Coin Price Predictions for Solana, Cardano and Ethereum. All Set to Rebound After Recent Sell off.
Coin Price Prediction: Solana Stabilises After Steep Fall
Solana has seen a steep fall in the past couple of months thanks to the loss harvesting by traders during the fag end of the year. It made a recent high of $ 259 on 6th November and since then it has tested a low of $130 on 10th January.
Since then it is trying to stabilize over the past week, hovering between $157 and $130. Going forward, $130 is first support and if it breaks that level, $116 is a very important level as it moved higher after testing $116 on 21st September. Also, $157 is the first resistance and if it breaks on the higher side, $205 will act as the next zone of resistance.
Technically Solana is Sell from an indicator’s perspective. It is below every moving average, be it simple or exponential considering both short-term averages like 10 days and long-term averages like 100 days and 200 days.
However, when we consider the shorter time frame like 30 minutes, it is regaining strength and it is a Buy considering moving averages as an indicator. The daily pivot points for the month of January lies at $187, and it can regain upward momentum if it decisively breaks this level with a big green candle.
The good news for Solana is JP Morgan commentary which states that Solana blockchain is capturing the Non Fungible Tokens (NFT) market share at the expense of Ethereum, whose share has dropped from 95% at the start of 2021 to 80% recently due to congestion and high gas fees. This news has given short term push to Solana and stopped it from the further sell-off as seen recently in other cryptocurrencies.
Coin Price Prediction: Cardano Analysis
Cardano has given major heartbreaks to traders when it went up from $ 1.02 to $ 3.09 in a few weeks’ time from 20th July to 2nd September. Since then it has been in a direction downhill falling from $ 3.09 to $1.07 on 10th January.
The Journey has been similar to other cryptocurrencies, testing a multi-month low at the end of the calendar year 2021. It has started to rebound after 10th January and after moving up by 50% to $1.59, it is hovering around $1.41 on 20.1.2022. Which important level lies at $ 1.41?
The daily pivot point for the month of January lies at $ 1.417 and if Cardano breaks it comfortably either upwards or downwards, one can start fresh buying/ selling as applicable. Although cryptocurrencies are very volatile, pivot points do hold their importance and can trigger another big move in the following days.
The good news for Cardano is that at 10:08 UTC Cardano is up by 6.57% and has breached the pivot point comfortably. Also technically it is a Buy from a moving averages perspective as it is above all the short and medium-term averages ranging from 10 days to 50 days. Also, MACD (12,26) with Momentum (10) is indicating a Buy signal indicating the recently developed push post 10th January.
It is very important to note that $1.07 is very important to support going forward as a coin has reversed from the downward journey from $1.07 twice, on 20th July 2021 and 10th January 2022. Also, $1.59 is the next resistance post $1.41 and if it breaks comfortably towards the upside, then $1.75 is the next resistance. $2.37 can be the target in the coming months if it sustains the upside movement.
Cardano is positioned very well from a technical perspective to give a big move in the coming weeks and it has started on a positive note post 10th January, now it is a wait and watch situation before it sustains the breakout of the pivot level.
Coin Price Prediction: Ethereum Analysis
Ethereum has robust blockchain support for smart contracts and NFTs. However, its journey over the past year has been volatile as it rose from $1718 to $4868 in a span of fewer than four months between July to November. It has since fallen to the September 2021 level of $3250. Currently, it is trading with a positive bias and is keen to test the 200 EMA level of $3473. Currently, it is trading at $3256 at 10:56 UTC on 20.1.2022 and is hovering between $3000 and $3400.
But, from a technical perspective, investors should press the Sell button as it is trading below all the moving averages, simple and exponential and other indicators like MACD (12,26), RSI (14) are all neutral and it cautions us before entering Ethereum at this level. Add to it, the commentary of JP Morgan not favoring Ethereum in terms of NFT and its market falling from 95% to 80% due to congestion and high gas fees.
Going forward, $3000 will act as first support and if it breaks that then $2640 will act as strong support as it bounced back from this level on 21st September. 200 days EMA of $3473 is first resistance and if it breaks decisively this level then, 200 days SMA of $4026 will act as strong resistance. Also, Ethereum is backed by strong community support and it is expected to rebound anytime soon along with other cryptocurrencies given that recent negative commentary does not garnish negative sentiments for a longer duration.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.