Crypto Price Prediction For January 7: ADA, GMT, STX

07.01.2024

Crypto Price Prediction: On Sunday, the crypto market showcased a neutral sentiment making no major leaps in either direction. This sideways action could be ‘calm before the storm’ as market participants are eagerly waiting for potential approval of spot Bitcoin ETFs.

As reported by Reuters on January 6th, Regulators and exchanges have been diligently working on the 19b-4 filings, which are crucial for the SEC’s approval of spot Bitcoin ETFs. Recently, exchanges have submitted revisions to 11 of these filings. This development is particularly significant as it could pave the way for the launch of these ETFs.

Industry insiders, familiar with the filing process, indicate that issuers who have met the end-of-year filing revision deadlines are likely to receive a favorable response. The spotlight is now on the Ark/21Shares ETF, which is first in line. The SEC is set to approve or reject this fund by January 10th. The decision on this fund is eagerly awaited as it will set a precedent for other similar ETFs in the pipeline.

Amid the sideways action, altcoins like Cardano(ADA), GMT, and Stacks(STX) have showcased a stable bullish stance, indicating a higher potential for fresh recovery.

Cardano Price at Last Pullback Before Hiting $1

Cardano Price| TradingView Chart

The Cardano price recently underwent a correction, retracting from a peak of $0.676 at the end of December. Within a fortnight, the altcoin witnessed a sharp 23.6% fall, landing at a current trading price of $0.529. Despite this setback, there was a significant indication of buyer activity at the $0.5 mark, evidenced by long-tail rejection candles on Wednesday. This level aligns with the 38.2% Fibonacci retracement level, suggesting a high area of interest for buyers.

Delving into the daily time frame chart, this retracement phase appears to be part of a larger, more bullish reversal pattern known as the ‘cup and handle‘, which has been in development for almost 20 months.

This pattern is critical as it signals a potential major shift in market dynamics. If this pattern holds true, it could lead to a 30% rise in the ADA price, pushing it to test the $0.676 neckline resistance. A breakthrough above this level would intensify the buying pressure and may lead ADA on a path to reach the anticipated $1.13 target.

Amid this market correction, the 20-day and 50-day EMAs are playing a vital role, providing key support and suggesting possible pullback points for ADA.

What’s Fueling the GMT Price Rise?

GMT Price| TradingView Chart

A look at the daily time frame shows the GMT coin price has witnessed a rounding bottom recovery, after finding suitable support at $0.14. Amid the broader market recovery, this coin initiated a new recovery in late October which has surged the price by 80% to currently trade at $0.42.

Having said that, the GMT price has showcased a significant 57% recovery in the last 48 hours despite the current market uncertainty. This sudden upsurge could be linked to the recent launch of web3 game GasHero and their burning activity of 1.84M $GMT in the past 3 days as highlighted by crypto analyst hitesh.eth in an X post.

With today’s price surge, the GMT price gave a deceive breakout of the last swing high of $0.373. This breakout hints the buyers may continue on the recovery path setting their eyes on potential targets of $0.5 and $0.67.

The daily RSI value of 70% indicates a recovery sentiment is active.

Dynamic Support May Push Stacks(STX) Price Rally Beyond $2

Stacks(STX) Price| TradingView Chart

The Stacks price entered an aggressive recovery mode in early December when the buyers breached the resistance level of a 21-month-long symmetrical triangle pattern. This breakout indicated a major shift in the trend and bolstered the altcoin by 84% to currently trade at $1.62.

This ongoing rally coin can be traced through an ascending trendline which offers dynamic support to the STX price. Until this support is intact, the potential buyers can look for pullback opportunities at this trendline.

With sustained buying, the Stacks coin price may chase the next significant resistance of $1.96 followed by $2.46

With a high value of ADX indicator(37%), reflecting this buyers may favor a pullback to recuperate bullish momentum.