Cryptocurrencies Price Prediction: Axie Infinity, Polygon Inu and Shiba Inu – European Wrap 7 December

FXStreet Team FXStreet

Axie Infinity price recovers from two flash crashes, hints at a 15% breakout

Axie Infinity price is recovering from its steep downtrend and is showing signs of improvement. Investors can expect AXS to pierce through the trading range’s midpoint and move higher.

MATIC price could be due for a catastrophic crash below $1

MATIC price recovery after the December 4 flash crash has been impressive as the bulls are vying to retest the all-time high. Still, the sudden upswing could set the perfect stage for a bull trap.

Shiba Inu restarts bull run as global tailwinds take over

Shiba Inu (SHIB) price has been under pressure over the weekend and accelerated its downtrend due to the spillover effect from the Bitcoin flash crash. SHIB price then bounced off the monthly S1 support level, however, and created a bullish knee-jerk reaction, reversing most of the incurred losses from the weekend. The short-squeeze could see SHIB price return, first to $0.000004490, and then on the back of a global recovery, perhaps all the way back up to $0.00008373.

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Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

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Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

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