Dogecoin, Solana and Ethereum are preparing for a highly anticipated end of the year despite all the destruction from FTX. Let’s take a quick look at what analysts think about this.
Dogecoin rally overshadowed by FTX bankruptcy
The biggest meme coin was first on the green board until before the FTX crisis. It rose from $0.06 to $0.16 in late October and early November. But his rise did not last long. He had to admit losses of over 20% amid the FTX bankruptcy in November. The price capitulated in the hands of the bears after breaking the critical support at $0.12. It then managed to stabilize between $0.08 and $0.09. It has since been trading below $0.075 in recent days.
Dogecoin’s October boom coincided with Elon Musk’s acquisition of social media platform Twitter. Dogecoin has completed a rally of over 150%, with Musk likely to integrate with Twitter. Things turned upside down with the FTX incident that broke out in November.
Which direction is the course for Dogecoin after the FTX crash?
The collapse of FTX has led to significant drops in cryptocurrency prices in recent weeks. Dogecoin price did not experience a different situation. Despite this, it has appreciated significantly since the price boom at the end of October. However, the price trend has been pointing to the downside in recent days. After the bankruptcy, he managed to recover somewhat. However, a long-term uptrend is highly unlikely at the moment. At the moment we are seeing price driven fractional sideways movement which is downward but not exploding. All in all, the Dogecoin forecast for the end of the year is somewhat bleak.
Where will the Dogecoin price be at the end of 2022?
The FTX bankruptcy is forcing most analysts to make a much more negative forecast for Dogecoin. Analyst Prasanna, however, expects the price to remain more stable in the coming days. According to his predictions, Dogecoin price will spend between $0.07 and $0.10 in the coming weeks. Also, the end of the year is always a time when the cryptocurrency market can see a small price increase. As a result, a 10% decrease or a 20-30% increase is possible in the coming days until the end of the year. The analyst expects Dogecoin to be between $0.07 and $0.12 by the end of 2022.
What chance does Melted Solana have until the end of the year?
As a result of the liquidity crisis in FTX, Solana took a serious hit due to its close ties to the exchange. It has moved away from the top 15 by market cap and has melted more than 90% off the ATH price. According to CoinMarketCap’s community survey, currently investors are predicting that Solana price will reach $28.35 by December 31st. This price received votes from a total of 1,118 people and would represent more than 2x wins if realized.
Technical indicators point to a ‘sell’ sentiment at 10, similar to moving averages (MAs) suggesting a ‘strong sell’ at 9.
However, according to TradingView data on Nov. 21, oscillators show a “buy” sentiment of 4 for Solana, with the majority (6) occupying the “neutral” zone. The Twitter analyst, nicknamed the altcoin Sherpa, predicts that Solana could drop as low as $3 if the level around $11.80 doesn’t hold. In some of his most recent tweets, he wrote:
If these current areas drop, I think the next major area would be $3. In the long run I think eliminating FTX/SBF is probably a net benefit for the ecosystem, but in the short run it’s still pretty disastrous.
Elsewhere, Twitter analyst ZeroHedge noted:
The SOL is currently undergoing a downward squeeze break. When the Red Dots start below the Trace line, don’t even think about buying before they go above the Trace line.
Ethereum is about to drop to triple-digit prices
The leading altcoin was about to drop to nearly triple-digit prices amid FTX and the ensuing sell-off. Despite this, CMC’s community survey shows that investors remain optimistic about ETH. According to the survey, 1,450 respondents estimate that the ETH price will trade at $1,509 by the end of the year.
As for price predictions, Twitter analyst nicknamed IamCryptoWolf says there is heavy selling pressure on Ethereum:
There is strong selling pressure on the ETH chart, which is ready to deploy more capital at $1047-1073.
Also, according to Etherscan’s on-chain data, the event that could affect the Ethereum price further is the news that the FTX “hacker” converted an additional 15,000 ETH worth $16 million into Bitcoin. Crypto researcher Colin Wu reported:
FTX hacker address (0x59…d32b) converts large amount of ETH to BTC. Today around 30,000 ETH has been exchanged for RenBTC and 1070 BTC has been transferred to the BTC network.
cryptocoin.comIt came up with a million-dollar hack the evening FTX announced its bankruptcy. Hackers currently have these cryptocurrencies.
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