Crypto Price Prediction: Despite the increasing selling pressure in the market, the tokens like ICP, TRB, SEI for a new breakout opportunity.
Published 1 hour ago
Crypto Price Prediction: The last week of 2024 has been notably bearish for the crypto market, prolonging the correction phase in the majority of major cryptocurrencies. However, defying the selling pressure, crypto coins like Internet Computer(ICP), Tellor, and SEI have managed to show sustainability at higher levels, and a strong bounce back. With the increasing anticipation for Bitcoin spot approval, the broader market is likely to assist in extending recovery for these assets.
The total value of the global cryptocurrency market is currently $1.67 trillion, experiencing a growth of 1.89% in the past day. Over the last 24 hours, the overall trading volume in the crypto market has reached $43.87 billion, marking a significant decrease of 41.70%.
Also Read: Report Indicates SEC Might Contact Bitcoin ETF Applicants Early Next Week
Bullish Reversal Pattern Sets the Internet Computer(ICP) Price Rally to $20
Amid the current uncertainty in the crypto market, the Internet Computer price managed to find sustainability above the $8.5 mark. A new recovery initiated from this support surged the coin price by 60% in a week to reach a new yearly high of $13.77.
Amid this rally, the coin price gave a decisive break-out from the cup and handle pattern’s neckline resistance on December 30th, reflecting a better signal of trend reversal. An intraday jump of 10.6% provides a suitable follow-up to the breakout move, accentuating the buyers’ conviction to prolong this rally.
With sustained buying, the ICP price could rise another 78% to reach the potential target of $20. The Average Directional Index values at 52% reflect the buyers are running on exhaustion which may trigger in-between pullbacks in the anticipated ICP rally.
Has Tellor Token Hit Overbought after 2800% Surge
The Tellor (TRB) cryptocurrency has shown a significant recovery since August 2023, soaring from $9.2 to a remarkable $268, marking a 2800% increase. This impressive ascent can be attributed to a combination of factors, including increased investor accumulation and the formation of a technical pattern known as a ‘cup and handle.
The surge in TRB price is further fueled by the buyer’s breakout from the pattern’s neckline resistance at $124 and a Fear Of Missing Out (FOMO) among new traders. If the buying momentum continues, the TRB price might climb by another 7%, aiming for a target of $285. However, due to the nature of the cup and handle pattern, there’s potential for an even higher peak, possibly reaching $426.
Recent analysis from the Cilinix Crypto YouTube channel highlights Tellor’s robust performance and solid fundamentals, including increases in open interest and funding rates. However, it also points out concerns about possible market manipulation involving Tellor on various exchanges, advising caution for potential investors.
The upswing in the upper boundary of the Bollinger band indicator indicates the buying momentum is aggressive.
SEI Price Sets Minor Pullback Before the Next Leap
Defying the broader market correction, the SEI Coin price managed to hold its ground at $0.22 support and start a new recovery. The renewed buying pressure surged the coin price by 167% to reach the current trading price of $0.59.
Furthermore, a look at the daily time frame chart shows the SEI price is rising under the influence of channel patterns, resonating within two trendlines. By the press time, the SEI price traded at $0.597 and witnessed newfound supply pressure at $0.63.
The selling pressure at the upper boundary of the channel pattern reflects a possibility of a 10% drop to revisit the lower trendline. Until the chart pattern is intact, the SEI price will continue its upward trajectory, continuing to reclaim higher ground. A potential reversal from this support would surge the price above the $0.636 swing high.
The 20-and-50-day EMA can offer dynamic support to ICP price
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
