Cryptocurrencies Price Prediction: Solana, SafeMoon & Axie Infinity — Asian Wrap 07 Dec

FXStreet Team FXStreet

Solana price to drop another 50% as SOL looks for support

Solana price falls below the daily Ichimoku Cloud with the Chikou Span below the candlesticks and in open space – prime positioning for a start to a bear market. However, the true extent of how bearish Solana's future price behavior could be is represented best on a Point and Figure chart. Upside potential exists but is risky and limited.

SafeMoon presents massive buying opportunity before 80% breakout

SafeMoon price, one of the most outstanding performers of 2021, is now one of the biggest pump and dump examples of 2021. After rising nearly 600% between September 29th and October 29th, SafeMoon crashed more than 88% to create a new all-time low on December 4th. SafeMoon price has a fantastic trade setup on its daily chart.

Axie Infinity price correction to accelerate towards $80

Axie Infinity price has certainly not been immune to the massive selling pressure during and after last Saturday's flash crash. While some sub-sectors of the crypto market may recover, Axie Infinity and other metaverse cryptos have further to fall. Thin Volume Profile suggests an acceleration of selling pressure may occur.

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FXStreet Team

FXStreet

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Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%. The decision follows a quiet derivatives and spot market for the top altcoin, with traders waiting for the decision before making a move, according to CryptoQuant analysts.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.