What to watch out for in the remainder of Q4 for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP)? Crypto analyst Tony M seeks an answer to this question with his analysis of BTC, ETH and XRP. Also, the crypto community is setting the price of the Shiba Inu for the end of December.
Bitcoin, Ripple, Ethereum and Shiba Inu predictions
“Bitcoin shows promising clues”
BTC is once again in a ‘live or die’ situation. After a 25% drop, Bitcoin has managed to regain 16% of its market cap. As a for-profit consolidation approaches $17,000, investors are forced to ask a fundamental question. Is the current BTC price a discount before a stronger countertrend rally or an attractive trap before the downtrend resumes?
Bitcoin price is currently trading at $16,718. The 25% drop hit the new year low of $15,632. The Relative Strength Index shows a bullish divergence between the newly established low and June 18 lows that held as support throughout the summer. The Volume Profile indicator shows that traders are now much more interested in the market than they were during the summer.
BTC 1-day chartConsidering the RSI divergence and the increase in volume, Bitcoin will likely witness an influx of volatility. If the divergence turns up, it’s possible for BTC to challenge the newly formed bears around $20,000. The second target is summer liquidity levels around $23,400. Traders should consider applying healthy risk management techniques to minimize losses while trying to catch the knife.
A breach below $15,900 is required for the bullish idea to be invalidated. If the level is tagged, new lows will likely follow. Thus, an additional drop towards 2020 liquidity levels in the $14,000 region will likely be Bitcoin’s next landing spot. The bear scenario will result in a 15% decrease from the current market value.
“Ethereum is fighting to return”
Ethereum eased 25% after the positive US CPI. Prior to the move, ETH witnessed an Eiffel-style drop of a penny that briefly pulled it below $1,100. While Bitcoin is showing optimistic signals, Ethereum’s uptrend has subtle hints that suggest traders should take more cautious measures.
The market is consolidating just below the recently broken support zone established between September and October. The bulls produced a daily closing candle to the broken support zone, which is a positive note. A Fibonacci retracement instrument surrounding the strong part of this week’s decline shows that the bulls are already rallying 50%. As such, ETH may be capped to exceed higher gains. The next target will be the 61.8% level at $1,362. If ETH retakes this level, traders should expect a take profit response at the Fib level.
ETH 1-day chartStill, a 2.5-1 risk-reward ratio is possible by targeting the 61.8% Fib level. The trade idea requires the current consolidation to withstand bearish pressure without breaking the daily low at $1,201. In the invalid possible case of the bullish thesis, ETH is likely to retest the recent lows of $1,080. Such a move means a 15% drop from its current price.
“Ripple (XRP) is range bound”
Ripple price is currently auctioning at $0.38. On November 10, the bulls made an 18% recovery rally. The rally formed a massive bullish engulfing bar that fell a few integers below the $0.40 price level on the daily timeframe. The Relative Strength Index (RSI) shows the November 9 low of $0.3160 due to oversold at $0.3012 from the June 13 low. This nuance shows that Ripple (XRP) has the underlying strength. It’s also likely a sign that the market will be the catalyst to challenge the newly formed bears.
XRP 1-day chartRipple price is likely to fluctuate between $0.32 and $0.56 for the remainder of Q4, potentially. If the bulls recapture the $0.50 zone, the liquidity levels up to $0.66 are likely to face a challenge. However, traders should take it one step at a time. For a bullish potential, the June 13 low of $0.30 must not be broken. If the invalidation level tags, an additional drop to 2020 liquidity levels is possible around $0.26. Such a move would mean a 35% drop from the current market cap of XRP.
Shiba Inu (SHIB) price prediction
As you follow on Kriptokoin.com, Shiba Inu (SHIB) has been characterized by continuous sales in 2022, in line with the general trajectory of the digital asset market. However, the SHIB community is still betting that the token will end the year on a high. Accordingly, the SHIB community at CoinMarketCap estimates that the token will be worth an average of $0.000011 by December 31, 2022. This represents a 17.53 percent gain from its current price.
SHIB price forecast for December 31 / Source: CoinMarketCapIn particular, the bet by community members is in line with SHIB’s increasing number of holders. This is an indication that investors believe the token will rally in the future and possibly regain 2021 highs. Accordingly, SHIB has witnessed a steady increase in holders, with 1,243,497 as of November 11. This represents a 3% or 37,225 growth in holders over the last three months.
SHIB 3-month holder chart / Source: CoinMarketCapSHIB technical analysis continues bearish trend. A summary of the techniques aligns with ‘sell’ at 14, while the moving averages support a ‘strong sell’ at 13. Oscillators, on the other hand, are ‘neutral’ at nine on daily indicators.
SHIB technical analysis / Source: TradingView
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