November Bullish Month, but Bearish Outlook for These 3 Cryptos in December
In November, the cryptocurrency market experienced a bullish trend. However, there are three cryptocurrencies that are expected to face a negative outlook in December.
Celestia (TIA) Falls After All-Time High
TIA saw a significant increase in price starting on November 10, reaching a new all-time high of $7.42 on November 18. However, the altcoin has since fallen.
A bearish divergence in the RSI preceded the fall. The RSI is a momentum indicator that helps traders determine if a market is overbought or oversold. In this case, it suggests a bearish trend reversal.
If the decline continues, TIA could fall by another 20% to reach the $4.30 support area.
There is also a head and shoulders pattern indicating further decrease.
Arweave (AR) Upward Movement Comes to an End
AR experienced significant price appreciation since October 20, reaching a high of $9.30 on November 19. However, the price created a long upper wick on that day, indicating selling pressure.
Bearish divergence in the RSI also suggests a potential drop in price.
If the decline continues, AR could fall by another 20% to reach the nearest support at $6.
Analysts also predict a fall to $6 before resuming an increase.
PancakeSwap (CAKE) Concludes Bearish Cryptos in December
CAKE has seen a rapid upward movement since October 16, but it failed to sustain its increase and fell below the $2.50 resistance level.
Bearish divergence in the RSI and a breakdown from a support trend line further support a bearish outlook for CAKE.
If the drop continues, CAKE could fall by another 20% to the 0.5-0.618 Fib retracement support levels at $1.73-$1.94.
Hot Take: Bearish Outlook for These Cryptos in December
Despite the bullish trend in November, Celestia (TIA), Arweave (AR), and PancakeSwap (CAKE) are expected to face a negative outlook in December. Technical indicators such as bearish divergences and breakdowns from support levels suggest potential price drops for these cryptocurrencies. However, it’s important to note that if certain resistance levels are reclaimed or breakout patterns emerge, these bearish predictions may be invalidated. Traders should closely monitor these cryptos and adjust their strategies accordingly.
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