Cryptocurrency Price Prediction: Cryptocurrency markets showed neutral sentiment on Sunday, with no major leaps in either direction. This sideways movement could be the “calm before the storm” as market participants eagerly await the potential approval of a spot Bitcoin ETF.
On January 6, regulators and exchanges have been working on 19b-4 filings, which are crucial for the SEC to approve spot Bitcoin ETFs. Recently, exchanges submitted amendments to 11 of these filings. This progress is particularly important because it can pave the way for the launch of these ETFs.
Industry insiders familiar with the filing process said that issuers that complete filings within the year-end filing amendment deadline are likely to receive a favorable response. The focus now is on the Ark/21Shares ETF, which is first in line. The SEC will approve or reject the fund by January 10. The decision on the fund is eagerly awaited because it will set a precedent for other similar ETFs in the pipeline.
Amid the sideways trend, altcoins such as Cardano (ADA), GMT, and Stacks (STX) showed a steady bullish stance, indicating a greater potential for a new recovery. #GMT #Stacks #ADA
Cardano price pulls back one last time before hitting $1
Cardano price has recently undergone a correction, retreating from the $0.676 peak seen in late December. In two weeks, the altcoin has plunged 23.6% and is currently trading at $0.529. Despite this setback, there are clear signs of buyer activity at the $0.5 mark, as evidenced by Wednesday’s long-tailed rejection candle. This level coincides with the 38.2% Fibonacci retracement level, indicating a high level of buyer interest in the area.
Digging deeper into the daily time frame chart, this pullback phase appears to be part of a larger, more bullish reversal pattern known as a "cup with handle" that has been developing for nearly 20 months.
This pattern is crucial as it signals a major shift in market dynamics. If this pattern holds, it could lead to a 30% increase in the ADA price, pushing it to test the neckline resistance at $0.676. A break above this level would intensify buying pressure and could lead ADA to its expected target of $1.13.
In this market correction, the 20-day and 50-day MAs are playing a vital role, providing crucial support to ADA and hinting at possible pullback points.
What drives the GMT price up?
Looking at the daily timeframe, the GMT token price has seen a rounding bottom recovery after finding suitable support at $0.14. The token initiated a new round of recovery in late October on the back of a broader market recovery, with the price surging 80% and currently trading at $0.42.
That being said, despite the current market uncertainty, GMT prices have seen a notable recovery of 57% in the past 48 hours. As crypto analyst hitesh.eth highlights in a post on X, this sudden uptick could be linked to the recent launch of web3 game GasHero and the destruction of $1.84 million of GMT in the past 3 days.
With today’s surge, the price deceptively broke above the last swing high of $0.373 by GMT. This breakout suggests that buyers may continue on the recovery path, setting their sights on potential targets of $0.5 and $0.67.
The daily RSI value is 70%, which shows active recovery sentiment.
Dynamic Support Could Push Stacks(STX) Price Above $2
Stacks price entered an aggressive recovery mode in early December when buyers broke above the resistance of a 21-month-long symmetrical triangle pattern. The breakout signaled a major shift in trend and has sent the altcoin surging 84% to its current price of $1.62.
This continued rise of the coin can be tracked by an ascending trendline which is providing dynamic support to the STX price. Until this support remains intact, potential buyers can look for pullback opportunities at this trendline.
With continued buying, the Stacks token price is likely to chase the next significant resistance at $1.96 and then $2.46
ADX indicator value is high (37%), reflecting that buyers may be inclined towards a pullback to resume the bullish momentum.
