Crypto Price Prediction December 28: LINK, MINA, EGO

29.12.2023

The crypto market is gradually closing the gap to a $2 trillion valuation as sentiment improves across the board mainly due to the the approval of spot Bitcoin exchange-traded funds (ETFs) in January.

Bitcoin itself is also staying buoyant above $43,000 amid growing expectations of a breakout above $50,000 and subsequently toward an all-time high at $69,000.

Crypto Fear & Greed Index Surges To 73

The crypto fear & greed index, a metric developed by Alternative.me, to track emotional behavior reveals that investors are getting greedy. With the metric now at 73, there are glaring signs of the fear of missing out (FOMO) which can be interpreted as a double-edged sword.

On one hand, investors are extremely bullish on the market bolstered by the ETF approval by the Securities and Exchange Commission (SEC) while on the other, people are likely to sell their holdings.

Therefore, investors buying crypto in December should be cautious as the risk appetite increases, meaning the market is due for a correction. Some people are likely to buy the rumor and sell the news after the ETF has been approved in the US.

Recommended for you: Bitcoin Price FOMO To $50,000 Intensifies With The SEC Set To Greenlight BTC ETF

Chainlink Price Prediction: Is LINK Ready To Launch Past $20

The leading Oracle provider in the crypto industry, Chainlink price is trading at $17 following a significant breakout from support at $14.75 bolstered by the 200 Exponential Moving Average (EMA) (in purple).

Following the breakout accentuated by a symmetrical triangle pattern as illustrated on the four-hour chart, LINK almost closed the gap to $20, trading a new 2023 high at $17.68 before pulling back slightly.

LINK/USD price chart | Tradingview

The Moving Average Convergence Divergence (MACD) indicator supports the bullish theory with a buy signal. However, short-term speculators may want to wait until the ongoing correction is over before they can enter new long positions.

Losing the immediate support at $17 might prove detrimental to LINK’s technical structure with losses likely to extend to test the 20 EMA (in blue) at $16.

However, with the spot ETF approval beckoning in less than two weeks, it might be advisable not to short Chainlink at the moment as that might lead traders into a bear trap.

Mina Protocol Price Prediction: MINA Extending Price Discovery

Mina Protocol has been in price discovery mode from the time it lifted above the previous all-time high of $1.2.

The token made history with a new record high at $1.4 on December 27, but due to profit-taking, MINA had retreated to trade at $1.26 at the time of writing on Thursday during US hours.

MINA/USD price chart| Tradingview

Now that the MACD indicator still dons a buy signal, traders may prefer to hold their positions open while targeting a rebound from support at $126.

However, a retreating Relative Strength Index (RSI) from the overbought region suggests that sellers have the upper hand, at least for now. Therefore, if the decline continues below $1.26, it might be time to close the long positions and perhaps buy MINA at lower price points such as $1.1 and $0.9.

EGO Price Uptrend Grinds To A Halt, What’s Next?

The internal token of the Paysenger service, EGO, is towering above the crypto market with gains exceeding 30% in 24 hours.

Paysenger is a platform that brings together content creators, brands, and fans who tap the best monetization tools while enhancing audience engagement.

Despite the massive force backing the rally in EGO price, the token hit a barrier at $0.03, represented by the red band on the chart. With the RSI regaining the ground above 50, a break above this resistance could blast off EGO towards $0.1 considering the resistance in the purple zone at $0.06.

EGO/USD price chart | Tradingview

If profiting taking trims gains and EGO losses the ground, two moving averages — the 20-day EMA and the 50 EMA will come in handy to absorb the selling pressure, thus increasing the chances of the uptrend resuming. A successful retest of the descending trendline could offer a buy-the-dip opportunity ahead of another breakout.