While the eyes of the broader crypto market were on midterm elections as the community was expecting a crash for Democratic control of Congress, now it seems that the crash is happening somewhere else: in the crypto world itself.
The spectacular collapse of the famous crypto exchange giant FTX worth $30 billion has sent the whole market down with a massive selloff.
However, the crash may be short-lived as the market is witnessing positive sentiments, including the better-than-expected CPI data released by the U.S. Bureau of Labor Statistics.
Final Bottom for the Crypto Market!
The high inflation rate coupled with the fall of FTX has brought a nightmare for the crypto market as many cryptocurrencies have hit lower levels in the price charts.
However, the slowdown of inflation in the US and positive CPI data have once again shifted the crypto space to a positive territory and is slowly gearing up for a bull run.
Furthermore, many crypto analysts estimate that the market has reached the final lower zone before starting a bullish reversal.
A prominent crypto investor and analyst, MartiniGuyYT, predicted a fresh bullish momentum in the upcoming months as he believes multiple cryptocurrencies are building a solid momentum to make a breakout above the fundamental resistances.
bitcoin price analysis
Bitcoin is again making significant gains in the price charts as it trades near the $17K level after forming an initial support level at $15.5K. Martinigue predicts that bitcoin price may soon break its strong resistance at $21K and reach a high of $25K.
However, this target price is not happening soon as the market needs more time to overcome the current situation as investors continuously build massive selling pressure by liquidating positions.
Furthermore, another crypto analyst, Crypto Vinko, dismissed Martinigue’s bullish prediction as he predicted a major crash for BTC, which could see it drop to $3,450.
If BTC breaks above its weekly resistance level of $17.5K, it can reach $18.6K by the next week. Conversely, a price drop is expected if the BTC price falls below $15K, which can take it to $13K.
ethereum price analysis
Ethereum has overcome its dangerous price zone at $1,150 and is making slow progress as it is trading at $1,260. Furthermore, on-chain analyst firm Glassnode showed that the accumulation of Ethereum’s top ETH holders has touched a one-month high of 6,425.
An increased Ethereum accumulation indicates interest from whale investors and can create buying pressure for ETH to go to the North.
Martinigue predicted that Ethereum could touch a high of $2,000 in the coming months. However, this price target is only possible if Ethereum breaks its EMA-200 line at $1,600.
Conversely, Ethereum may turn more bearish if it fails to hold above its support level near $1K. CryptoVinco is bearish on Ethereum as the ETH price may crash severely to $75.
Binance Coin (BNB) Price Analysis
BNB recently faced rejection at $300 and dropped as low as $270. BNB has been hit hard by the current market crash, reducing investors’ bullish hopes for the coin. Martinigue predicted a bullish trend for BNB as it could touch the short-term target of $500 for investors.
However, in response to this prediction, CryptoVinco, indicated that BNB might touch $1, which is only possible if the coin issuer Binance goes bankrupt like FTX.
Binance coin could witness a bullish rally if it breaks above the upper boundary of the $310 Bollinger Bands, taking it to the next resistance level of $350. Conversely, if there is a downside correction below $220, it could decline towards $150.
Chainlink Price Analysis
LINK price is witnessing intense selling pressure amid the crash as it is making long bearish candles in the price chart and currently is trading at $6.4.
According to Martinigue, Chainlink could soon witness a massive surge and reach the maximum price level of $15. On the other hand, CryptoVinco argued that the price of LINK would drop dramatically as it could trade as low as $0.5.
The target of $15 is only possible if LINK breaks above its EMA-200 line of $9, acting as a strong resistance for ChainLink in the price chart. Conversely, a price drop is anticipated by this week as the weekly RSI is falling, which can take LINK below $5.
