Crypto Price Prediction: The cryptocurrency market has recently been undergoing a correction phase, accelerated by the Bitcoin price drop below $42,000. This downward trend is largely driven by concerns surrounding the Bitcoin ETF launch, which is perceived as a possible ‘sell-the-news’ event, alongside Grayscale’s liquidation of its Bitcoin holdings.
Despite this, a closer examination using the Fibonacci retracement tool suggests that the current dip for many leading cryptocurrencies remains within a healthy retracement range. This observation hints at the possibility of market participants consolidating their positions, potentially setting the stage for a market rebound.
In a recent development, the U.S. Securities and Exchange Commission (SEC) has recognized proposals from Nasdaq and Cboe to initiate options trading on Bitcoin exchange-traded funds (ETFs).
Bloomberg’s ETF analyst, James Seyffart, has remarked on the surprising swiftness of Nasdaq’s response to this development.
The SEC has already acknowledged the 19b-4’s requesting the ability to trade options on spot #Bitcoin ETFs. This is faster than the SEC typically moves. Options could be approved before the end of February if the SEC wants to move fast?…
AT ABSOLUTE EARLIEST options still ~27+ days away
In light of these developments and the optimistic outlook for the near future, crypto traders can closely monitor Ethereum (ETH), Chainlink (LINK), and Akash Network (AKT), as they could present promising opportunities for new long positions.
New Found Support Bolsters Ethereum (ETH) Price Rally for 20% Surge
Ethereum (ETH) Price| TradingView Chart
Amid the launch week of Bitcoin ETF, the second largest cryptocurrency Ethereum witnessed info, which led to a decisive breakout from $2430. This breakout ended a five-week-long consolidation(blue) and released the build-up momentum for higher recovery.
However, with the current market correction, the Ethereum price topped $2700 and retraced 9% to currently trade at $2469 mark. This $2430 level flipped into potential support and bolstered buyers to sustain their growth and counter-attack.
If the buyers manage to hold the new support, the post-correction rally may chase the $3000 mark.
The daily RSI slope above 50% indicates the market sentiment remains positive.
Here’s Why Chainlink (LINK) Price May Extend Recovery to $20
Chainlink (LINK) Price| TradingView Chart
Chainlink, currently the 14th largest cryptocurrency by market cap, has shown remarkable resilience amid the recent crypto market sell-off. Maintaining a stable position above $14.2, LINK’s price surged by 10.3% in the last 48 hours, now trading around $15.9.
This upward movement aligns with the near-completion of an inverted head and shoulders pattern in the 4-hour chart. This pattern signifies a potential shift in market sentiment, paving the way for a stronger recovery led by buyers.
If the Chainlink price breaks out above the $16.2 neckline resistance, it could spark a surge in buying activity, potentially increasing its value by 22% to reach the $20 mark.
Reinforcing this optimistic trend, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, indicating a return of positive sentiment toward the asset.
Akash Network (AKT) Price Set for 30% Jump Amidst Recurring Market Behavior
Akash Network (AKT) Price| Tradingview
Akash Network’s coin, AKT, has been on a robust recovery path since mid-October 2023, beginning with a bounce from $0.74. In three months, the coin surged nearly 288%, now trading around $3.84.
This rally, marked by intermittent pullbacks, showcases sustainable growth as buyers rejuvenate during these periods. The AKT price has formed a pattern of flags in these pullbacks, signaling early signs of an upcoming rally.
On January 19th, AKT broke out from a flag pattern, confirming the continuation of its upward trend. In a favorable market, this recovery could extend by about 30%, targeting the $3.7 mark.
The 20-day EMA slope continues to act as solid support during market corrections.
Related Articles:
- Bitcoin Prepares for Potential Pre-Halving Correction
- Bitcoin ETF: Fierce Competition Between BlackRock And Fidelity As Volume Jump
- Spot Bitcoin ETFs See Inflows of $33.1 Million on Day 6
