Analyst Announces Next for “ETH, Cardano, DOGE and SAND”!

We take a look at the detailed technical analysis where crypto analyst Filip L identified the next steps for ETH, Cardano, DOGE and SAND. The analyst expects a rise in the market towards the end of the year and draws possible price discovery scenarios after critical resistances. Here are the details…

Cardano (ADA) price analysis

Cardano (ADA) price did not perform well before the decline that started in September this year. But as the year is almost ending, Cardano could start 2022 with a rally, according to the analyst. Traders are defending $1.14 as the previous key support level, and the monthly S1 band just above adds to the belief that this level won’t change anytime soon. Also, sentiment has reversed 180 degrees with the shift in sentiment last week following the Fed’s less hawkish decision. This triggered an increase in buying volume and the bears were overwhelmed in their attempts to keep the price action quiet on the downside. According to the analyst, a bullish boom can be expected next week, which can enter the new year at $ 1.18, regaining 1/3 of the losses since September.

As a break lower on the Cardano chart has acted as a technical support element since February of this year, $0.71 and $0.80 can be expected as the final support levels. By then, the RSI levels will have entered the oversold territory, limiting further downside gains for the bears.

• Result: The analyst says that the ADA price could enter the new year at $1.18, with critical support levels at $0.71 and $0.80.

Ethereum (ETH) price analysis

Ethereum price was in an uncertain period of trading as it rose 30% in just a week, reaching ATH levels and hitting a new low for the last quarter of the year. However, the bulls reached above $3,687 despite the recent change from the Fed. However, a full day of trading to break above $4,063 was dominated by the bulls. However, these fast bulls fear that the RSI will heat up too much and prevent Ethereum price action from reaching ATH levels for 2021. Instead, the best-case scenario would be to see a very slow but solid price. Rise into the new year targets $4,646 followed by $5,000. As such, 2022 is set to record highs for ETH and could even outpace its peak prices as more media attention will attract more investor and buying interest.

According to the analyst, the only thing that can prevent this rally will be news from more negative Omicron or other Covid-related headlines and triggered selling pressure. With dwindling liquidity, it can make it harder for investors to exit their positions and cause sudden corrections in the ETH price that could trigger further selling; that means a retest at $3,391 and a solid test at $3,018 with $3,000.

• Result: The analyst thinks Ethereum will rise to $4,646 and then to $5,000 in 2022. If ETH can sustain it, it may also switch to price discovery mode. The analyst determines support stops at $3,391, $3,000 and $3,018 due to lack of liquidity.

The SandBox (SAND) technical analysis

The Sandbox saw its investors flee after taking profits led to a significant downward slide at the end of November. As the bulls tried to retrace the ATH levels, they were squeezed out of their positions, leaving the bull traps of $5.69 and $4.72. However, the rebound in sentiment from the Fed this week saved their strategy. SAND is trying to reach the 38.2% Fibonacci level to protect the bulls’ new ATH expectations. This cannot be expected anytime soon as current headwinds are blowing headwinds in the overall crypto market as investors will want to spread their investments across several cryptocurrencies. As we approach the end of the year, an upside squeeze can be expected once ATH levels are reached.

The risk for SAND in the last two weeks of the year is weak liquidity, according to the analyst. It could come as a shock to some institutional investors who withdraw their money during the holiday season, triggering a global sell-off in cryptocurrencies as individual investors will want to exit as well. In this case, bearish pressure could be placed on the SAND price at $4.72 and $3.75. This level may be of interest to traders as it has a 55-day SMA which makes the level additionally attractive to traders.

• The result: SAND price is facing a shortage of investors after the recent metaverse craze. The bulls are getting stuck and drawn into the trap as they push the $5.69 and $4.72 tops. According to the analyst, a buyer pressure towards ATH levels may be triggered towards the end of the year. On the downside, the support levels are $4.72 and $3.75.

Cardano and Dogecoin to test critical support levels

Dogecoin price saw its market cap evaporate over the course of November, but it looks like there will be a change in sentiment as the bulls emerge from the downtrend. The consolidation phase continues with lower highs and higher lows between the ascending blue trendline and the red descending trendline. However, the bulls continued their attempts to test the resistance when a breakout occurred. Consolidation will not continue unless Dogecoin price action rises above $0.23 and $0.25. A close above the green ascending trendline around $0.27 could be the best-case scenario and trigger new buying volume for traders looking to enter an uptrend.

cryptocoin.com According to Filip L, whose analysis we shared with you, there is no way up until $0.27 is a critical double top at $0.35 and just a few dollars above the monthly R2 resistance. The downside risk is that the 55-day SMA has proven to be very strong, and the 200-day is even more important. As price action is rejected this week, a break of the blue ascending trendline is possible, which will see a test of $0.10 towards the monthly S2.

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