Cryptocurrencies edged lower on Saturday after a hotter-than-expected inflation rate spooked investors. Bitcoin fell to $83,000 while most altcoins hit their weekly lows. This article offers an ADA, PEPE, LINK, and SHIB price prediction after macroeconomic fears saw the crypto market cap shed $160 billion in value within two days.
Crypto Market Cap Sheds $160B in 2 Days
Data from Tradingview shows that the total crypto market cap has dropped from $2.81 trillion to $2.65 trillion in just two days. At press time, this metric was at its lowest level in more than one week.
Besides crypto, Wall Street also fluttered, with the S&P 500 losing $1 trillion in market cap yesterday. This drop follows the release of the US PCE inflation data. As Coingape reported, the recent data revealed that inflation rose to 2.8%, higher than the expected 2.7%. This puts pressure on the Federal Reserve to maintain a hawkish policy.
Additionally, Kobeissi Letter has revealed that the long-term inflation expectations have risen to 4.1%, the highest level since 1993. This will continue to exert downward pressure on the crypto market cap.
SHIB Price Prediction as Wedge Breakout Hints At Rally
Shiba Inu price today trades at $0.0000126 today with a 5% decline in 24 hours. The daily SHIB price chart shows that the meme coin has broken out of a falling wedge pattern, and reversed to test resistance at the upper trendline. This pattern indicates that the trend is about to flip bullish.
If this price pattern holds and buying pressure surges, it will support a bullish Shiba Inu price prediction and fuel gains of as high as 80%. If this happens, Shiba Inu can record more than two times gains.
SHIB/USDT: 1-day Chart
ADA Technical Analysis
Cardano’s price has shed more than 6% of its value in the last 24 hours. This downtrend has caused more than $7M in ADA long liquidations according to Coinglass data.
However, unlike the SHIB price prediction, ADA has not flashed any bullish signals. Instead, it has made a bearish breakout from a consolidation channel, indicating there is a risk of a crash to $0.58. The RSI remains below 50, which indicates a bearish momentum. This might cause further declines.
ADA/USDT: 1-day Chart
PEPE Coin Price Prediction
The one day price chart for Pepe Coin indicates that a bearish trend is prevailing. Pepe Coin has broken below the lower trendline of an ascending parralel channel, indicating that the trend is shifting from an uptrend to a downtrend. The ADX line is also dropping, further indicating that the bullish momentum has grown weak. This might push PEPE down to $0.0000057.
PEPE/USDT: 1-day Chart
LINK Technical Analysis
Chainlink price trades at $13.65 today with a 4% decline in 24 hours. LINK has been leading the altcoin selloff with an oversold RSI of 29. The AO histogram bars further show that the momentum has shifted to the negative side, which may push LINK price down to $11.
LINK/USDT: 4-Hour Chart
Conclusion
The crypto market cap has dropped by more than $160 billion in the last two days. This drop has caused a massive sell-off across the altcoin market. The SHIB price prediction shows a bullish signal. However, the technical outlook for ADA, PEPE, and LINK shows that bearish trends are prevalent.
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