Cryptocurrency prices were on edge on Tuesday, mirroring the performance of American stocks. Bitcoin price plunged to $84,000, a big drop from the weekend high of over $100,000. The total market cap of all cryptocurrencies tracked by CoinMarketCap plunged by over 10% to $2.77 trillion, while liquidations jumped. What next for popular coins like Solana, Shiba Inu, and IOTA?
Solana price analysis
SOL price crashed this week even after Donald Trump added it to potential Strategic crypto reserves. This drop was mostly because investors anticipate that the policy to face some legislative challenge. It is unclear whether Congress, which controls the purse, is interested in creating these reserves.
Solana price peaked at $295.28 in January as meme coins in its ecosystem soared. It then dropped below key support levels, including the support at $263 (November 2024 high) and $170 (January 14 low), and the psychological point at $140.
The $170 level was a notable one since it was along the neckline of the double-top pattern at $264.
Worse, Solana price has formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. A death cross is one of the riskiest patterns in the market.
Therefore, further downside will be confirmed if the Solana price plunges below last week’s low of $125. A drop below that level will point to more downward, with the next point to watch being at $110, the lowest swing in August. This price is about 20% below the current level. A move below that level will point to further decline to below $100.
Shiba Inu price forecast
Shiba Inu price has also been in a steady downward trend in the past few weeks, falling from a high of $0.00003325 to a low of $0.00001260.
The coin has plunged below the important support level at $0.00002171, the highest swing on September 27. It has also formed a death cross, pointing to further downward momentum ahead.
On the positive side, the SHIB token has formed a falling wedge chart pattern. This pattern forms when there are two descending and converging trendlines. These two lines are now nearing their confluence.
Further, Shiba Inu price has formed a giant double-bottom pattern at $0.00001260. The neckline of this pattern is at $0.00003326. Therefore, there is a likelihood that the coin will bounce back and retest the key resistance point at $0.00003326, up by 160% from the current level.
IOTA price analysis
The IOTA coin has continued plunging this month as the crypto sell-off accelerated. On the daily chart, the IOTA price has moved from a high of $0.6320 on December 4 to the current $0.20.
IOTA token has moved below the 50-day and 200-day Exponential Moving Averages. It has moved below the 78.6% Fibonacci Retracement level.
IOTA coin has now retested the upper side of the falling wedge chart pattern, a popular bullish sign. Therefore, the token will likely bounce back, and retest the key resistance point at $0.3135.
The IOTA token will likely be boosted by the upcoming Rebased upgrade. Rebased is an upgrade that will introduce several features to the network. Some of the most notable features will be the introduction of MoveVM and Ethereum Virtual Machine (EVM).
IOTA will also introduce faster transaction speeds of up to 50,000 transactions per second (TPS). It will also introduce features like more decentralization and staking, with yields of up to 15%.
The post Crypto price prediction: Solana, Shiba Inu, IOTA appeared first on Invezz