various cryptocurrency on table

Cryptocurrencies have experienced quite the sell-off in the past week. However, the bottom looks like it may be in. Let’s take a look into a few of the top cryptos and what to expect.

Bitcoin

Bitcoin is the largest by market cap. It can also give a good understanding for direction as the market leader. Bitcoin broke highs in October after a large sell-off in May. It reached a high of $69,000 on November 10th. On December 4th, it dropped to $42,000 before being quickly bought up and the price was taken to $47,000.

The daily graph has a strong upper trend-line acting as resistance. We are now above $50,000, which should act as psychological support. Lots of buyers will want in at this price or below. I want to see the price base above $50,000 for a few days before making a move towards the trend-line again.

The $100,000 mark that everyone wants to be achieved by the new year looks unlikely. $60,000 would be a more attainable target if the sentiment become more bullish in the next few weeks.

Chart provided by TradingView

Ethereum

Ethereum has shown great strength through the recent crypto struggles. This sets them up well for the next bull run. They didn’t escape the harsh sell-off from 3 days ago. The price fell to around $3,500, down 28% from highs of $4,868. The price has held well above $3,900, failing to close below this since October. I think we could see ETH close the year at new highs. I also think that due to the good strength it has shown over the past weeks, Ethereum may be the first large coin to make a significant move up before the others follow.

The ETH network has many benefits and it being used more and more. The fundamental side to Ethereum means we like it for longer term alongside a shorter term recovery.

Chart provided by TradingView

Polkadot

Polkadot has seen the $25.50 area act as support for some time now. The price is now above $30, with all-time highs sitting at $55.09. This will follow the rest of the sector. But if we do see a nice recovery, I think DOT has great upside potential for you. $40 would be a target for the upcoming week if the sector makes a recovery.

Decentraland

Decentraland (MANA) saw a great run after Facebook changed their name to Meta and drew more attention to the Metaverse. The price rallied to $4.95, the blue line on the chart, before pulling back to around $2.50. The price surged above $5 towards the end of November. The price fell alongside its counterparts. But today we have seen the price break the trend-line. I think Decentraland and others like Sandbox (SAND) could see different price action to the rest of crypto due to the Metaverse link. If this are heats up again, I can see the price climbing past recent highs of $5.90. This break should hold and we are expecting to see some positive performance in the near future.

Overall

This is a quick look into several cryptos that we are currently watching. We may see some sideways action before a move up again. I think the price has dropped enough for things to cool off now and make a recovery to recent levels. We will be watching to see if these hold and if the bullish sentiment grows again.

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