Crypto Price Prediction: The ongoing correction in the crypto market could recuperate the exhausted bullish momentum and offer a pullback opportunity.
Crypto Price Prediction: After witnessing a strong recovery for the past 8 weeks, the crypto market pauses to recuperate the exhausted bullish momentum. This post-rally correction is evident with the Bitcoin price reverting from $44,500 trying to stabilize to a recent gain.
As this correction lies within the safety net of the retracement tool for the majority of major cryptocurrencies, the overall bullish trend remains intact. Thus, a selective token like Terra Classic(LUNC), Bonk(BONK), and Injective(INJ), holds a high potential to make a strong comeback.
The global cryptocurrency market capitalization currently stands at $1.59 trillion, reflecting a slight decrease of 0.77% over the past day. Additionally, the total trading volume in the crypto market over the last 24 hours has been $46.86 billion, representing a 14.75% decrease.
Terra Classic Price Analysis: Combined Support Sets a Strong Rebound
Amid the prevailing market volatility, the Terra Classic price experienced a significant downturn, retreating from the $0.00028 level. Over two weeks, the altcoin plummeted by 42.6%, finally finding reliable support at $0.00016.
This level corresponds with the 50% Fibonacci retracement, suggesting a strong interest zone and indicating a constructive pullback. A successful breach above the immediate resistance at $0.000203 could pave the way for buyers to target the $0.00028 mark, potentially signaling a bullish resurgence.
Additionally, the 20-day Exponential Moving Average at $0.00016 lends further support to the likelihood of an upward trajectory.
BONK Price Analysis: Healthy Retracement May Resume Buying Pressure
Defying the broader market’s uncertainty, the Solana-based meme token BONK has emerged as one of the top performers in December 2023. The coin’s value soared by an astounding 818%, climbing from $0.0000038 to a peak of $0.000035.
This surge gained further momentum following announcements of listings on major cryptocurrency exchanges. However, the BONK price is currently undergoing a correction phase, dropping its value by 38% to $0.0000216.
Should the downward pressure continue, the coin might decline by an additional 17.8% to reach a support level of $0.000018, aligning with the 50% Fibonacci retracement level. A rebound from this support level could indicate a revitalization of the bullish sentiment, potentially driving the price back towards $0.00035.
The upper boundary of the Bollinger Bands may further confirm this buying trend.
Injective Price Analysis: Will $INJ Recovery Extend to $50?
In the weekly timeframe, Injective (INJ) displays a rounding bottom pattern, which, along with a broader market upswing, has contributed to a gradual increase throughout the year. The coin’s recovery accelerated in late October, culminating in a decisive breach of the $25.4 resistance on December 13.
This Breakout signal is a major signal in a trend reversal, offering long-entry opportunities to market participants. Currently trading at $29.7, the INJ price might experience a slight retracement. If it manages to hold above the recently surpassed resistance level, there’s potential for a 68% rally toward a target of $50.
However, the Average Directional Index reading at a high 49% suggests a possible exhaustion among buyers, possibly leading to a minor pullback.