Cryptocurrencies Price Prediction: Bitcoin, Ripple & Chainlink – Asian Wrap 07 Dec

Bitcoin technicals suggest an imminent correction before the next leg up

As demand for Bitcoin rises to record highs, the outlook becomes astonishingly bullish by the day. Nonetheless, a correction seems overdue, which will help propel prices even higher.The past few weeks have been eventful in the cryptocurrency market. With the massive flow of institutional investors and asset managers, the bullish thesis for Bitcoin keeps getting reinforced going into 2021. 

Ripple Price Analysis: XRP/USD teases bears inside short-term triangle

XRP/USD drops to 0.6151, down 1.20% intraday, during early Monday’s trading. In doing so, the crypto major fades the previous two days’ recovery moves inside a two-week-old symmetrical triangle. Additionally, MACD also flashes the bearish signals while the quote re-tests 10-day SMA.

Chainlink Price Prediction: LINK is on the brink of a 15% dump

Chainlink has been trading within a descending parallel channel since the beginning of December. The channels’ upper boundary continues to hinder growth while the lower limit assisted in mitigating the losses. Meanwhile, LINK has slipped under the 200 Simple Moving Average and is likely to test the channel’s middle boundary.