The Crypto Market Takes a Bullish Turn
Amid the Santa Claus Rally sentiment, the crypto market has seen a bullish turn recently. While Bitcoin and Ethereum have experienced weekly gains of 5-9%, several altcoins have also seen an increase in buying activity.
The global cryptocurrency market capitalization currently stands at $1.68 trillion, with a slight rise of 0.10% since yesterday. The total trading volume in the crypto market over the past 24 hours has reached $62.75 billion, representing a significant increase of 8.31%.
Furthermore, there is growing anticipation among market participants for the potential approval of a Bitcoin spot ETF. The SEC has set a deadline of December 29, 2023, for the completion of applications for a Bitcoin Spot ETF, which suggests a possible imminent approval of these highly anticipated financial instruments.
Axie Infinity (AXS) Price Prediction: A Rally Beyond $14
In the daily time frame chart, the price of Axie Infinity (AXS) shows the formation of a rounding bottom pattern. This reversal pattern, along with general bullish momentum, has led to a strong 9-week rally that has pushed the AXS price from $4 to its current trading price of $10.12.
The increasing volume and surge in funding rates further support sustainable growth in this asset. Recent data from Coinglass shows a significant jump in the AXS Funding Rates, indicating a bullish trend among traders.
With sustained buying, the AXS price is likely to rise 36.5% and reach the $14 neckline resistance. A breakout from this barrier would signal strong bullish momentum but also an increasing possibility of overbought assets.
Mina Price Prediction: A Minor Pullback Before the Next Leap
Despite uncertainty in the crypto market, the Mina token price has shown sustainability and a strong bounce back from the $7 psychological level. The coin price has risen for seven consecutive days, registering a 76% gain from its current trading price of $1.19.
The coin price has recently broken out from the $1.24 necklace resistance of a double-bottom pattern, indicating intensified buying pressure. However, there may be a minor pullback before the next leap due to profit profiling from short-term traders.
The daily time frame chart shows that the 20- and 50-day EMA have provided strong support to Mina buyers during occasional corrections.
Ordinals Price Prediction: Regaining $90?
Amid the current market uncertainty, the Bitcoin Ordinals coin has traded mostly sideways in December. However, after a robust recovery in late November, the wavering price has offered buyers an opportunity to regain bullish momentum.
A look at the daily time frame chart reveals this consolidation as the formation of a bullish pennant pattern. Today, the ORDI price witnessed a significant inflow, leading to a 41% surge and breaking past the upper trendline of the triangle.
Under the influence of this chart pattern, the ORDI price could reach potential targets of $93.8 billion and $196.5 billion. A bullish crossover between the slopes of moving average convergence divergence further supports a return to recovery sentiment for the ORDI coin.
Hot Take: Altcoins Show Potential for a Christmas Rally
The Santa Claus Rally sentiment has brought about a bullish turn in the crypto market, with Bitcoin and Ethereum leading the way. However, altcoins like Axie Infinity (AXS), Mina (MINA), and Ordinals (ORDI) have also shown strong potential for a higher rally.
The market capitalization of cryptocurrencies has seen a slight rise, while trading volume has significantly increased. Additionally, there is growing anticipation for the potential approval of a Bitcoin spot ETF by the SEC, which could generate optimism among investors.
Axie Infinity (AXS) has formed a reversal pattern and is projected to rally beyond $14. Mina (MINA) has experienced sustained growth with a potential minor pullback before its next leap. Ordinals (ORDI) is showing signs of regaining $90 and potentially reaching higher targets.
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