Key Takeaways:
- The cryptocurrency market registered a minor recovery on Nov 24.
- Altcoins like SHIB, ADA, MATIC, and XRP failed to register gains.
NEW DELHI (CoinChapter.com) — Cryptocurrency markets recovered slightly on Nov 24, but altcoins like SHIB, ADA, MATIC, and XRP continue to face bearish pressure. Cryptocurrency investors remain nervous about the increasing impact of FTX’s collapse on other blockchains and crypto firms.
As a result, the market is unlikely to see an uptrend until the FTX FUD clears. Furthermore, the FTX-Alameda contagion broke the correlation between the US equities market and Bitcoin (BTC) price action.
Meanwhile, Sequoia’s VC, Doug Leone, warned of a market downturn worse than the economic downturn of 2000 or 2008. However, the downturn has not robbed the crypto market of its supporters.
Billionaire investor and hedge fund manager Bill Ackman that crypto is here to stay, but the sector would require proper “oversight and regulation.”
Moreover, Ackman noted that crypto tokens would benefit society and help grow the global economy. However, the hedge fund manager noted that the crypto sector needs to improve in terms of its ability to detect and inhibit frauds and hacks, protecting investor interests.
1. Cardano (ADA) Price Prediction
Cardano’s native token, ADA, rebounded off multi-month descending trendline support on Nov 22. ADA price has tested the trendline support multiple times since May 2022.
However, the Cardano token dropped more than 3.1% between the intraday high ($0.32) and low ($0.31) on Nov 24. If the downtrend continues, the crypto token price might fall to support near $0.305.
Moreover, the failure of immediate support might see Cardano token price flip the multi-month trendline support into resistance, resulting in ADA price dropping to test support near $0.28 before recovering.
Conversely, an uptrend would take ADA price to challenge resistance from its 20-day EMA (red wave) near $0.33. Breaking and consolidating above immediate resistance might help the Cardano token price rise to $0.36 before downside corrections pare gains.
Meanwhile, the relative strength index for the crypto token remains neutral, with a value of 38.38 on the daily chart.
2. Shiba Inu (SHIB) Price Prediction
Meme token Shiba Inu price has been moving below its 20-day EMA (red wave) resistance since Nov 13. SHIB price mimicked the wider crypto market recovery, jumping 11.4% between Nov 22’s low ($0.00000818) and Nov 23’s intraday high ($0.00000911).
However, bears started selling on Nov 24, forcing the SHIB token price to fall to an intraday low of $0.0000089, a drop of nearly 3.2% from the day’s high of $0.00000919. If the sell-off continues, the meme crypto price might end up testing support near $0.0000087.
Needling below immediate support might result in holders panic dumping their tokens, forcing the Shiba Inu token to drop to $0.0000078 before recovering.
Conversely, if bulls manage to defend immediate support and push prices up, the Shiba Inu crypto price would face resistance from its 20-day EMA near $0.0000095.
Also Read: Ethereum Price Smashes Key Resistance But It’s Too Early To Call A Bottom
However, a break and hold above immediate resistance might help SHIB price challenge resistance from its 50-day EMA near $0.0000103 before downside corrections pare gains. Meanwhile, SHIB’s RSI remains neutral, clocking at 41.34 on the daily chart.
3. Ripple (XRP) Price Prediction
Ripple’s XRP token has formed a bullish technical pattern called the ascending triangle. 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.
In an ideal world, buyers would enter the market as the trendlines close the gap, pushing prices above horizontal resistance with heavy volumes. Unfortunately, a low-volume breakout on the upside will likely fail, resulting in a pullback.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. Therefore, XRP price might jump more than 26% from current levels to $0.48. But, the cryptocurrency token’s declining volumes might have bulls worried about a fakeout.
XRP price swung 2.7% between intraday high ($0.38) and low ($0.37) on Nov 24, halting a three-day-long recovery rally of the token. However, the long bottom wicks on recent daily candles suggest a strong bullish presence near the lower levels.
Hence, the Ripple crypto price might start rising later in the day. However, an uptrend by the Ripple token would first encounter resistance from its 20-day EMA near $0.39. A break and hold above immediate resistance would help XRP price target resistance near $0.41 before retreating.
Conversely, if XRP fails to start an uptrend, the Ripple token might fall to support near $0.37. Breaking below immediate support would invalidate the bullish triangle setup, resulting in a sell-off that could force the cryptocurrency token price to $0.35 before recovering.
Meanwhile, XRP’s RSI remains neutral, clocking at 44.7 on the daily chart.
4. Polygon (MATIC) Price Prediction
Polygon’s native token MATIC flipped multi-month ascending trendline support into resistance on Nov 20. Furthermore, MATIC’s recent price action has resulted in its 20-day EMA (red wave) poised to needle below the token’s 50-day EMA (purple wave), forming a bearish pattern called the death cross.
Also Read: Is Coinbase Global at the risk of insolvency?
Traders often consider the pattern an indicator of negative market sentiment and a sell signal. Hence, MATIC price might fall to test support near $0.83 due to the bearish pressure.
Moreover, if the immediate support fails, the Polygon token price might drop to support near $0.8 before recovering.
MATIC would need to move above the ascending trendline resistance to challenge the resistance confluence of its 20-day EMA (red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave) near $0.89.
A break and hold above the immediate resistance level could help the cryptocurrency price rise to target the resistance from its 200-day EMA (green wave) near $0.93 before downside corrections pare gains.
Meanwhile, the relative strength index for the Polygon token is currently neutral, with a value of 46.07 on the daily charts.
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