Crypto prices lost momentum today, January 7, as investors started to book profits. Bitcoin retreated to $92,670 after hitting a key resistance level at $94,500. The Crypto Fear and Greed Index has moved to near 50, while the Altcoin Season Index rose to 23.
This article provides a prediction for top altcoins like Ethereum (ETH), JasmyCoin (JASMY), and Ripple (XRP).
Ethereum price technical analysis
ETH price has rebounded in the past few weeks, moving from a low of $2,768 in December to the current $3,255. It formed a double-bottom pattern at $2,768 and the neckline at $3,478, its highest point on December 10.
The token has moved above the 23.6% Fibonacci Retracement level and the 50-period Exponential Moving Average (EMA). The Supertrend indicator has turned green for the first time since December.
Therefore, the token will likely continue rising as bulls target the key resistance level at $3,478, which is about 7% above the current level. A move above that price will point to more gains, potentially to the 50% retracement level at $3,695.
Ethereum has bullish catalysts that may drive it higher in the coming weeks. One of them is that the supply of Ethereum tokens in exchanges has continued falling.
One reason for this is that Ethereum ETF inflows have continued rising. They rose by $114 million on Tuesday, the third consecutive day of inflows.
Another one is that the amount of staked ETH tokens has jumped. For example, BitMine has continued to stake its huge holdings, a process that will continue.
The Ethereum price will also benefit from the ongoing growth of its ecosystem in areas like decentralized finance and real-world asset tokenization.
XRP price technical analysis
The daily chart shows that the XRP price formed a triple-bottom pattern at $1.800. It failed to move below that level in October, November, and December last year.
The token has moved above the 50-day Exponential Moving Average. It has also moved above the Supertrend indicator for the first time since July last year.
Ripple price is now forming a bullish flag pattern, a common continuation sign in technical analysis. It has also moved above the descending trendline that connects the highest swings since October 2nd.
Therefore, the token will likely continue rising as bulls target the psychological point at $3,000, which is about 33% above the current level.
Like Ethereum, XRP price has some bullish catalysts, including the continuing ETF inflows and its growing utility.
Jasmy price prediction
Jasmy, a popular cryptocurrency known as Japan’s Bitcoin, has also started the year well. It jumped from a low of $0.00545 last week to a high of $0.0100, its highest point since November 11.
The daily chart shows that the coin’s Supertrend indicator has turned green, which is a highly bullish sign in technical analysis. The coin’s rebound also formed a small double-bottom pattern, a common bullish continuation sign in technical analysis.
Therefore, JasmyCoin price will likely continue rising in the near term, with the next key target being at $0.0136, up by 53% above the current level. It was also its highest level on October 3rd.
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