Top Altcoins: Amid the Santa Claus Rally sentiment, the crypto market has taken a bullish turn since last week. While the top two leading cryptocurrencies Bitcoin and Ethereum have 5-9% weekly, several altcoins have witnessed a buying inflow.
However, a few tokens Axie Infinity (AXS), MINA, and Ordinals(ORDI)have even aggressively projected their potential for a higher rally.
The global cryptocurrency market capitalization now stands at $1.68 trillion, marking a slight rise of 0.10% since yesterday. Additionally, the total trading volume in the crypto market over the past 24 hours has reached $62.75 billion, representing a significant increase of 8.31%.
In addition, the market participant’s growing anticipation of potential approval of a Bitcoin spot ETF gets another boost: the SEC has set a deadline of December 29, 2023, for the completion of applications for a Bitcoin Spot ETF. This decisive step may generate a wave of optimism among investors, as it suggests a possible imminent approval of these highly anticipated financial instruments.
Also Read: Bitcoin, Ethereum, Solana Saw $98 Mln Inflows As Spot Bitcoin ETF Deadline Looms
Axie Infinity (AXS) Price Prediction: Reversal Pattern Sets A rally Beyond $14
In the daily time frame chart, the Axie infinity (AXS) price shows the formation of a rounding bottom pattern. This reversal pattern in tandem with general bullish momentum, created a strong 9-week rally which surged the AXS price from $4 to the current trading price of $10.12.
This 150% backed by increasing volume and a massive surge in Funding rate indicates a sustainable growth in this asset. Recent data from Coinglass, a renowned tracker of crypto derivatives, revealed a significant jump in the AXS Funding Rates, which escalated to 0.0707% on Monday. This marked increase in the funding rates suggests a bullish trend among traders, indicating their readiness to incur additional costs for trend reversal.
The momentum indicator RSI hit a high of 81% holding long positions in Axie Infinity.
Thus, with sustained buying, the AXS price is likely to rise 36.5% and hit $14 neckline resistance. A breakout from this barrier would be a better signal reflecting a strong bullish momentum but also an increasing possibility of overbought assets.
Mina Price Prediction: As $MINA Hints Minor Pullback Before Next Leap
Despite increasing uncertainty in the crypto market, the Mina token price has managed to show sustainability and a strong bounce back from the $7 psychological level. The coin price, rising for seven consecutive days, has registered a 76% gain from the current trading price of $1.19.
Amid this rise, the coin price has recently showcased a bullish breakout from the $1.24 necklace resistance of a double-bottom pattern. A potential breakout from this level would intensify the buying pressure and may potentially surge Mina Price to chase $1.15.
However, the long-week rejection in the daily chart reflects profit profiling from short-term traders and thus a possibility of a minor pullback before the next leap.
The Daily time frame Chart shows the 20- and 50-day EMA has offered strong support to MENA buyers during occasional corrections.
Ordinals Price Prediction: Is ORDI Price Ready to Regain $90?
Amid the current market uncertainty, the Bitcoin Ordinals coin traded majorly sideways in December. However, this consolidation came after a robust recovery in late November, the wavering price offered buyers an opportunity to recuperate the bullish momentum.
A look at the daily time frame chart shows this consolidation as the formation of a bullish pennant pattern. Today, the ORDI price witnessed a significant inflow, which led to a 41% surge to break past the triangle’s upper trendline.
By the press time, the ORDI price trades if the daily candle is above the bridge trendline, and the buyers would obtain suitable support to prolong recovery time. Under the influence of this chart pattern, the ORDI price could chase the next potential target of $93.8 billion, followed by $196.5 billion.
A bullish crossover between the slopes of moving average convergence divergence indicates the ORDI coin returns to recovery sentiment.
