As we approach the festive season, there is growing speculation that the upcoming holidays could bring a bullish wave to the cryptocurrency market. This optimism is reflected in the recovery seen in crypto currencies like Mina (MINA), Thorchain (RUNE) and Polkadot (DOT) over the past 24 hours. The global cryptocurrency market capitalization is now at $1.68 trillion, representing a 1.22% increase in the last day. Additionally, the total volume of cryptocurrency transactions over the last 24 hours has been $55.45 Billion, a slight rise of 0.09%.
Mina Price Analysis: Bullish Pattern Sets The Breakout Rally for 70%
Mina’s price has seen a remarkable recovery over the last two months due to the bullish sentiment in the crypto-market and the formation of a double bottom pattern. From its last swing low at $0.35, the price has increased by 227%, reaching the current trading value of $1.152. The current bullish momentum appears to be sustainable, as it is accompanied by a 12.5% intraday increase and an impressive surge in trading volumes. The MINA price will rise 8.2% under the influence of the bullish reversal patterns to reach the neckline resistance of $1.25. This overhead resistance is a good indicator of trend reversal and will also signal new entry opportunities. The post-breakout rally will set the altcoin to reach 71.4%, which would bring it to $2.15. The Average Directional Index at the 41% level reflects an exhausting bullish trend that could lead to a minor correction before a $1.25 breakthrough.
Thorchain Price Analysis: Is $RUNE Price Risk of Falling Below $3
On December 3rd, the Thorchain price rally saw a sharp reverse from $7.29. This reversal was in line with the general market uncertainty, and resulted in a steep 30% drop to $5. While this week’s bullish upswing managed to reclaim 50% of this loss, the formation of a bullish reversal pattern called head and shoulder hints at an upcoming downfall. If the sellers take on the neckline at $5.1 if the coin price reverts from the overhead resistance $6.2 or $6.5, this could lead to a long-term correction of $2.68. However, the 38.2% Fibonacci Retracement levels indicate that the bullish trend in general is still intact and if the potential approval of Bitcoin ETF in 2020 pours money into the market to buy momentum, RUNE could break out above the $7.3 swing low. The recently reclaimed 20 and 50-day EMA may offer additional confirmation that the uptrend will continue.
Polkadot Price Analysis: Sustained Recovery Sets Next Target $9.7
The Polkadot coin prices entered a recovery mode in late October, recouping from $3.5 as a support. In the last two months, the recovery has grown 152% to the current trading price of $9. This rally saw the coin price rise in volume, and there were occasional pullbacks that indicated a sustained bull market. On December 22nd, the DOT price showed a bullish breakout from a significant swing-high of $7.9; this is a better indication of a trend reversal. This breakout opens the door for further rally, and the DOT price could rise by another 7.15% to reach the next resistance level of $9.7. However, the pattern of repetitive corrections that are gaining support at 38.2% or 50 percent Fibonacci retracement level suggests that this tool can be used by coin holders to get a suitable support for a pullback in the event of an imminent pullback.
