The last few days have seen a lot of talk going on in the cryptocurrency space. While the DeFi surge continues to happen, the big news was that PayPal was going to allow its users to buy, sell, and hold various cryptocurrencies in their PayPal account.
Needless to say, such a move by one of the biggest payments processors in the world would have a profound impact upon cryptocurrency prices and adoption. Then came the news that PayPal was looking to buy BitGo and/or some other crypto firms, thus increasing its foothold in the cryptocurrency ecosystem.
Such moves have caused the total market cap of the cryptocurrency market to rise over the last several days. On October 20, the total market cap for crypto was $369 billion. That amount has shot up to $400 billion today. However, not all coins are equal as some coins saw gains while others a drop. Below are some price predictions for various digital currencies.
YFII, LINK, NEO,ETH, DOT price predictions
YFII price has broken out of a descending triangle. Placing a long from the support zone around $1,900 with a stop loss below $1,850 and target of $2,017 and $2,117 (0.382 and 0.5 fib) could be a decent trade.
Link price has broken out of trendline resistance on the hourly time frame. A possible scalp would be to place a long order at the retest of trendline at $12 and target the previous resistance of $12.40. If we can clear this resistance, Link is more likely to reach $13. If we close an hourly candle below $11, that would invalidate this setup and would be a safe move to exit our longs.
If NEO price can reclaim $19 and close a daily candle above $19, this zone can be flipped to support and we can see a move towards $19.60, $21.80, and $23.60. Stop loss should be placed around $18.
If we are not able to break the resistance of $19, we can open a short with a stop loss around $20 and a target price below $17.
DOT price has closed above the 200 day EMA and consolidated around $4.20. It has started bouncing from this support, and we can see a potential move towards $4.60 and $4.80. Stop loss should be placed below the support of $4.10.
It is more likely for ETH price to head towards $435 first since the resistance at $406 has been cleared. A long from $406 with a stop loss below $400 and targets of $435 and $465 could be a good trade.
If we break $400, bears will target $370 again, and in that case, we can open a short from $400 with a stop loss above $406 and target of $370.