The crypto market's capitalisation has fallen 2.8% in the last 24 hours to $2.166 trillion. Methodical pressure on the significant coins persists along with wary trading in traditional equity markets. The bitcoin price has been losing 2.5% in the last 24 hours and is 5.6% lower than it was exactly a week ago. Ether is down 3.4% and 4%, respectively. Some other top coins are also under severe pressure, but we cannot say that the dynamics are unambiguous. For example, XRP is up 5.5%, AVAX is up 22%, and Luna is up 30.7% in the last seven days.
At the beginning of the year, institutional and investment bank interest provided cryptocurrencies with overperformance but now lowered demand for safety is becoming their Achilles' heel. The most methodical, albeit relatively measured, pressure has been seen in Bitcoin and Ether, which have been under bearish control for the past month and a half.
According to equity and commodity market definitions, BTCUSD and ETHUSD have crossed the bear market threshold, having lost more than 20% of their peaks in early November. Bitcoin, meanwhile, is not gaining meaningful support on the decline towards the 200-day average. These are all signs that the bear market is entering its rights, as enthusiasts can no longer buy out any drawdowns. Generally speaking, a modest downside amplitude is not typical of cryptocurrencies, so short-term traders should be prepared for an explosion of volatility on a decline below meaningful levels.
We assume that crucial support is concentrated near $40K for Bitcoin, a resistance level in January and a support level in October. Falling below this level could dramatically increase the coin's volatility and affect the entire market. For Ether, relatively measured volatility could continue up to the level of the 200-day moving average (just above 3300), which coincides with the area of extended consolidation in August and September and the start of the latest rally in October.
Suppose Ether and Bitcoin fail to find strong buying below these levels as well. In that case, we risk seeing a true capitulation of the entire cryptocurrency market and a revision of the outlook to a more bearish one.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||80.8%||35||$22 994.25||-3.54%||0.01%||$439 591 538 662|
|2||ETH||Ethereum predictions||66%||68||$1 687.91||-5.10%||3.56%||$205 761 571 724|
|3||USDT||Tether predictions||96%||1||$1.000205||0%||0%||$66 531 586 544|
|4||USDC||USD Coin predictions||93.2%||1||$1.000033||0.02%||-0.01%||$54 021 851 086|
|5||BNB||Binance Coin predictions||69.2%||62||$322.84||-0.68%||11.75%||$52 086 335 344|
|6||BUSD||Binance USD predictions||90.8%||1||$1.000068||0%||0.01%||$17 752 502 175|
|7||XRP||XRP predictions||80.4%||36||$0.363424||-3.65%||-1.50%||$17 569 045 535|
|8||ADA||Cardano predictions||75.2%||50||$0.511389||-4.25%||1.61%||$17 253 774 183|
|9||SOL||Solana predictions||78%||44||$39.74||-6.33%||3.54%||$13 844 600 613|
|10||STETH||Lido stETH predictions||94.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||DOT||Polkadot predictions||69.6%||62||$8.71||-4.69%||9.10%||$9 626 327 113|
|12||HEX||HEX predictions||64%||70||$0.054592||-1.19%||18.95%||$9 466 937 752|
|13||DOGE||Dogecoin predictions||84%||28||$0.068228||-6.49%||1.79%||$9 051 914 563|
|14||AVAX||Avalanche predictions||70%||55||$27.42||-3.30%||17.24%||$7 814 089 843|
|15||DAI||Dai predictions||93.6%||1||$0.999863||0.05%||0.03%||$7 525 054 582|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.