There are only two days until the new year and Bitcoin is trading below $ 17 thousand. The leading crypto’s lack of volume is also putting the altcoin market under pressure. In this article, let’s examine the current MATIC, SHIB and LINK price predictions for January.
How far is Polygon (MATIC) from a rally in the short term?
MATIC price has been rising alongside an ascending support line since Sept. 21. The upside move reached the local top of $1.30 on Nov. 5. MATIC then registered a local one on December 19 at $0.75. This indicates that the bullish structure is now weakening.
However, the price bounced off the horizontal support at $0.77 (green icon) on Dec. The RSI is up at the same time and it is approaching the 50 line from below. Due to selling and the subsequent bounce, the most likely MATIC forecast for January is confirmation of the support line as resistance before another drop. This also causes the daily RSI to confirm the 50 line as resistance (red circle). Retracing the line will instead indicate that the future price trend is bullish.
Technical analysis of the six-hour chart shows that MATIC price broke out of a descending resistance line on December 20, starting the ongoing short-term rally. Before the breakout, there was a bullish divergence on the six-hour RSI (green line). Now, the RSI has crossed above 50, confirming the up move and bullish divergence.
MATIC is currently facing the $0.83 resistance level. If it manages to break above that, analyst Ryan James says the next target will be $0.87. If this happens, it will also confirm the long-term ascending support line. Then, the most likely MATIC price prediction for January suggests a bearish move.
Reclaiming the $0.87 area and ascending support line in the process will instead mean that the trend is up. As a result, the most likely MATIC price analysis is for a rise towards $0.87 followed by another bearish break from the $0.77 support area. Reclaiming the $0.87 area will invalidate this bearish prediction. It will also show that new highs are imminent.
Could Chainlink (LINK) skyrocket in 2023?
Chainlink has recently seen strong demand on tier 2 platforms like Arbitrum. It is currently the current market leader with a 54.3% share and a TBL of $2.3 billion.
Chainlink has also expanded to Avalanche, which has gained tremendous momentum since the integration. Additionally, Chainlink node operators and data providers are seamlessly navigating Ethereum Merge. Other landmark integrations include Phantom, Gnosis Chain, Harmony, and Metis. Chainlink also provided integrations with Moonbeam parachains, which joined SCALE to accelerate ecosystem growth. Moonbeam is a network of Polkadot and Ethereum Virtual Machines, two of which provide cross-chain compatibility.
Meanwhile, the network currently has 1,994 integrations, which is 1,650 more than its closest competitor, according to community members. Also, the network launched LINK staking this month. This adds to its momentum, but not its price.
Besides successful network development activities, Chainlink cannot offer a similar outlook in terms of price. The high-end improvements above did not reflect much on LINK prices. LINK is currently trading sideways on the day at just under $6. It has shown little movement since current prices fell on December 17.
It has also lost 10% in value over the past two weeks. Thus, it is down 88.6% since the May 2021 peak of $52.70. Given the network’s solid foundations and real-world usage, LINK is expected to recover quickly. For example, crypto analyst Michaël van de Poppe is confident that the LINK price will rise soon. He says that increased DEX adoption will be bullish for Chainlink due to the demand for decentralized price streams.
Future price trends for the Shiba Inu (SHIB)
SHIB price has been falling below a descending resistance line since Aug 14. This line caused several rejections in late October before dropping sharply (red circle). The decline resulted in a break below the $0.0000098 support area and confirmation on December 5 (red icon) as resistance.
The SHIB price has been dropping since then. On December 19, the $0.0000080 area was confirmed as support. Despite the confirmation and the subsequent bounce, there are no signs of a bullish reversal. The daily RSI is moving upwards. However, it is still below 50 and has yet to form any bullish divergence.
The January Shiba Inu price forecast is still in the dark as there are no decisive signs in either direction. Whether SHIB price breaks through the descending resistance line or the $0.0000080 zone can determine whether the future price trend is bullish or bearish.
The percentage of SHIB whales control is another metric that adds to the uncertainty. Currently around 70% of SHIB’s circulating supply is held by whales, just over 20% by individuals and less than 10% by investors. This can be a problem as it is possible for whales to sell and lower the price. In turn, this makes technical analysis readings less convincing because of the possibility of selling.
SHIB, January price predictions
As for the forecasts for January, technical analysis from the four-hour time frame offers a more positive outlook for SHIB price. Since November 8, price action has remained in a descending wedge, which is considered a bullish pattern. While the price has been consolidating in the last 24 hours, a breakout is likely to occur soon. The main reason for this is the bullish divergence developing on the RSI (green line).
All in all, the SHIB price analysis shows that a breakout from the wedge is likely. If this happens, it will take the price to the $0.0000098 resistance area mentioned earlier. Then the reaction when it gets there can determine the future trend.
Additionally, the most likely SHIB price action is a short-term breakout and an increase towards $0.0000098. Next, the Shiba Inu price forecast for January will be determined by the reaction when the price gets there. In line with other analysts’ 2023 expectations cryptocoin.comWe have included it in this article.