Cryptocurrency Price Prediction: While the current correction trend may project weakness in Bitcoin’s price momentum. The volume number associated with Spot Bitcoin ETFs projects a different scenario.
Eric Balchuna, senior ETF analyst for Bloomberg, recently posted on X (formerly known as Twitter) the third day development of the recently launched Bitcoin ETFs. he stated:
On day three in the books the total moving NET FLOWS is +782 million as the Newborn Nine more than offset the Gouge of $GBTC (which is now up to -$1.2 billion after half a billion yes, ouch). Nine’s $2 billion in aum and $4.5 billion in organic volume are fabulous for the first 3 days, the prem percentage is also solid.
Currently, Bitcoin is going through a correction phase after its recent rally, a typical market response aimed at rebalancing the previously accentuated bullish momentum. Despite this temporary pullback, the overall trend for Bitcoin remains bullish, supported by encouraging advances in the Bitcoin Spot ETF sector. This positive backdrop sets the stage for a potential upward shift in Bitcoin’s price trajectory, which will likely have a cascading effect on altcoins, allowing them to share in the optimistic sentiment.
The positive outlook in the cryptocurrency market offers investors the chance to take advantage of dips, particularly in coins such as Chainlink (LINK), Chiliz (CHZ), and Render (RNDR).
Is Chainlink (LINK) Price Ready to Recapture $18?
For the past two months, Chainlink price has been fluctuating within a widening wedge pattern, characterized by two diverging trend lines. This type of pattern is often associated with periods of increased market uncertainty and no action from buyers or sellers.
However, sentiment has changed with the recent approval of the Spot Bitcoin ETF, which has had a favorable impact on several altcoins, including Chainlink. Following this development, LINK price reversed its course from the $12.85 support level, marking a significant upside.
In just two weeks, the value of the coin increased by 28%, reaching the $15.89 mark and signaling the start of a bullish cycle within the wedge pattern.
If Chainlink continues to follow this trajectory, there is the potential for a further 16% price increase, targeting the overhead trendline at around $18.3. A decisive break from one of the trend lines would be required to establish a clear directional trend.
Furthermore, the coin’s recent rise above its daily EMAs (20, 50, 100, and 200) highlights a positive change in market sentiment, strengthening the bullish outlook for Chainlink.
The reversal pattern sets the price of Chiliz (CHZ) for a 25% increase.
Over the past seven months, Chiliz (CHZ) has underperformed compared to the overall recovery seen in the cryptocurrency market in 2023. However, an analysis of the daily time chart shows that the prolonged period of sideways trading for CHZ is forming a head and shoulders pattern , which is often a signal that the market has reached its bottom and sets the stage for a possible rebound.
On January 16, a notable increase in buying activity pushed the price of Chiliz higher by 20%, surpassing the key resistance level indicated by this pattern. If CHZ maintains its position above this critical trendline, it could potentially reach a new target of $0.134, equivalent to a 25% increase.
The daily slope of the ADX shows a positive trend, hovering around 17%, suggesting that buying pressure is strong enough to support an extended period of recovery
Will the price of rendering (RNDR) rise to $5.3? Multiple Support Sets Re-recovery phase
As the market struggled with uncertainties over the Spot Bitcoin ETF, Render Coin (RNDR) underwent a notable correction towards the end of December. The value of the currency collapsed from $5.28 to $3.36 in two weeks, marking a significant decline of 36.2%.
Despite this decline, strong support at the $3.5 level, coupled with the 38.2% Fibonacci retracement, effectively stemmed further losses. This stabilization above key support levels could allow investors to reverse the downtrend and regain lost territory.
At the time of reporting, RNDR coin is trading at $4,264, showing a promising intraday increase of 7.2%. It is flirting with a bullish break from the immediate resistance at $4.38, a move that could pave the way for a rally above the $5.3 high.
Indications of the MACD and the signal line approaching a bullish crossover suggest that buyers are gathering strength for an impending upward move.
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