Crypto Price Prediction: Excitement over the potential approval of a spot Bitcoin ETF has soared to new heights, following the U.S. Securities and Exchange Commission’s decision to receive 19b-4 forms from various exchanges and entities issuing them last Friday
Moreover, Eric Balchunas and James Seyffart, top Bitcoin ETF analyst at Bloomberg, hint at a significant drop in the probability of rejection, currently assessed at just 5%. Balchunas’s remarks convey a sense of careful optimism, recognizing a small degree of unpredictability.
The crypto market has been volatile for a week with major coins like Bitcoin and Ethereum projecting a sideways action. This consolidation could be the calm before the storm, as the decision of the US SEC will be the key trigger to bring a directional approach to price movement.
The global cryptocurrency market capitalization stands at $1.63 trillion, marking a decline of 1.37% in the past day. The total volume of the crypto market has reached $59.17 billion, representing a significant increase of 37.82%.
Despite the uncertainty, the crypto coins Ethereum(ETH), Axelar(AXL), and Maker(MKR) maintain their bullish outlook and potential for higher recovery.
Ethereum Price Hints Last Pullback Before Surpassing $2500
Ethereum Price| TradingView Chart
For the past several weeks, Ethereum (ETH), the world’s second-largest cryptocurrency, has been fluctuating within a narrow range, specifically between the prices of $2140 and $2400. Amidst the growing uncertainty surrounding the approval of a spot Bitcoin ETF and various market sell-offs, ETH has impressively maintained its position above the $2140 level.
This price point aligns with the 38.2% Fibonacci retracement level, indicating a solid base. This period of retracement is seen as a healthy correction, and with the U.S. SEC potentially making a decision this week, it could present an opportune moment for traders to capitalize on a dip at the $2140 support level.
A rebound from this support might propel the Ethereum price by 7%, challenging the recent high of $2400. A breakthrough above this level could signal a continued uptrend, potentially driving the price toward $2675 and then possibly reaching or exceeding $3000.
Furthermore, the 50-day EMA is providing additional support, offering a chance for the bullish momentum to regain strength.
Flag Pattern Sets Axelar(AXL) Price Rally Beyond $1.5
Axelar(AXL) Price| TradingView Chart
The Axelar(AXL) price recovery recently encountered a significant resistance level at $1.26, leading to a sideways movement. This consolidation active for the past three weeks occurred within tight trendlines, indicating the formation of a bullish continuation pattern known as a FLAG.
This pattern, developing above the 23.6% Fibonacci level, suggests a favorable position for buyers, potentially leading to a stronger rally. With a daily gain of 7.6%, AXL is currently priced at $1.69 and is on the brink of breaking out from this flag pattern.
A successful breakout could unleash the accumulated bullish energy and continue the recovery trend, with targets possibly reaching $1.44 and then $1.95. The daily RSI, maintaining above 50%, supports the notion that the recovery trend remains strong.
Is Maker(MKR) Price at Risk of 15% Fall?
Maker(MKR) Price| TradingView Chart
The Maker (MKR) coin has exhibited a consistent uptrend for the past seven months, characterized by a rising channel pattern on its daily time frame chart. Starting from a low point of $511, MKR’s value has surged by 260%, currently trading around the $1806 mark.
The historical data shows the market participants have taken strict note of this pattern, driving the price behavior accordingly Presently, as the MKR price hovers near the upper boundary of this channel pattern, it suggests that the coin might be facing a potential correction.
If this correction occurs, the Maker price could see a decrease of about 15%, potentially retesting the lower trendline of the channel. However, as long as this chart pattern remains intact, the upward trend of MKR is expected to continue, offering opportunities for strategic long positions during price dips.
Contrasting this potential correction, if the upcoming decision on the Bitcoin ETF turns out to be favorable and positively impacts the crypto market, it could propel MKR’s price beyond its current channel. Such a breakout would significantly amplify the bullish momentum, potentially pushing the MKR price well above the $2800 mark
Moreover, the bullish crossover observed in the MACD indicator reaffirms the active recovery trend in MKR’s market, despite the presence of overhead supply pressure.
Related Articles:
- Spot Bitcoin ETF: Odds of SEC Disapproval Falls to 5%
- Countdown To Spot Bitcoin ETF Approval Begins As Critical Fed Decision Nears
- SEC Veteran Labels Spot Bitcoin ETF Applicants “Opportunistic Cartels”
Read the full article here