total volume of crypto transactions in the past 24 hours stands at $69.16 billion, marking a minor increase of 1.13%.
Despite this selling pressure, crypto coins like Solana (SOL), Internet Computer (ICP), and Maker(MKR) continue to hold a bullish stance.
Solana(SOL) Price Balancing at $100 with Eyes on a Potential Rebound
The Solana price experienced a notable correction at December’s end, retracing from a high of $126.36 to the $100 mark, marking a 23% decline. This key level, aligning with the 23.6% Fibonacci retracement, served as a robust support base, trying to hold SOL above $100 mark
Despite this rebound, it remains premature to assert a definitive recovery trend for Solana. For a more reliable indicator, investors might consider watching for either a rebound from the $100 support level or a breakout above the recent high of $126.36.
In the event of an extended correction, potential support levels could be found at $82.9 and $70, corresponding with the 38.2% and 50% Fibonacci retracement levels, respectively. Moreover, The MACD indicator’s bearish crossover is indicative of a prevailing correction sentiment in the market
Internet Computer(ICP) Price Amid $20 Amid Open Interest Skyrocketing
The Internet Computer (ICP) has distinguished itself as the highest weekly gainer in the crypto market, currently trading at $15.29. After consolidating above the $8.6 mark on December 26th, ICP witnessed a substantial 89% surge, reaching a 10-month peak at $16.20.
Data from Coinglass highlights a significant upswing in open interest, rising from $28.68 million to $117.48 million in just three weeks, signaling heightened investor confidence and interest in ICP.
This bullish momentum is further supported by a breakout from a cup-and-handle pattern, projecting a sign of trend reversal. The post-breakout rally could surge the Internet Computer price 32% higher to target the $20 mark.
The high value of the Average Direction Index(57%) suggests the ICP price may witness occasional correction
Maker(MKR) Price Riding a Seven-Month Uptrend with Potential for Further Gains
The daily time frame chart for the Maker (MKR) coin reveals a consistent seven-month uptrend within a rising channel pattern, drawing keen attention from market participants. The coin’s price has shown a tendency to rebound from the pattern’s trendlines.
Notably, on December 19th, MKR experienced a significant reversal from the lower trendline, leading to a 50% surge, bringing its trading price to approximately $1892. Historical trends suggest that Maker price may face increased selling pressure at this resistance level, potentially leading to another correction.
Consequently, savvy investors might consider capitalizing on better entry points during dips at the pattern’s lower boundaries or upon a breakout from the upper trendlines. As long as the rising channel pattern remains valid, Maker’s coin is expected to maintain its upward trajectory.
Additionally, the 200-day Exponential Moving Average (EMA) could provide dependable support during any corrective phases in this chart pattern.
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