What are the cryptocurrency market charts showing that will help us determine our price predictions this week? Judging from this past week, fundamentals have played a key role in determining the price of cryptocurrency with short-term movement driven by sentiment, which dragged the total market capitalization temporarily down to $202 billion before bouncing back to $249 billion.
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The market was in a temporary corrective phase and traders were bearish on events that had short-term impact. After the initial knee-jerk reaction, traders digested the news and the pullback gave way to a rally. The market rallied 30% in three days. The series of events turned from sell off rallies to buying the dips – and the bulls were definitely busy accumulating their shares during the dips. We predict that this year a strong-rally is likely.
Let’s dive into the price predictions for this week.
Bitcoin (BTC/USD)
BTC/USD is showing signs of a trend reversal from last week’s pullback. The pair is trading at $9,391 and on the downside there is strong support at $7,371. According to the 50-day SMA, Bitcoin may go through consolidation for a few weeks. This shows that this week we don’t expect a massive rally or major pullback this week. There is a buying opportunity at the $7,500 level and if the bulls push the cryptocurrency above the $10,000 level it could cross $13,000 in the next two weeks.
NEO (NEO/USD)
NEO has registered 11.33% gains in the past 24 hours and it is leading among major cryptocurrencies. NEO has been range-bound between $20.96 and $5.58 for about a year. For the past three weeks, the price had formed a very tight range and now the pair is trading at $11.37. The coin has been trading near its weekly highs and the rally may continue this week.
Bitcoin Cash (BCH/USD)
Bitcoin Cash shows that the sentiment has turned bullish and the coin has gained 3.3% in the past 24 hours. The altcoin is currently trading at $262.69. The coin has been trading in a tight range for the past three weeks. Once the bulls broke above $275, a move to the $360 level is possible. Based on the 200-day SMA the pair is expected to pick up momentum above $360. However, in the coming week if we see the price slip below the $241, bears will take over and the downtrend will resume.
Chainlink (LINK/USD)
The LINK/USD pair crossed $2.84 again however the bulls have not been able to sustain it. This shows that the bears are defending the strong resistance level. However, if the pair slipped back below the critical support of $2.05 we expect the bears to take over in the coming week. This is a positive sign as it shows buying on dips. The bulls are likely to make another attempt to scale above $2.8 in the next two weeks. The trend will weaken if the bears break below the support at $2.05.
Market sentiment is a volatile thing and the next two weeks will determine if we’re going to have a happy new year or another long, cold crypto winter. One thing’s for certain, there was quite a bit of movement and growing excitement of the possibilities of a steady bull run over the weekend and hope springs eternal.
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