The cryptocurrency market is struggling to find direction in an environment of uncertainty brought on by macro data. Analysts are not yet very optimistic that the market will recover and are warning for a bearish dive for 4 altcoins, each of which is at the forefront of its own category.
Leading altcoin Ethereum is heading to the bottom of the bear market!
Widely followed crypto analyst Benjamin Cowen predicts that Ethereum (ETH) will fall much further before the next bull market. The analyst says the smart contract platform will likely retest lows within the upper and lower bounds of the logarithmic regression chart before Ethereum goes on a bull run. In this context, the analyst makes the following statement:
The idea is that Ethereum continues these nice runs every once in a while, but tends to touch base at home between these bull runs. And we’ve been sitting outside this level for a long time. To some extent, it feels like Ethereum is in a sense making fun of how it stands just outside the lower regression trendline.
Benjamin Cowen says that Ethereum could drop at least 53% from its current value. He explains his prediction as follows:
Now, there’s something I want to draw your attention to when we talk about what fair value fits ‘no bubble data’, and this level, which is probably currently around $750, should raise your eyebrows. Hold on, that’s lower than where we went this June. And I still think Ethereum can go even lower from where it went back in June.
More short-term pain in March for MANA
According to crypto analyst Valdrin Tahiri, Decentraland (MANA) may complete the final leg of its correction before continuing its previous rise. The analyst makes the following assessments for technical levels. Decentraland price has settled below a descending resistance line since it hit a yearly high of $0.842 on Feb. During the decline, the price traded above the long-term $0.625 horizontal support area. These two structures combine to form a descending triangle, which is considered a bearish divergence. Therefore, the price is expected to break out of it.
If the price breaks down, the nearest level of support will be $0.500. This is the 0.618 Fib retracement support level (white) of the upward move. On the other hand, a break from the descending resistance line could lead to an increase towards $0.80.
MANA daily chart / Source: TradingViewTechnical analysis of the six-hour short-term chart shows that MANA has completed a five-wave upward move and now an ABC retracement structure (black) may be in wave C. If so, altcoin price will soon break out of the $0.625 horizontal support area and complete its correction. Also, the support line of a descending parallel channel will coincide with the $0.500 support area. This sketch fits the prospect of a fix perfectly, as channels often contain fixes. However, as mentioned earlier, a break from the descending resistance line will invalidate this short-term bearish price prediction for March and could lead to a drop towards $0.80.
MANA six-hour chart / Source: TradingViewAs a result, the most likely MANA price prediction for March is bearish towards the $0.500 support area before the upward move continues.
What if the price of this altcoin still doesn’t rise?
Crypto analyst Aaryamann Shrivastava analyzes the technical outlook for Filecoin (FIL). The altcoin price, trading at $6.95, rose more than 7.4% at the time of writing to break above the immediate support level of $6.59. However, it is unclear whether this increase will push the price to a seven-month high, as there is no clear indication on the charts.
Parabolic Stop and Reverse (SAR) highlights an active downtrend thanks to the presence of blue indicator dots above the candlesticks. On the other hand, the Relative Strength Index (RSI) is still bullish as the indicator bounced off the neutral line at 50.0, suggesting that a small bounce in price is likely. However, the Moving Average Convergence Deviation (MACD) indicator is also bearish. Also, the altcoin is experiencing a bearish trend that started a few days ago. The signal line (red) crossing the MACD line (blue) is proof of this.
Filecoin MACD and RSITherefore, if the bearish scenario materializes, the altcoin price could lose the $6.59 support and decline to test the critical support at $4.79. Indicating a 30% collapse, FIL will be vulnerable to a drop below $4.00 from now on if it loses this support level as well. The presence of the 50 and 100-day Exponential Moving Averages (EMA) can act as support for the altcoin price. Bounce from these could push the price higher again and support from buyers could push the FIL above $7.87.
FIL 1-day price chartFlipping to support will allow the altcoin to rally to $9.78 and test critical resistance. A daily candlestick above this level invalidates the bearish thesis, pushing the price above $9.78.
SHIB price could drop more than before
Crypto analyst Filip L predicts a bear scenario for the popular meme coin Shiba Inu. SHIB price is entering a tough period as price action has dropped after the consolidation phase over the past four weeks. With both weekly highs and weekly lows lower or higher, a trade breakout was inevitable. This breakout is currently continuing with a leg towards $0.00002000.
cryptocoin.com As you follow, SHIB could be seen sinking even more as a large whale investor in SHIB recently transferred around 180 billion tokens to Gemini and Crypto.com exchanges. Speculators will try to lower the value of SHIB to remove the whale and buy these cryptocurrencies at a desperately offered discount. With this selling pressure, $0.000002000 has hit the breakout point and buyers can see $0.000010000 coming as new support.
SHIB weekly price chartMeanwhile, some other exchanges are reporting similar movements in other altcoins. This could signal the whales accumulating after a fresh top move that could see the SHIB race towards $0.00001600 again. In percentage terms, this means a 30% price increase by March if support continues. A bounce could also be triggered, as the whale will not sell before the uptrend begins.
