Crypto Price Prediction: With the current indecisiveness in the crypto market, the altcoin provides a pullback opportunity.
Crypto Price Prediction: The cryptocurrency market picked up aggressive momentum in December led by the strong recovery in the leading cryptocurrency, Bitcoin. This resurgence has propelled major cryptocurrencies to multi-month highs, with a particular spotlight on tokens like BitTorrent (BTT), BONK, and Terra (LUNA), which have notably outshined their counterparts.
As the Bitcoin recovery paused at a $44,500 high, the tokens above went sideways or under pullback to recuperate their bullish momentum. This retracement could offer a suitable dip opportunity as the broader market sentiment remains bullish.
BitTorrent Price Analysis: $BTT Chart Hints Dip Opportunity
BitTorrent Price Analysis | TradingView Chart
BitTorrent, a key player within the Tron ecosystem, has seen remarkable gains this month and has been one of the highest crypto gainers of this month, starting from the low of $0.0000005 to its recent high of $0.0000017, registering a total growth of 268%.
This ascent was primarily influenced when the Tron blockchain reached a significant milestone of 200 million users and FOMO among the market participants. However, the BTT price has currently taken a halt around the $0.0000017 and $0.0000016 resistance zones, reflecting profit booking from market participants with long-deck rejection.
The supply pressure and uncertain market sentiment could trigger a minor pullback, potentially to $0.00000115 or $0.0000011. If the buyers manage to sustain this level, the BTT price could take another leap to surpass the $0.0000016 swing high and chase the higher target levels of $0.0000018 and $0.0000020.
The momentum Indicator Relative Strength Index at 86% reflects an overbought asset that needs a minor pullback to replenish its bullish momentum.
BONK Price Analysis: Cup&Handle Pattern Leads a Bull Run
BONK Price Analysis| TradingView Chart
This massive rally is likely linked with the revival of Solana coin price and the forming a bullish reversal pattern called cup and handle. However, with the current uncertainty in the crypto market, the BONK price has entered a sideways action and plunged back to $0.0000175.
While this retracement is still under the safety net of the Fibonacci retracement level, the BONK price could continue its recovery under the influence of a bullish pattern. The cup and handle pattern usually provides a multi-fold target of the length between its base support and neckline.
Thus, with sustained buyers, the BONK price could rise another 70% to reach a high of $0.00002. The Average Directional Index slope at a high of 70% reflects the buying momentum could be exhausted, and thus a pullback is necessary to continue the bullish trend.
Terra Price Analysis: Healthy Retracement Hints Rally to $2
The Terra Luna coin strike has been on a recovery trend since late October but picked up momentum in the fourth week of November when the algorithm-stable coin USTC showcased a massive surge.
From the last swing low of $0.555, the contract serves nearly 114% to reach a 7-month high of $1.28. Amid this rally, the buyers breached the long-coming resistance of the Falling Wedge Pattern, signaling an early sign of trend reversal.
However, with the increasing uncertainty in the crypto market, the Luna price has witnessed a minor pullback to currently trade at the $1.00 mark. If the Luna price manages to sustain above $3.09, the Luna price is likely to follow the predetermined target of the completed batch pattern.
With sustained buying the Luna Price could rise to the potential target of $1.64, $2.5, followed by $3.3. Amid the occasional pullback in LUNA price, the 50-day Exponential Moving Average slope has continued to offer strong pullback support to this asset.