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Cryptocurrency Price Prediction: Cardano (ADA), Shiba Inu (SHIB), Ripple (XRP), Polygon (MATIC) – CoinChapter

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Home » News » Cryptocurrency » Cryptocurrency Price Prediction: Cardano (ADA), Shiba Inu (SHIB), Ripple (XRP), Polygon (MATIC)
NEW DELHI (CoinChapter.com) — Cryptocurrency markets recovered slightly on Nov 24, but altcoins like SHIB, ADA, MATIC, and XRP continue to face bearish pressure. Cryptocurrency investors remain nervous about the increasing impact of FTX’s collapse on other blockchains and crypto firms.
As a result, the market is unlikely to see an uptrend until the FTX FUD clears. Furthermore, the FTX-Alameda contagion broke the correlation between the US equities market and Bitcoin (BTC) price action.
Meanwhile, Sequoia’s VC, Doug Leone, warned of a market downturn worse than the economic downturn of 2000 or 2008. However, the downturn has not robbed the crypto market of its supporters.
Billionaire investor and hedge fund manager Bill Ackman that crypto is here to stay, but the sector would require proper “oversight and regulation.”
Moreover, Ackman noted that crypto tokens would benefit society and help grow the global economy. However, the hedge fund manager noted that the crypto sector needs to improve in terms of its ability to detect and inhibit frauds and hacks, protecting investor interests.
Cardano’s native token, ADA, rebounded off multi-month descending trendline support on Nov 22. ADA price has tested the trendline support multiple times since May 2022.
However, the Cardano token dropped more than 3.1% between the intraday high ($0.32) and low ($0.31) on Nov 24. If the downtrend continues, the crypto token price might fall to support near $0.305.
Moreover, the failure of immediate support might see Cardano token price flip the multi-month trendline support into resistance, resulting in ADA price dropping to test support near $0.28 before recovering.
Conversely, an uptrend would take ADA price to challenge resistance from its 20-day EMA (red wave) near $0.33. Breaking and consolidating above immediate resistance might help the Cardano token price rise to $0.36 before downside corrections pare gains.
Meanwhile, the relative strength index for the crypto token remains neutral, with a value of 38.38 on the daily chart.
Meme token Shiba Inu price has been moving below its 20-day EMA (red wave) resistance since Nov 13. SHIB price mimicked the wider crypto market recovery, jumping 11.4% between Nov 22’s low ($0.00000818) and Nov 23’s intraday high ($0.00000911).
However, bears started selling on Nov 24, forcing the SHIB token price to fall to an intraday low of $0.0000089, a drop of nearly 3.2% from the day’s high of $0.00000919. If the sell-off continues, the meme crypto price might end up testing support near $0.0000087.
Needling below immediate support might result in holders panic dumping their tokens, forcing the Shiba Inu token to drop to $0.0000078 before recovering.
Conversely, if bulls manage to defend immediate support and push prices up, the Shiba Inu crypto price would face resistance from its 20-day EMA near $0.0000095.
However, a break and hold above immediate resistance might help SHIB price challenge resistance from its 50-day EMA near $0.0000103 before downside corrections pare gains. Meanwhile, SHIB’s RSI remains neutral, clocking at 41.34 on the daily chart.
Ripple’s XRP token has formed a bullish technical pattern called the ascending triangle. A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows forms an ascending triangle pattern. Volume helps determine if a breakout is strong.
In an ideal world, buyers would enter the market as the trendlines close the gap, pushing prices above horizontal resistance with heavy volumes. Unfortunately, a low-volume breakout on the upside will likely fail, resulting in a pullback.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. Therefore, XRP price might jump more than 26% from current levels to $0.48. But, the cryptocurrency token’s declining volumes might have bulls worried about a fakeout.
XRP price swung 2.7% between intraday high ($0.38) and low ($0.37) on Nov 24, halting a three-day-long recovery rally of the token. However, the long bottom wicks on recent daily candles suggest a strong bullish presence near the lower levels.
Hence, the Ripple crypto price might start rising later in the day. However, an uptrend by the Ripple token would first encounter resistance from its 20-day EMA near $0.39. A break and hold above immediate resistance would help XRP price target resistance near $0.41 before retreating.
Conversely, if XRP fails to start an uptrend, the Ripple token might fall to support near $0.37. Breaking below immediate support would invalidate the bullish triangle setup, resulting in a sell-off that could force the cryptocurrency token price to $0.35 before recovering.
Meanwhile, XRP’s RSI remains neutral, clocking at 44.7 on the daily chart.
Polygon’s native token MATIC flipped multi-month ascending trendline support into resistance on Nov 20. Furthermore, MATIC’s recent price action has resulted in its 20-day EMA (red wave) poised to needle below the token’s 50-day EMA (purple wave), forming a bearish pattern called the death cross.
Traders often consider the pattern an indicator of negative market sentiment and a sell signal. Hence, MATIC price might fall to test support near $0.83 due to the bearish pressure.
Moreover, if the immediate support fails, the Polygon token price might drop to support near $0.8 before recovering.
MATIC would need to move above the ascending trendline resistance to challenge the resistance confluence of its 20-day EMA (red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave) near $0.89.
A break and hold above the immediate resistance level could help the cryptocurrency price rise to target the resistance from its 200-day EMA (green wave) near $0.93 before downside corrections pare gains.
Meanwhile, the relative strength index for the Polygon token is currently neutral, with a value of 46.07 on the daily charts.
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A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
Founded in 2015,  Coinchapter.com  has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts,  Coinchapter.com  was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

