YEREVAN (CoinChapter.com) – The cryptocurrency market has printed red candles on the charts since Nov 6, following Bitcoin’s bearish vector. The top 15 digital assets were not an exception. However, some lost more valuation than others. Thus, the biggest losers of Nov 8 in terms of their price were Dogecoin (DOGE), Solana (SOL), Shiba Inu (SHIB), XRP, and Ethereum (ETH). Here are a few details:
#1 Dogecoin (DOGE) Price Prediction
As CoinChapter reported in the previous Dogecoin review, in late October, the alpha meme coin mooched off Elon Musk’s attention in late October and rallied nearly 180%. DOGE/USD hit $0.158 on Nov 1 but erased 58% of its valuation since. As a result, the Dogecoin price stood at $0.101 on Nov 8, after a 12% daily drop.
Notably, the Dogecoin token broke out of the ‘descending channel’ formation it traded in since July 2021. In detail, the channel featured two dropping parallel trendlines that took the DOGE price incrementally lower through consecutive support and resistance retests.
In case of further decline, the next two supports for Dogecoin price would stand at approximately $0.08 and $0.05.
#2 Solana (SOL) Price Prediction
Solana token SOL price had a rough year as well, dropping from $143 in Apr to $28 on Nov 8, a 10% drop in the previous 24 hours. The token saw competitors, Optimism and Arbitrum, flip Solana in terms of total value locked (TVL). Meanwhile, SOL got headwinds from technical indicators, forming a ‘descending triangle’ in late May, best visible on the daily chart.
In detail, the said triangle features a descending resistance connecting swing highs and a horizontal support joining swing lows. The height of the triangle’s thickest section determines the price target. Thus, the target price for SOL would stand at approximately $3.5.
Moreover, the increased selloff pressure backs the bearish prediction, as evidenced by the spiking red trading volumes on the chart above.
#3 Shiba Inu (SHIB) Price Prediction
Much like Dogecoin, Shiba Inu (SHIB) broke out of a descending channel on Oct 26. However, a decline followed, and Shiba Inu (SHIB) price settled at $0.000010 on Nov 8, dropping nearly 8% in the previous 24 hours.
Furthermore, Shiba Inu is susceptible to Bitcoin volatility in addition to its own. In uncertain times it is likely to follow the ubiquitous trend in the crypto market. Thus, SHIB traders should watch the BTC charts to determine the upcoming Shiba Inu vector.
#4 XRP Price Prediction
As CoinChapter reported previously, XRP is the 6th largest crypto by market cap and has managed a near 50% uptrend since early September amid the ubiquitous drawdown on the market. As a result, XRP/USD exchange rate stood at $0.43 on Nov 8, after a 6% daily drop. Moreover, the token formed a bullish setup dubbed the ‘falling wedge’ that could take the XRP price into a 200% rally in 2023.
The falling wedge entails two falling trendlines that enclose the price action through consecutive retests. Moreover, the height of the triangle’s thickest section determines the price target, pinning it at $1.7 for XRP.
Admittedly, the upside move is not likely to happen before the end of 2022, given global economic headwinds. The declining trading volumes on the daily chart back the short-term bearish prognosis. thus, should the digital asset fall in the upcoming sessions, the next likely support would stand at $0.22, or 50% lower than the current value.
#5 Ethereum (ETH) Price Prediction
Ethereum token Ether (ETH) price generally followed Bitcoin’s lead and stood at just below $1,500 on Nov 8, after a 5% daily decline. Additionally, ETH formed a similar pattern to XRP, a falling wedge, with a target price at $4,000.
However, much like XRP, the Ethereum token is not likely to pull off an independent three-digit rally. Should Bitcoin recover, most leading altcoins will follow. And vice versa, if the flagship crypto drops, susceptible to macroeconomic turbulence, it will drag the rest of the digital assets down for the ride.
