According to crypto analyst Filip L, Cardano (ADA) missed the briefing that should have risen even higher by now. Analyst Vechain (VET) says he has seen more bulls come back. According to analyst Steven Walgenbach, bearish chart patterns suggest that the price of the leading altcoin will weaken further. We have compiled the analysts’ ADA, VET and ETH analyzes for our readers.
“ADA may get slippery as frost and snow are expected”
The altcoin price has made everyone nervous that Tuesday’s comeback is the one everyone has been waiting for. Will there be a miracle and at least ease the freezing pains of this crypto winter? No, it’s that simple. ADA has been weakening since Thursday. It’s even now retaking larger chunks of the reserved profits after a two-day winning streak.
That’s why even retail traders are absent after Black Friday and Thanksgiving, when bullish moves are seen that usually trigger a rally for several days. That’s why ADA is not in the right corner. At least not this year. So if he still has some offers and some money to invest in crypto, all eyes will be on Santa. Obviously, with current inflation and energy prices, households are still in tight budget. It is possible that ADA will see it flooded and start flirting downwards with $0.297. To catch the break, monthly S2 support will come at $0.28.
If a miracle does happen though, a last-minute squeeze at the end of the US closing bell, for example, could work to push the price action on Cardano above the $0.324 low of January 17, 2021. That way, ADA will be in a better position as we head into the weekend. Also, it will rise even higher over the next week. The target price is $0.40, which means a 22% gain.
“VET sees more bulls coming back”
Altcoin price cannot move away from the monthly S3 value of $0.01848 for November. As the bulls broke above that on Wednesday, a test of logic and a higher bounce came on Thursday. The daily candle for Friday opened with a flat top. So, VET is probably in a bit of trouble here. This indicates that the bears are in a rush to quickly return price action to the ground. With a downward squeeze, smaller peaks are possible over the weekend. This will be followed by a break below the monthly S3 and a test of $0.017 for a new low with a 12% loss for November.
If the S3 support level holds, the next bounce should rise above this week’s high and preferably test $0.0200 on the upside. This will result in a breakout and close above the monthly S2. There will also be a reopening for a further 11% increase at the monthly S1 and the 55-day SMA. Here is the bidding board for VET, which then prints about $0.0220.
“Leading altcoin price may drop in the coming days”
Altcoin price weakened by 0.49% against Bitcoin (BTC) on the daily timeframe. Trading volume for ETH also fell by 18.25%. Thus, the total daily trading volume was $9,036,397,215.
There is a descending triangle pattern forming on the 4-hour chart of ETH, indicating bearish momentum. As a result, it is likely that ETH will continue to drop in the next 2-3 days. The market is probably looking to delete all stop-loss orders above the $1,234 high at the 0.618 Fibonnaci level again.
The price of ETH is currently held by the 20 and 50 4-hour lines of the EMA. Altcoin price wants to break above the bearish chart pattern. If it fails to do so and breaks below the 20 and 50 4-hour EMA lines in the next 8 hours, the downtrend will end.
This is a great opportunity for a short position in futures. Also, investors and traders can short any ETH price gains until the price of ETH reaches $882, its lowest level before June 18 of this year. Meanwhile, the crypto market will likely continue its biggest crash in history. It is possible that this will bring the price of ETH down to $400 next year. Also, BTC is likely to push its price to $10,000 next year.
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