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Bitcoin drops to lowest in more than a week, ether slides as FTX collapse ripples through crypto market – CNBC

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Bitcoin has shot up 50% since the new year, but here's why new lows are probably still ahead – The Conversation Indonesia

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PhD Researcher in Finance, University of Bath
Senior Lecturer in Corporate Finance, University of Bath
James Kinsella works part-time as an investment analyst for Tyndall Asset Management.
Richard Fairchild does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

University of Bath provides funding as a member of The Conversation UK.
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To the delight of investors across the cryptosphere, the price of bitcoin (BTC) has rallied over 53% since its low of US$15,476 (£12,519) in November. Now trading around US$23,000, there’s much talk that the bottom has finally been reached for the leading cryptocurrency after a year of painful decline – in November 2021, the price peaked at almost US$70,000.
If so, it’s not only good news for bitcoin but the whole market in cryptocurrencies, since the others broadly move in line with the leader. So is crypto back in business?
The past is littered with various periods of market turmoil, from the global financial crisis of 2007-09 to the COVID-19 collapse in 2020. But neither of these is a particularly good comparison for our purposes because they both saw sharp drops and recoveries, as opposed to the slow unwinding of bitcoin. A better comparison would be the dotcom bubble burst in 2000-02, which you can see in the chart below (the Nasdaq is the index that tracks all tech stocks).
Nasdaq 100 index 1995-2005
Look at the bitcoin chart since it peaked in November 2021 and the price action looks fairly similar:
Bitcoin bear market price chart 2021-23
Both charts show that bear markets go through various periods where prices rise but don’t reach the same level as the previous peak – known as “lower highs”. If bitcoin is following a similar trajectory to the early 2000s Nasdaq, it would make sense that the current price will be another lower high and that it will be followed by another lower low.
This is partly because like the 2000s Nasdaq, bitcoin seems to be following a pattern known as an Elliott Wave. Named after the renowned American stock market analyst Ralph Nelson Elliott, this essentially argues that during a bear phase, investors shift between different emotional states of disappointment and hope, before they finally despair and decide the market will never turn in their favour. This is a final wave of heavy selling known as capitulation.
You can see this idea on the chart below, where bitcoin is the green and red line and Z is the potential capitulation point at around US$13,000 (click on the chart to make it bigger). The black line is the path that the Nasdaq took in the early 2000s. The blue pointing finger above that line is potentially the equivalent place to where the bitcoin price is now.
Bitcoin now vs Nasdaq in the early 2000s
The one other thing to note on the chart is the wavy line that’s moving horizontally along the bottom. This is the stochRSI or stochastic relative strength index, which is an indication of when the asset looks overbought (when the line is peaking) or oversold (when it’s bottoming).
A sign of a coming shift is when the stochRSI moves in the opposite direction to where the price is heading: so now the stochRSI is coming down but the price has held up around US$23,000. This too suggests a fall could be imminent.
Within markets, there is often a game that investors from institutions such as banks and hedge funds play with amateur (retail) investors. The aim is to transfer retail investors’ wealth to these institutions.
This is particularly easy in an unregulated market like bitcoin, because it is easier for institutions to manipulate prices. They can also talk up (or talk down) prices to stir up retail investors’ emotions, and get them to buy at the top and sell at the bottom. This “traps” the irrational investors who buy at higher prices, transferring wealth by giving the institutions an opportunity to convert their holdings into cash.
It therefore makes sense to compare how the retail and institutional investors have been behaving lately. The following charts compare those crypto wallet addresses that hold 1 BTC or more (mostly retail investors) with those holding upwards of 1,000 BTC (institutional investors). In all three charts, the black line is the bitcoin price and the orange line is the number of wallets in that category.
Retail investor behaviour
Institutional investor behaviour pt 1
Institutional investor behaviour pt 2
This shows that since the FTX scandal back in November, which led to the world’s second-largest crypto exchange collapse, retail investors have been buying bitcoin aggressively, resulting in the highest number of addresses holding at least one BTC ever. On the other hand, the biggest institutional investors have been offloading. This suggests that the institutional investors agree with our analysis.
There are those who argue that bitcoin is a bubble and that ultimately cryptocurrencies are worthless. That’s a separate debate for another day. If we assume there is a future for blockchains, which are the online ledgers that enable cryptocurrencies, the key question is when bitcoin will reach the accumulation phase that typically ends a bear phase in any market.
Known as Wyckoff accumulation, this is where the price of the asset repeatedly tests two areas: the upper bound where traders previously sold heavily enough for the price to stop rising (known as resistance), and the lower bound where traders bought heavily enough that the price stopped going down (known as support).
At the point where institutional investors decide the lower bound has proved to be sufficiently resilient – in other words, they think the price is cheap at that level – they will start buying the asset again. That moment is only likely to come after there has been a capitulation.
Of course, history does not repeat itself exactly. It may be this is the first time that retail investors have outsmarted the large institutions, and that the only way is now up.
More likely, however, there is more pain on the way. With a recession on the cards, unprecedented job layoffs and weak retail data coming out of the US, it doesn’t point to the kind of optimism that tends to move markets higher. It would therefore make sense to brace yourself for another plunge in the price of bitcoin and the rest of the crypto market.
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Copyright © 2010–2023, The Conversation US, Inc.

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Crypto Price Today Live: Bitcoin marches to $17K; Solana, XRP & Uniswap rally up to 13% – Economic Times

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