Crypto Price Prediction For January 22: BTC, ADA, SC
Release: 2024/01/22 20:09 Reading: 439
Crypto Price Prediction: The cryptocurrency market continues on a downward trajectory, witnessing a 2% loss in market cap in the last 24 hours to stand at $1.61 Trillion. The leading digital coin Bitcoin and Ethereum showcased a 1.5-2% drop currently trading at $40971 and $2404, respectively.
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However, the renowned trader Michaël van de Poppe stated a technical chart view on this correction projecting that we may see a period of consolidation before the next significant surge. This phase is crucial for laying the groundwork for the upcoming market momentumThe crypto market is poised for an upward trend, aiming for a $2.1 trillion valuation. However, this growth is expected to be driven by altcoins rather than Bitcoin.
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In today’s article, we’ll analyze the daily chart of Bitcoin (BTC), Cardano (ADA), and Siacon (SC) to determine the extent of correction and the possibility of renewed recovery.
Is Bitcoin (BTC) Price Poised For Further Downfall
The largest cryptocurrency by market cap Bitcoin has witnessed a sharp correction in the last two weeks, with its price dropping from $49000 to $40500, accounting for a 21% loss.
The selling pressure is largely due to Grayscale selling its holdings, responding to investors offloading GBTC ETF shares. The declining price has recently breached the support trendline of a rising wedge pattern, strengthening the seller’s grip over this asset.
The Bitcoin price losing support that bolstered nearly two months of recovery could intensify selling pressure and plunge the coin to $38100. This support wavering close to the 50% Fibonacci retracement level could create a solid foothold for buyers to counterattack.
The coin price above 100-and-200-day EMA reflects the long-term view on this asset remains bullish.
Bullish Pattern at Key Support Sets Cardano (ADA) Price for 40% Rally
ADA, Cardano’s native cryptocurrency, has demonstrated notable resilience amidst the recent market downturn, effectively maintaining its value in the $4.8-$4.6 support range. This support level aligns with the 50% Fibonacci retracement level, suggesting that the altcoin is undergoing a healthy correction, a necessary phase before potentially initiating a new surge.
Using the $4.8 as base support, the Cardano price is forming a bullish reversal pattern called the double bottom pattern.
Moreover, in a recent tweet from @ali_charts, an ‘X’ account run by a renowned crypto analyst highlights the Cardano whales bought over 14 million $ADA, worth around $8.40 million, amid this correction phase.
Thus, with a higher possibility of a bullish reversal, the buyers may drive a 25% rally to hit the pattern’s neckline resistance at $0.61. A successful breakout above this barrier will bolster buyers for higher recovery and surpass the last swing high of $0.677.
High-Momentum Rally Is Siacoin (SC) Price Eyes $2.5 Next
Amid the broader market recovery, the Siacoin price entered an aggressive recovery mode in mid-October 2023. Initiated around $0.0028, the coin price rallied 364% within 100 days to currently trade at $0.013.
Moreover, a look at the daily time frame chart shows, that the SC price is developing a well-known bullish reversal pattern called rounding bottom. This chart setup indicates the bottom formation in an asset and provides a new entry opportunity with a neckline breakout.
The rising SC price has recently breached a significant resistance level of $0.0122, offering a new stepping stone to lead to another 12.5% surge to challenge the neckline resistance of $0.0147.
Should Siacoin effectively breach this key resistance level, it would signal a stronger confirmation of the trend reversal and bolster buyers to chase a potential target of $0.275.
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