As this correction lies within the safety net of the retracement tool for the majority of major cryptocurrencies, the overall bullish trend remains intact. Thus, a selective token like Terra Classic(LUNC), Bonk(BONK), and Injective(INJ), holds a high potential to make a strong comeback.
$Terra Classic Price Analysis: Combined Support Sets a Strong Rebound:
Amid the prevailing market volatility, the Terra Classic price experienced a significant downturn, retreating from the $0.00028 level. Over two weeks, the altcoin plummeted by 42.6%, finally finding reliable support at $0.00016.
BONK Price Analysis: Healthy Retracement May Resume Buying Pressure
Defying the broader market’s uncertainty, the Solana-based meme token BONK has emerged as one of the top performers in December 2023. The coin’s value soared by an astounding 818%, climbing from $0.0000038 to a peak of $0.000035.
This surge gained further momentum following announcements of listings on major cryptocurrency exchanges. However, the BONK price is currently undergoing a correction phase, dropping its value by 38% to $0.0000216.
Injective Price Analysis: will recovery Extend to $50?
In the weekly timeframe, Injective (INJ) displays a rounding bottom pattern, which, along with a broader market upswing, has contributed to a gradual increase throughout the year. The coin’s recovery accelerated in late October, culminating in a decisive breach of the $25.4 resistance on December 13.
This Breakout signal is a major signal in a trend reversal, offering long-entry opportunities to market participants. Currently trading at $29.7, the INJ price might experience a slight retracement. If it manages to hold above the recently surpassed resistance level, there’s potential for a 68% rally toward a target of $50.
