On Sunday, the crypto market showed a neutral sentiment with no significant movements in either direction. This could be a sign of the calm before the storm, as investors eagerly await the potential approval of spot Bitcoin ETFs.
According to Reuters, regulators and exchanges have been diligently working on 19b-4 filings, which are crucial for the SEC’s approval of spot Bitcoin ETFs. Recently, exchanges have submitted revisions to 11 of these filings, which could pave the way for the launch of these ETFs.
Industry insiders, familiar with the filing process, suggest that issuers who have met the end-of-year filing revision deadlines are likely to receive a favorable response. All eyes are now on the Ark/21Shares ETF, which is first in line. The SEC is expected to make a decision on this fund by January 10th, setting a precedent for other similar ETFs in the pipeline.
In the midst of the sideways market, altcoins like Cardano (ADA), GMT, and Stacks (STX) have shown a stable bullish stance, indicating a higher potential for fresh recovery.
Cardano Price on the Verge of Hitting $1
The Cardano price recently underwent a correction, dropping from a peak of $0.676 at the end of December. Within two weeks, the altcoin experienced a 23.6% decrease, bringing it to its current trading price of $0.529. However, there was a clear indication of buyer activity at the $0.5 mark, as seen by long-tail rejection candles on Wednesday. This level coincides with the 38.2% Fibonacci retracement level, making it a significant area of interest for buyers.
Upon closer examination of the daily time frame chart, this retracement phase appears to be part of a larger, more bullish reversal pattern known as the ‘cup and handle’. This pattern has been in development for almost 20 months and could signal a major shift in market dynamics. If it holds true, it could lead to a 30% increase in the ADA price, pushing it to test the $0.676 neckline resistance. Breaking through this level could intensify buying pressure and potentially lead ADA to reach the anticipated target of $1.13.
Amid the market correction, the 20-day and 50-day EMAs are playing a crucial role, providing key support and suggesting possible pullback points for ADA.
What’s Driving the GMT Price Rise?
Looking at the daily time frame, the GMT coin price has undergone a rounding bottom recovery after finding strong support at $0.14. Amid the broader market recovery, this coin initiated a new uptrend in late October, which has brought the price up by 80% to its current level of $0.42.
Despite the market uncertainty, GMT has shown a significant 57% increase in the last 48 hours. This sudden surge could be attributed to the recent launch of web3 game GasHero and their burning of 1.84M $GMT in the past three days, as highlighted by crypto analyst hitesh.eth in an X post.
With today’s price surge, the GMT price has broken through the last swing high of $0.373, indicating that buyers may continue on the recovery path and set their sights on potential targets of $0.5 and $0.67.
The daily RSI value of 70% suggests that a recovery sentiment is currently active.
Dynamic Support May Push Stacks (STX) Price Beyond $2
The Stacks price entered an aggressive recovery mode in early December when buyers broke through the resistance level of a 21-month-long symmetrical triangle pattern. This breakout signaled a major trend shift and boosted the altcoin by 84% to its current trading price of $1.62.
The ongoing rally can be traced through an ascending trendline, which offers dynamic support to the STX price. As long as this support holds, potential buyers can look for pullback opportunities at this trendline.
With sustained buying, STX may break through the next significant resistance of $1.96, followed by $2.46.
The high value of the ADX indicator (37%) suggests that buyers may favor a pullback to regain bullish momentum.
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