The cryptocurrency market continues to be under pressure, Bitcoin can still not stabilize above $50000, and the risk of another decline is not over.
This situation also negatively influences Ripple XRP/USD, Cardano ADA/USD, and FileCoin FIL/USD. Traders should consider that if Bitcoin falls again below the $45000 support, the prices of these three cryptocurrencies can weaken even more.
The negative news around Chinese company Evergrande also has a bad influence on the market; the company is on the brink of collapse, and people are particularly risk-averse when the economic stability is in question.
On the other side, Mike McGlone, Senior Commodity Strategist at Bloomberg, said that he believes that 2022 will be a successful year for Bitcoin and other cryptocurrencies.
Mike McGlone expects that Bitcoin could hit $100,000 next year, supported by the fact that the current monetary system faces serious issues.
Numerous central banks are printing vast amounts of fiat currencies to alleviate some of the economic problems, and Mike McGlone added:
And while national currencies, such as the American dollar, are slowly losing their purchasing power, bitcoin is considered by many as the exact opposite. Deflationary forces will prevail next year, and inflation will stop spreading across the globe, which could help the primary cryptocurrency to tap a significant milestone in its USD development of $100,000.
Popular investor and author of Rich Dad Poor Dad, Robert Kiyosaki, also said that Bitcoin and some other cryptocurrencies represent digital gold and a hedge against a “dying” deflationary dollar.
According to CryptoCompare’s Digital Asset Management Review, institutional investors’ interest in cryptocurrencies remains high, while Allied Market Research recently reported that the global cryptocurrency market would hit $4.94 billion by 2030.
XRP has stabilized above $0.70 support
Ripple (XRP) has weakened from $1.3 to $0.65 in less than thirty days, and the current price stands at $0.83.
If the price breaks the support level at $0.70 again, it would be a very strong “sell” signal, and the next target could be around $0.60.
Ripple (XRP) remains in a bear market, but if the price jumps above strong resistance at $1, it could be a sign of the negative trend reversal.
ADA remains under pressure
If the price falls below strong support that stands at $1, it would be a strong “sell” signal, and the next target could be around $0.8.
The risk of further declines is probably not over, but if the price jumps above $1.6, we have the open way to $1.8.
FIL has strong support at $30
FileCoin (FIL) has weakened from $120 below $35 since September 05, and the current price stands at $39.
The strong support level for FileCoin stands at $30, and if the price falls below this level, it could be a beginning of a much bigger downtrend.
Summary
The cryptocurrency market continues to be under pressure; Bitcoin can still stabilize above $50000, which also negatively influences Ripple, Cardano, and FileCoin. Mike McGlone, Senior Commodity Strategist at Bloomberg, said that he expects Bitcoin to hit $100,000 next year while Robert Kiyosaki said that Bitcoin and some other cryptocurrencies represent a digital gold and a hedge against a “dying” deflationary dollar.
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