Analysts have identified tokens that may fall in price in December

November was a bullish month for the crypto market, but the December forecast for many cryptocurrencies is bearish. Analysts have identified 3 tokens that risk falling to historic lows next month.

Celestia (TIA)
the 6-hour chart of TIA shows that on November 10, the price began an aggressive upward movement, strengthening by 200% over the next eight days. This growth culminated in a new all-time high of $ 7.42 on November 18. However, since then, the price of altcoin has declined.

The drop was preceded by a bearish divergence in the Relative Strength Index (RSI). A bearish divergence occurs when a price increase is accompanied by a decrease in momentum. It often precedes bearish trend reversals. In addition, the RSI is below the 50 mark and is declining.

If the drawdown continues, TIA could fall another 20% and reach the horizontal support area of $ 4.30. Cryptocurrency trader Dentoshi has a similar opinion. He highlighted a head-and-shoulders (H&S) pattern, which indicates that Celestia’s price has not yet finished falling.

Arweave (AR)
The price of AR has risen significantly since October 20. In just 32 days, the token rose by 150%, reaching a high of $ 9.30 on November 19.

However, on the same day, the price formed a long upper wick, indicating pressure from sellers. In addition, the high was combined with a bearish divergence on the RSI, which is another sign of an impending drop.

If AR continues to decline, the price could drop another 20% and reach the nearest support at $ 6. Cryptocurrency analyst Rect Beeding also suggested that Arweave could fall to the nearest support at $ 6, after which growth will resume.

PancakeSwap (CAKE)
Since October 16, the price of CAKE has been growing rapidly. This movement led to a high of $ 2.85 on November 15, which is 170% higher than the October lows.

However, PancakeSwap was unable to consolidate the growth and dropped below the $ 2.50 horizontal area, confirming it as resistance. In addition, the RSI formed a bearish divergence that preceded the price drop.

CAKE broke through short-term upside support, which further reinforces previous bearish forecasts. If the decline continues, CAKE could fall another 20% towards the 0.5−0.6 Fibonacci retracement level in the $ 1.73-$ 1.94 area.