Altcoins

Crypto Market Extends Downtrend! Here’s How BTC, ETH, MATIC & HBAR Price Are Set to Fare

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Dec 17, 2021

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The cryptocurrency market along with the global financial markets are bleeding heavily in the past 24 hours, with BTC slipping to $47,000. Major altcoins are plunging hard with more than a 5% loss. 

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Following recent market volatility, a well-known analyst and trader have set price objectives for a number of crypto assets.

Credible Crypto, a pseudonymous trader, looks at the charts in a series of tweets to provide his followers with an updated price estimate for some of the top coins on the chart inclusive of Bitcoin and Ethereum 

Bitcoin(BTC)

When it comes to Bitcoin, the expert believes it has weathered the worst of the recent selloff and will shortly hit $50,000. He says both local lows have been brushed, and bids in the 45-47k zone are being filled across key exchanges.

Bitcoin’s positive price movements were short-lived once more as the asset fell to $47,000 again. The first major support is near $47,000, below which the price may perhaps decline towards $45,500. On the upside, an initial resistance is near USD 48,500. The main resistance is near the $49,500 zone, above which the price could accelerate higher.

Ethereum (ETH)

Next, Credible Crypto examines how Ethereum, the dominant smart contract platform, compares to Bitcoin in order to predict how the broader altcoin market will perform in the future. He believes that a breakout over the ETH/BTC trading pair’s 0.070 to 0.080 area would be positive for altcoins. 

He further says, ETH can wick below during the month, just as it did above in previous months. Although altcoins may experience some weakness in the coming weeks, the HTF [high time frame] remains positive above green. 

At the time of this post, ETH lost the $4,000 level again, ending the past seven days with a 7.5% decline. The next key support is near the $3,880 level, below which the price might test USD 3,650. If there is a fresh increase, the price might hit above $4,000. Further, The next key resistance lies at the $4,080 level.

Polygon(MATIC)

Moving on to the Polygon (MATIC)l, the analyst responds to a tweet, as the altcoin experienced significant price swings.

“I call this one ‘Fearmonger Part 2.’ Our recovery ended up with another bearish SFP [swing failure pattern] of the highs. [Liquidity] hunting before making another attempt at $1.35 [in my opinion].”

MATIC’s price has dropped approximately 3% over the last 24 hours and is currently trading in a second straight bearish session around $2.033. If MATIC manages to break out from the $2.43 resistance area, the next resistance levels would be found at $3.25 and $3.96. On the other hand, if MATIC price fails to hold above the $2.0 psychological level, it will drop to tag the 50 SMA at $1.885.

Hedera Hashgraph (HBAR)

The proof-of-stake public network Hedera is last on the list (HBAR). While the analyst expects the price to rise soon, he does point out that because HBAR has fallen below $0.30, it could act as a new upward resistance point.

“That being said, the lost weekly support at around $0.30 may now act as resistance. Targeting $0.26 and above that $0.30 for now.”

The HABR price is currently trading at $0.2527 with more than a 7% loss in the last 24 hours. The nearest resistance for the coin price is $0.26, followed by $0.286. On the contrary, the support levels are $0.228 and $0.2

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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