Key Takeaways:
- Cryptocurrency markets continued their slow recovery rally on Dec 1.
- Altcoins like SHIB, DOGE, ADA, and ALGO witnessed sell-offs, while CREAM started 2022's last month on a high note.
NEW DELHI (CoinChapter.com) — The cryptocurrency market continued its recovery, but low-cap crypto tokens like SHIB, DOGE, ADA, and ALGO witnessed sell-offs. However, Cream Finance’s CREAM token started 2022’s last month on a high note.
Bitcoin’s (BTC) price ended Nov after closing above $17,000 after nearly three weeks of struggling with the price level. The price increase might indicate that the selling pressure from the FTX contagion might be waning.
Moreover, Bitcoin’s small investors have not dumped their holdings but have been accumulating since the FTX collapse. According to Glassnode data, small retail investors with fewer than 1 BTC bought 96,200 BTC tokens since the FTX crash.
In addition, wallets holding 1 to 10 BTC tokens bought more than 191,600 BTC in the past month. However, despite the buying spree, it is unlikely BTC price would mount a steep recovery.
The US CPI data and the Federal Reserve policy decision, due in the second week of Dec, might cast bearish headwinds for the crypto markets.
1. Shiba Inu (SHIB) Price Prediction
Meme token Shiba Inu’s native token SHIB price continues to struggle against its 20-day EMA (red wave). As a result, SHIB price dropped 2% to the day’s low of $0.00000919 on Dec 1, after the 20-day EMA resistance near $0.00000943.
If the sell-off continues, the SHIB crypto price might drop to test support near $0.0000089. Moreover, breaching below the immediate resistance could force the Shiba Inu token to $0.0000084 before recovering.
Meanwhile, the momentum-oscillator MACD forecasts a bullish signal for the Shiba Inu crypto token. Positive bars on the MACD histogram are expanding, indicating the MACD line (difference between 12-day and 26-day EMA) moves away from the MACD signal line (9-day EMA of MACD).
Expanding positive bars indicate increasing bullish momentum for the SHIB price.
However, for SHIB to mount an uptrend, the crypto token would need to break and hold above immediate resistance from its 20-day EMA before SHIB price can target resistance from its 50-day EMA (purple wave) near $0.00001 before downside corrections pare gains.
2. Dogecoin (DOGE) Price Prediction
The prime memecoin, DOGE, had been on a nine-day uptrend between Nov 22 and 30. However, the canine-themed crypto token started Dec on a bearish note as the DOGE price fell 5.4% to a low of $0.1021 on Dec 1.
However, the lower wick on the day’s daily candle indicates DOGE bulls remained active near the lower price levels. If DOGE bulls continue pushing prices upward, the Dogecoin crypto token might break above immediate resistance near $0.108.
Additionally, consolidating above immediate resistance could help DOGE rise to challenge resistance near $0.117 before downside corrections pare gains.
Another bullish cue for the Dogecoin crypto might come if the token’s 50-day EMA (purple wave) needles above 200-day EMA (green wave) to form a bullish pattern called the golden cross. Traders consider the pattern an indicator of positive market sentiment.
Also Read: XRP Price Breaking This Confluence Resistance Could Spark Strong Surge
Meanwhile, the relative strength index for DOGE remains neutral, with a value of 61.41 on the daily chart. Though currently neutral, the RSI is near the overbought threshold of 70. An overbought RSI often precedes a bearish trend reversal.
Thus, if traders start selling, the Dogecoin crypto price might drop to test support near $0.102. Breaching below immediate support could result in the DOGE price falling more than 10% to reach $0.93 before recovering.
3. Cardano (ADA) Price Prediction
Cardano’s native token, ADA, tested multi-month descending trendline support for the eighth time since May 2022. As a result, ADA price rose 3.24% on Nov 30 but failed to flip the 20-day EMA (red wave) resistance near $0.33.
Moreover, on Dec 1, ADA price dropped nearly 2% to reach a low of $0.314 before bulls recovered some ground. However, the Cardano crypto token would need to break above its 20-day EMA resistance to start an uptrend.
Breaking above the immediate resistance might help ADA price challenge resistance from its 50-day EMA (purple wave) near $0.36.
Meanwhile, the momentum-oscillator MACD continues to be bullish for the Cardano crypto token. Positive bars on the MACD histogram are expanding, indicating the MACD line (difference between 12-day and 26-day EMA) moves away from the MACD signal line (9-day EMA of MACD).
Expanding positive bars indicate increasing bullish momentum for ADA price.
However, the negative slope of the EMA trendlines highlights the bearish pressure against the Cardano token. If the bears continue to sell, ADA might be forced to re-test support from the descending trendline near $0.31.
Breaking below the trendline support might induce a sell-off that could see the Cardano token drop to $0.285 before recovering.
4. Cream Finance (CREAM) Price Prediction
Cream Finance’s native token CREAM started Dec by jumping 68.4% to a high of $21.5 before downside corrections pared gains. In addition, the Cream Finance crypto token rose more than 73% to reach a high of $18.1 before bears started to book profits.
The CREAM token’s recent price action left its 20-day EMA (red wave) poised to needle above its 50-day EMA (purple wave) and form a bullish pattern called the golden cross. Buyers usually enter the market once the pattern forms, considering the golden cross a positive market sentiment indicator.
If the CREAM price rises, the crypto token might break above its immediate resistance near $17.7 before moving to challenge resistance from its 200-day EMA (green wave) near $21.3 before downside corrections pare gains.
Meanwhile, the RSI for CREAM remains bullish, with a value of 66.1 on the daily charts. However, the RSI trendline is dangerously close to crossing into overbought territory, which might result in traders starting to sell, anticipating an impending trend reversal.
Also Read: Cryptocurrency Billionaire Died in a Suspicious Helicopter Crash Outside Monaco
The sell-off might force the CREAM price to test support from its 100-day EMA (blue wave) near $13.8.
Additionally, breaking below the 100-day EMA support might result in the Cream Finance token falling to test the support confluence of 20-day EMA (red wave) and 50-day EMA (purple wave) near $10.7 before recovering.
5. Algorand (ALGO) Price Prediction
ALGO price fell nearly 3.6% to a low of $0.24 on Dec 1. The Algorand crypto token has been crabbing since Nov 22.
Meanwhile, the momentum-oscillator MACD charted a bullish crossover for the Algorand crypto token. A bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) needles above the MACD signal line (9-day EMA of MACD).
Moreover, expanding positive bars indicate increasing bullish momentum for the ALGO price.
If buyers enter the market, ALGO’s price might challenge resistance near $0.25. A break and hold above immediate resistance might help the Algorand crypto price target resistance from its 20-day EMA (red wave) near $0.27 before retreating.
Conversely, if bears continue selling, the Algorand token might fall to test support near $0.233. Moreover, breaching below the immediate support level could see the ALGO price drop more than 10% to reach $0.215 before recovering.
