November was a decidedly bullish month for the cryptocurrency market. However, these three bearish altcoins are facing a negative outlook for December, according to crypto analyst Valdrin Tahiri.
Celestia (TIA) is in first place: Altcoin fell after ATH
‘cryptokoin.com’As you follow from, TIA price started a major upward movement on November 10. It then rose 200% over the next eight days. The upward movement culminated on November 18 at an all-time high price of $7.42. However, TIA has since fallen. The decline was preceded by a downward trend in the six-hour Relative Strength Index (RSI) (green).
A bearish divergence occurs when a price increase is accompanied by a decrease in momentum. It usually happens before the downtrend reverses. Additionally, the RSI for the altcoin is below 50 and declining. If the decline continues, it is possible for the TIA price to drop another 20%. Thus, it is possible for TIA to reach the $4.30 horizontal support area. Cryptocurrency analyst pseudonymous Dentoshi also has a similar opinion. The analyst points out a head and shoulders (H&S) pattern, which indicates that the price has not yet fallen.
Despite this bearish TIA price prediction, a break of the descending resistance trend line at $5.70 would mean the local bottom is in. In this case, the altcoin price is likely to rise by 35% to the ATH level of $7.30.
Arweave (AR) bullish move ends!
AR price has appreciated significantly since October 20. The altcoin gained 150% in just 32 days, reaching a high of $9.30 on November 19. However, the price formed a long upper wick (red icon) on the same day, which is a sign of selling pressure. The wick confirmed the combination of resistance levels at $8.50 formed by a horizontal resistance area and long-term descending resistance trend line.
Additionally, the high level combined with a bearish divergence (green) on the RSI. This is another sign of the impending decline. If the AR decline continues, it is possible for the altcoin price to drop another 20%. Thus, it will reach the nearest support at $6. Meanwhile, a cryptocurrency analyst with the pseudonym Rekt Bidding also suggests that the price could drop to the nearest support of $6 before eventually resuming its rise.
Despite this bearish AR price forecast, a close above the $8.50 resistance and the descending resistance trend line would invalidate the bearish forecast. In this case, it is possible for the altcoin price to rise by 80% to the next resistance at $13.50.
Last altcoin in the risk zone: PancakeSwap (CAKE)
CAKE price has been in a rapid upward movement since October 16. This move reached $2.85 on November 15. Thus, leading to a 170% increase since the October low. However, the price failed to sustain the increase and it fell below the $2.50 horizontal area, confirming it as resistance. In addition, the RSI formed a bearish divergence (green) before the entire decline. Finally, the altcoin broke the short-term ascending support trend line. This move is more in line with previous declining values.
By the way, it should be noted that the PancakeSwap team announced the 3rd season of the King of Degen competition. If the decline continues, it is possible for CAKE to drop another 20% towards the 0.5-0.618 Fib retracement support levels at $1.73-1.94.
Despite this bearish altcoin price prediction, a recovery of the $2.50 resistance area could lead to a 25% upside to the next resistance at $2.85.
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