Crypto Price Prediction
The cryptocurrency market is currently experiencing a correction phase due to concerns surrounding the Bitcoin ETF launch and Grayscale’s liquidation of its Bitcoin holdings. However, Fibonacci retracement analysis suggests that the dip in leading cryptocurrencies is within a healthy range, indicating the possibility of a market rebound.
The U.S. SEC has recognized proposals from Nasdaq and Cboe to initiate options trading on Bitcoin ETFs, which could be approved as early as the end of February. This development has been met with surprise and optimism from Bloomberg’s ETF analyst.
Given these developments, Ethereum (ETH), Chainlink (LINK), and Akash Network (AKT) are worth monitoring for potential long positions.
New Found Support Bolsters Ethereum (ETH) Price Rally for 20% Surge
Ethereum recently broke out from a five-week consolidation period and reached $2700 before retracing to $2469. The $2430 level has now become a support level, potentially leading to a post-correction rally targeting the $3000 mark. The daily RSI slope indicates positive market sentiment.
Here’s Why Chainlink (LINK) Price May Extend Recovery to $20
Chainlink has shown resilience amid the recent market sell-off and has surged by 10.3% in the last 48 hours. An inverted head and shoulders pattern in the 4-hour chart suggests a potential shift in market sentiment, with a breakout above the $16.2 resistance level potentially sparking a buying surge and pushing the price towards $20. The MACD indicator also shows bullish crossover.
Akash Network (AKT) Price Set for 30% Jump Amidst Recurring Market Behavior
Akash Network’s AKT coin has been on a recovery path since mid-October, with intermittent pullbacks indicating sustainable growth. The coin has formed flag patterns during these pullbacks, signaling a potential upcoming rally. On January 19th, AKT broke out from a flag pattern and confirmed the continuation of its upward trend. The 20-day EMA slope acts as solid support during market corrections.
Hot Take: Crypto Market Correction Presents Buying Opportunities
The ongoing correction in the cryptocurrency market has created buying opportunities for traders. Despite concerns surrounding the Bitcoin ETF launch and Grayscale’s Bitcoin holdings liquidation, there are positive developments such as the recognition of options trading proposals by the SEC. Ethereum, Chainlink, and Akash Network are worth monitoring for potential long positions as they show signs of recovery and have strong support levels. It’s important to closely watch market trends and indicators to make informed investment decisions.
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