Contrary to expectations, most altcoins such as DOGE, SHIB, ETH and LTC are preparing to close the year above critical supports. Almost a month into the new year, the market is lacking in volume and there is little reason to rise. Let’s take a quick look at what analysts and community forecasts predict.
Here are the December price predictions for DOGE, SHIB, ETH and LTC
Dogecoin (DOGE)
While DOGE has rebounded this year up to before FTX, it suffered additional declines following bankruptcy. Despite this, it remained in the top 10 by market capitalization, a strong sign of investor interest. Now, the increase in price fluctuations helps Dogecoin close the year at $0.25. But regular buying and selling pressure keeps the average at $0.15. However, the recovery to $0.21 will become even more evident in a situation where the bulls take the stage again. DOGE is currently trading one notch below these levels at $0.080. From time to time, it makes moves above $0.1.
Litecoin (LTC)
Like DOGE in Litecoin, it managed to maintain its position in the market until the FTX crisis. It even became one of the top earners on November 22, with an increase of over 20%. Litecoin’s rise is getting a bit more lively in light of the current climate in the market. In particular, the crypto community at CoinMarketCap predicts in a new survey that the Litecoin price will trade at an average of $58.36 by December 31, 2022. Among analysts, the situation was slightly different.
If the community forecast above comes true, it would mean $11.95 loss for LTC by the end of the year. In other words, it will depreciate more than 10% from its current levels. That said, crypto analytics platform LunarCrush notes in terms of social responsiveness:
While the crypto market is experiencing another bearish day, Litecoin is doing surprisingly well with positive social + market activity compared to other major markets.
Analysts expect around 50% recovery from LTC price
Economist and crypto analyst Christopher Inks highlighted on November 22 that Litecoin could potentially rally another 45-50%:
Litecoin found support in June and recovered in the HVN region of the 5-year range. Climbing above the local zone at 73.29 will give the rally at least a 45-50% fit.
Shiba Inu (SHIB)
For the Shiba Inu, the metrics show that price action is moving into the dark zone. According to analysis by Lunar Crush, Shiba’s social interaction decreased by 18.3%. Meanwhile, the volume of posts on social media dropped 11.7%. In succession, dwindling numbers pose a threat to SHIB. This increases the trend towards $0.000012.
However, SHIB still remains a favorite of the top 1000 Ethereum whales. Big investors are gearing up to stock up on more SHIB amid rising trading volume. In such a case, Shiba’s first target will be the $0.00001692 zone. Considering bullish and bearish targets, the average price for December is in the $0.00001550 region, according to analysts.
Ethereum (ETH)
Investors are worried that Ethereum will break the $1,000 level by December. Ethereum is currently trading just above this support. The leading altcoin has lost around 7% compared to last month. The depreciation in the last three months exceeds 35%. This zone means 75% off the $4,800 ATH price. However, despite the sluggish market conditions, Ethereum investors are still very hopeful for the future.
Now, the initial support for Ethereum represents $180 at the 200-week moving average. If this psychological threshold is broken, the bears’ targets by the end of the year will fall to the $900 and $885 limits. If ETH breaks to new lows before the new year, further support lies between $785, 700, 656, 600 and $488. According to most analysts, the course of price movements will be shaped around market-related developments. Currently, the lack of leverage and concern over centralized exchanges are among the main reasons for the loss in volume.
37954
