The popular analyst known by the pseudonym Credible Crypto has set future price targets on Bitcoin (BTC). In addition, he also designed sets for three other cryptocurrencies: Ether (ETH), Polygon (MATIC) and Hedera (HBAR).
According to the analyst, the worst of the recent correction is over and cryptocurrencies are ready to take a breather before further valuations. For this, the analyst establishes which are the crucial levels that must be observed now.
HBAR close to new support
The first cryptocurrency analyzed by Credible Crypto is the HBAR, which operates in strong high of 15% this Thursday. The cryptocurrency price has recently dropped below $0.30 and is now trying to get back to that level, trading at $0.26 at the moment.
As the analyst explained, this pattern means that the $0.30 region could act as a new resistance point. Thus, if the cryptocurrency breaks this price range, there will be a push for new valuations
“$HBAR printing a classic bullish div on the daily, indicating that we will likely see some relief in the coming days along with the rest of the market. That being said, the lost weekly support at around .30 may now act as resistance. Targeting .26 and above that .30 for now.,” the analyst said.
MATIC and possible correction
While the rest of the cryptocurrencies on the list are on a recovery bias, MATIC seems go the opposite way. The cryptocurrency, currently quoted at $2.16, could undergo a sharp correction and seek support in the $1.35 region.
In the last 30 days, MATIC registered a 56% increase and saw its price drop from $1.45 to $2.58. However, the cryptocurrency has dropped 20% in the last week, which, in the view of Credible Crypto, indicates a loss of strength in the movement.
“I call this one “Fearmonger Part 2”. Our recovery ended up with another bearish SFP of the highs. Liq hunting before making another attempt at $1.35 imo.”.
ETH: high altcoin trigger
The next cryptocurrency in list by Credible Crypto is ETH, which gained 16% value against BTC in the last 30 days. And this appreciation can benefit the entire altcoin market in the medium term.
According to the analyst, if the ETH/BTC pair consolidates above the region between 0.07 and 0.08 BTC, a new altseason would be consolidating.
Currently, the second cryptocurrency in market value is worth 0.084 BTC; therefore, it is above the level indicated by Credible Crypto. But for this forecast to come true, ETH will need to maintain this behavior throughout the month.
“Many asking if I’m still bullish on alts- nothing has changed but you must understand the lvl we reclaimed is a MONTHLY level. Intra-month we can wick below just like we wicked above in months prior. Alts may see some downside in coming weeks, but HTF remains bullish above GREEN..”
BTC towards US$ 50,000
It’s not because I’m optimistic about altcoins that Credible Crypto isn’t eyeing the king of the market. On the contrary: in his view, the wave of falls in the price of the BTC is behind us, and the cryptocurrency must leave to resume the resistance of US$ 50,000.
In other words, the worst time of the year is over. Even with a 14% drop in December, the analyst believes that the buying force tends to decrease.
“I don’t think we see new lows yet. Expecting relief to mid 50k’s soon. We have swept both our local lows and bids are being filled across major exchanges here in the 45-47k range.”, explained the analyst.