Cryptocurrency price prediction for January 7: ADA, GMT, STX
Cryptocurrency Price Prediction: Excitement is growing in the cryptocurrency market as the US SEC could make a pivotal decision on approving a spot Bitcoin ETF next week.
Cryptocurrency Price Prediction: Cryptocurrency markets on Sunday showed neutral sentiment with no major jumps in either direction. This sideways action could be the ‘calm before the storm’ as market participants eagerly await the potential approval of a spot Bitcoin ETF.
As Reuters reported on January 6, regulators and exchanges have been working diligently on the 19b-4 filing that is critical to the SEC’s approval of a spot Bitcoin ETF. Recently, the exchange filed revisions to 11 of these documents. This development is particularly important as it could pave the way for the launch of such ETFs.
Industry insiders familiar with the filing process say issuers that meet the year-end revision filing deadline are likely to receive a favorable response. The ETF receiving the most attention now is the Ark/21Shares ETF. The SEC is expected to approve or reject the funds by Jan. 10. A decision on this fund is eagerly awaited as it will set a precedent for other similar ETFs in the pipeline.
While showing a sideways trend, altcoins such as Cardano (ADA), GMT, and STX (STX) showed a stable strong position, increasing the possibility of a new recovery.
Cardano price during the last decline before hitting $1
Cardano price has recently undergone a correction, retreating from its late-December high of $0.676. In two weeks, the altcoin has plummeted 23.6%, reaching its current trading price of $0.529. Despite this setback, there were significant signs of buyer activity near the $0.50 mark, as evidenced by Wednesday’s long-tail rejection candle. This level coincides with the 38.2% Fibonacci retracement level, meaning there is a high area of interest for buyers.
Looking at the daily time frame chart, this retracement phase appears to be part of a larger, bullish reversal pattern known as the ‘Cup and Handle’ that has been developing for nearly 20 months.
This pattern is very important because it signals a potential major change in market dynamics. If this pattern holds true, ADA price could rise 30%, testing the neckline resistance at $0.676. A break above this level could strengthen buying pressure and put ADA on a path to reach the expected $1.13 target.
Amid this market correction, the 20-day and 50-day EMAs are playing an important role, providing key support and suggesting possible pullback points for ADA.
What is driving GMT price growth?
Looking at the daily time frame, we can see that the GMT coin price has witnessed a round bottom recovery after finding decent support at $0.14. Amid a broad market recovery, the coin began a new recovery in late October, with its price soaring 80% and currently trading at $0.42.
Nonetheless, GMT prices have seen a significant recovery of 57% in the last 48 hours despite the current market uncertainty. This sharp rise can be linked to the recent launch of web3 game GasHero and the burning activity of $1.84 million GMT over the past three days, as highlighted by cryptocurrency analyst hitesh.eth in an X post.
Today’s surge took the GMT price above its last swing high of $0.373. This breakout suggests the recovery path could continue with buyers eyeing potential targets of $0.5 and $0.67.
A daily RSI value of 70% indicates active recovery sentiment.
Dynamic support could push Stack (STX) price upwards of $2.
Stax price entered an aggressive recovery mode in early December when buyers broke the resistance level of a 21-month-old symmetrical triangle pattern. This breakout represented a major change in trend and strengthened the altcoin by 84%, currently trading at $1.62.
This ongoing rally coin can be tracked through an upward trend line that provides dynamic support for the STX price. Until this support remains intact, potential buyers can look for downside opportunities on this trend line.
Continued buying could allow Stacks Coin price to chase the next important resistance at $1.96 followed by $2.46.
Since the ADX indicator is highly valued (37%), reflecting this, buyers may prefer a downside to restore bullish momentum.
