Key Takeaways:
- Cryptocurrency prices started the current week in the red.
- Altcoins like SHIB, DOGE, XRP, MATIC, and DOT struggle to reduce the selling pressure.
NEW DELHI (CoinChapter.com) — The cryptocurrency markets continue their struggle to recover from the FTX-Alameda contagion. Altcoins like Shiba Inu (SHIB), Dogecoin (DOGE), Ripple (XRP), Polygon (MATIC), and Polkadot (DOT) started the current week with red candles.
Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) failed to move above immediate resistance as the market sentiment continued to tilt toward fear. The downtrend shaved 3% off the total crypto market cap, which reached $818.93 billion at writing time.
Despite the downturn, analytics firm Chainanalysis noted that the cryptocurrency ecosystem might emerge stronger from the ongoing turmoil. The Twitter post compared the collapse of FTX to that of the crypto exchange Mt. Gox.
When we boil it down to market fundamentals, we can see that cryptocurrency has survived worse than the fall of FTX. There’s no reason to think the industry can’t bounce back from this, stronger than ever
Chainalysis’ research lead Eric Jardine wrote in a Twitter thread
Jardine highlighted that when Mt. Gox fell, centralized exchanges accounted for most of the cryptocurrency exchange flows. However, by 2022, decentralized exchanges (DEX) accounted for almost half of the exchange inflows.
1. Shiba Inu (SHIB) Price Prediction
The meme token Shiba Inu price has failed to move above dynamic resistance from its 20-day exponential moving average (20-day EMA, red wave). On Nov 28, SHIB’s price fell 6.1% from the day’s high of $0.00000935 to a low of $0.00000878 before bulls recovered some of the lost ground.
Despite the long bottom wick on Nov 28’s daily candle, the downward-sloping EMA trendlines highlight the strong bearish pressure for the meme crypto token. If the sell-off continues, SHIB’s price might fall to test support near $0.0000088.
Moreover, if the Shiba Inu token price breaks below immediate support, the meme token might drop 7.2% to support near $0.00000841 before the price recovers.
Meanwhile, the relative strength index for Shiba Inu remains neutral, with a value of 43.55 on the daily chart. The RSI trendline has been moving horizontally.
Conversely, if bulls want to start an uptrend, SHIB price would need to conquer immediate resistance from the 20-day EMA (red wave) near $0.00000943. Conquering immediate resistance would help the Shiba Inu token rise to resistance near $0.00001 before downside corrections pare gains.
2. Dogecoin (DOGE) Price Prediction
The first meme token, Dogecoin (DOGE), enjoyed a six-day-long uptrend since Nov 22. The rally helped DOGE price reach an intraday high of $0.108 on Nov 27 from Nov 22’s low of $0.073.
However, DOGE’s bullrun skidded to a halt on Nov 28, with the meme crypto falling nearly 8% between intraday high ($0.0996) and low ($0.0918) levels. If the crypto token continues depreciating, the DOGE price might fall to test immediate support near $0.092.
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Moreover, a marketwide sell-off to book profits from the recent bullrun could result in the Dogecoin token price dropping 8.5% from current levels to test the support confluence of its 50-day EMA (purple wave) and 200-day EMA (green wave) near $0.086 before recovering.
The relative strength index remains neutral, clocking at 54.79 on the daily charts. However, Nov 28’s drop saw the RSI trendline sloping downward.
Meanwhile, if the bulls start buying Nov 27’s dip, the meme crypto might rise to challenge resistance near $0.097. Breaking and consolidating above immediate resistance could provide the DOGE price the momentum needed to target resistance near $0.106 before downside corrections pare gains.
3. Ripple (XRP) Price Prediction
Ripple’s native token, XRP, had formed a bullish technical pattern called the ascending triangle pattern. A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows forms an ascending triangle pattern. Volume helps determine if a breakout is strong.
Although the XRP price broke out of the pattern, the breakout happened at low volumes, and therefore, bulls failed to sustain the uptrend. As a result, the Ripple crypto token price fell 7.5% between its intraday high ($0.399) and low ($0.373) on Nov 27.
Moreover, the drop brought the XRP price back inside the triangle pattern, confirming the token’s fakeout. If the downtrend continues, XRP might end up testing support near $0.368.
Additionally, breaking below immediate support would result in the Ripple crypto price invalidating its triangle setup. The resulting sell-off might force the XRP price to support near $0.351 before recovering.
Conversely, if bulls start an uptrend, the Ripple crypto price would face immediate resistance from its 20-day EMA (red wave) near $0.396.
Breaking and holding above immediate resistance with good volumes would confirm the triangle setup, helping XRP price challenge rise to challenge resistance from its 50-day EMA near $0.414.
Meanwhile, the Ripple crypto’s RSI remains neutral, with a value of 43.93 on the daily charts.
4. Polygon (MATIC) Price Prediction
Polygon’s native token MATIC flipped its multi-month ascending trendline support into resistance on Nov 20. Since then, the Polygon crypto has been unable to move above the ascending trendline resistance.
Furthermore, MATIC’s recent price action has resulted in its 20-day EMA (red wave) poised to needle below the token’s 100-day EMA (blue wave), forming a bearish pattern called the death cross. Traders often consider the pattern an indicator of negative market sentiment and a sell signal.
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Hence, MATIC’s price might fall to test support near $0.8 due to the bearish pressure. Breaking below immediate support might result in the Polygon crypto price drop to test support near $0.75 before recovering.
Conversely, if the bulls start an uptrend, the Polygon crypto might target resistance near $0.85.
Moreover, a break and hold above immediate resistance could help MATIC price rise to challenge the resistance confluence of its 20-day EMA (red wave) and 100-day EMA (blue wave) near $0.88 before the trendline resistance rebuffs the Polygon crypto’s uptrend.
Meanwhile, MATIC’s RSI remains neutral, clocking at 43.26 on the daily charts.
5. Polkadot (DOT) Price Prediction
The Polkadot (DOT) token price has been crabbing since Nov 20 after confirming the bearish pennant pattern. On Nov 28, the Polkadot crypto price swung 4.71% between intraday high ($5.31) and low ($5.06) levels before bulls recovered some of the lost ground.
However, if the downtrend continues, DOT price might fall to test support near $5.02. Breaching below immediate support could result in the Polkadot crypto price falling nearly 9% to support near $4.75 before recovering.
On the other hand, the long lower wick on Nov 28’s daily candle suggests a strong bullish presence near the lower price bands. If bulls start an uptrend, the Polkadot crypto token might target resistance near $5.44.
A break and hold above immediate resistance might help DOT price rise to challenge resistance from its 20-day EMA (red wave) near $5.7 before downside corrections pare gains.
The Polygon crypto token’s RSI remained neutral, with a value of 37.04 on the daily charts.
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