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Market Outlook
The cryptocurrency market has seen significant movements over the past few days. Here’s an analysis of the current trends and predictions for each coin.
Bitcoin (BTC)
There’s no specific mention of Bitcoin’s price movement, but we can expect it to influence the overall market sentiment.
Altcoins Analysis
Dogecoin (DOGE)
- DOGE rebounded off the support line of the ascending channel pattern on Dec. 3.
- The upsloping moving averages and RSI in the positive territory indicate that bulls have the upper hand.
- Buyers will try to push the price toward the resistance of the range, where bears are likely to step in.
- If the bounce fails to sustain, it will suggest that bears are selling on minor relief rallies.
Cardano (ADA)
- The long wick on Cardano’s ADA Dec. 3 candlestick shows that bears aggressively sold the rally above $1.25.
- A positive sign for bulls is that they have not ceded much ground to bears, indicating that buyers anticipate the up move to continue.
- If the price breaks above $1.33, the ADA/USDT pair could surge to $1.50.
- Conversely, if the price turns down and breaks below $1.14, it will signal that bulls are losing their grip.
Shiba Inu (SHIB)
- Shiba Inu successfully held the retest of the breakout level from the symmetrical triangle pattern on Dec. 3, indicating a positive sentiment.
- There is minor resistance at $0.000033. If buyers overcome this barrier, the SHIB/USDT pair could rally to $0.000039.
- Bears are expected to fiercely defend the level, but if bulls prevail, the up move could extend to $0.000047.
Other Coins
- Dogecoin (DOGE) – possible decline to $0.33 and then to $0.27
- Cardano (ADA) – possible decline to 20-day EMA ($0.96)
- Avalanche (AVAX) – possible rally to $60 and then to $65
- Toncoin (TON) – possible rally to $8.29, but bears are expected to mount a strong defense.
- Shiba Inu (SHIB) – possible rally to $0.000039, but bears may defend the level.
Market Outlook
The overall market sentiment is bullish, with most coins showing upward momentum. However, there are still risks involved, and investors should conduct their own research before making a decision.
