News
    Home   >     Industry    >     Main body
    Previous Post: Next:

    Price analysis 12/31: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

    Abstract:Bitcoin’s bounce off the strong support suggests that bulls are attempting to arrest the decline.

      Rakesh Upadhyay

    Price analysis 12/31: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

      Bitcoin and most major altcoins are attempting a recovery from tHEir STRONG support levels, indicating that traders continue to BUY on dips.

      23302 Total views

      94 Total shares

      Listen to article

      0:00

      Price Analysis

      Bitcoin (BTC) and most major altcoins are attempting a rebound off their respective support levels, indicating that buyers continue to accumulate on dips.

      DATA from Coinglass shows that 9,925 Bitcoin left coinbase PRO, the professional trading arm of Coinbase, on DEC. 30, a possible sign of institutional buying. This is in sharp contrast to the strong inflows seen in BINANCE and OKEx. Several analysts believe that institutional buying could pick up in January.

      Economist and trader Alex Krüger expects a Bitcoin rally in early January based on fund flows. He also HIGHlighted that January has produced positive results FOR Bitcoin between 2018 and 2021, with gains ranging from 7% to 36%.

      While investors debate about the next possible direction of the crypto markets, MicroStrategy has continued to accumulate Bitcoin on dips. The business intelligence firm purchased 1,914 Bitcoin between Dec. 9 and Dec. 29, according to a filing with the U.S. Securities and Exchange Commission. The recent purchase has boosted the companys holdings to 124,391 Bitcoin.

      Could Bitcoin LEAD a strong recovery in the crypto markets in the NEW year? LETs study the charts of the TOP-10 cryptocurrencies to find out.

    BTC/USDT

      Bitcoin bounced off the $45,456 support and has risen above the 200-day simple moving average (SMA) ($47,826). However, the bulls are likely to face a strong challenge at the 20-day exponential moving average (EMA) ($49,096).

      If the price turns down from the current level or the 20-day EMA, it will suggest that bears are selling on every minor rally. That will increase the possibility of a break below $45,456. If that happens, the BTC/USDT pair could drop to the strong support zone at $42,000 to $40,000.

      The relative strength INDEX (RSI) is forming a possible positive divergence, which suggests that the selling pressure could be reducing.

      If bulls drive the price above the 20-day EMA, the pair could rally to $51,936.33. A break and close above this resistance could start an up-move to the 50% Fibonacci retracement level at $55,000 and then to the 61.8% retracement level at $58,686.

    ETH/USDT

      Ether (ETH) has bounced off the strong support zone at $3,643.73 to $3,503.68. The bulls will now try to PUSH the price to the 20-day EMA ($3,952), which is an important level to watch out for.

      If the price turns down from the 20-day EMA, it will suggest that the senTIMEnt remains negative and traders are selling on rallies. The bears will then make another attempt to sink the price below the support zone.

      A break and close below the 200-day SMA ($3,365) may indicate the start of a deeper correction to $2,800. This negative view will be negated if the price breaks and sustains above $4,200. The ETH/USDT pair could then rise to $4,488 and later to $4,868.

    BNB/USDT

      Binance Coin (BNB) is attempting a bounce off the strong support at $500. The recovery is likely to face selling at the 20-day EMA ($540). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.

      The downsloping 20-day EMA and the RSI in the negative territory indicate that bears are in command. A break and close below $500 could intensify selling and the BNB/USDT pair could drop to the 200-day SMA ($445).

      Contrary to this assumption, if the price rises above the 20-day EMA, the bulls will try to push the pair above $575. If they succeed, the pair could rally to $617 and later to the overhead resistance zone at $669.30 to $691.80.

    SOL/USDT

      Solana (SOL) is attempting to bounce off $167.88. The relief rally is likely to face strong selling at the 20-day EMA ($182). The RSI is in the negative zone and the 20-day EMA is sloping down gradually, indicating that bears are at an advantage.

      If the price turns down and dips below the $167.88 support, the SOL/USDT pair could drop to $148.04. The bulls may try to defend this level BUT if the support gives way, the pair could start its downward journey toward the 200-day SMA ($128).

      This negative view will invalidate if bulls push the price above the 20-day EMA and the overhead resistance at $204.75. The pair could then rise to the resistance line of the falling wedge pattern. A break and close above this level could clear the path for a retest of the all-time high at $259.90.

    ADA/USDT

      Cardano (ADA) broke and closed below the 20-day EMA ($1.38) on Dec. 29 but the buyers have not yet given up. They are attempting to push the price back above the 20-day EMA.

      If they succeed, the ADA/USDT pair could rise to the resistance line of the descending channel. The bears are likely to defend this level aggressively. If the price turns down from the resistance line, the pair could extend its stay inside the channel for a few more days.

      A break and close above the channel will be the first indication of a possible change in trend. Conversely, if the price turns down from the current level, the pair could drop to $1.18. This is an important level to watch out for because if it cracks, the pair could drop to $1.

    XRP/USDT

      Ripple (XRP) is range-bound between $1 and $0.75. The price bounced off $0.80 on Dec. 30 and the bulls will now attempt to push the price back above the 20-day EMA ($0.88).

      If they do that, the XRP/USDT pair could rise to the 200-day SMA ($0.94) and then to the overhead resistance at $1. The bulls will have to push and sustain the price above this resistance to signal the start of a sustained recovery.

      The 20-day EMA is turning down and the RSI is below 45, indicating that bears have the upper HAND. If the price turns down from the 20-day EMA, the bears will try to sink the pair below $0.75. A close below this level could clear the path for a decline to $0.60.

    LUNA/USDT

      Terras LUNA token bounced off the 20-day EMA ($81) on Dec. 30, indicating that the sentiment remains positive and traders are buying on dips.

      The bulls will now attempt to push the price to the all-time high at $103.60. A break and close above this resistance will signal the start of the next leg of the uptrend that could reach $135.26 and then $150.

      On the other hand, if the price turns down from $93.81 and breaks below the 20-day EMA, it will suggest that traders are closing their positions on rallies. The LUNA/USDT pair could then drop to the 61.8% Fibonacci retracement level at $71.61.

      Related: Frax Share, Swipe and Gnosis lead the altcoin market as Bitcoin recovers to $47.5k

    AVAX/USDT

      Avalanche (AVAX) bounced off the minor support at $98 on Dec. 30 and the bulls are now attempting to push the price above the 20-day EMA ($107).

      If they succeed, the AVAX/USDT pair could rise to the downtrend line where the bears may mount stiff resistance. A break and close above this level will be the first sign that the correction may be over.

      The pair could then rise to $128. If bulls thrust the price above this resistance, it will complete a bullish inverse head and shoulders pattern. The pair could first retest the all-time high at $147 and then attempt a rally to the pattern target at $177.50.

      On the contrary, if the price turns down from the 20-day EMA and breaks below $98, the pair could drop to $75.50.

    DOT/USDT

      Polkadot (DOT) broke below the 20-day EMA ($28) on Dec. 28 and the bears have successfully warded off attempts by the bulls to push the price back above the moving averages.

      If the price turns down from the current level, the bears will try to sink the DOT/USDT pair below the $25 to $22.66 support zone. If that happens, the selling could pick up momentum and the decline could extend to $16.81.

      Alternatively, if the price rises above the moving averages, the buyers will try to PROPEL the pair above $31.49. If they manage to do that, it could OPEN the doors for a possible rally to $39.50 and later to $43.56.

    DOGE/USDT

      DOGECOIN (DOGE) broke below the 20-day EMA ($0.17) on Dec. 28 but the bears could not challenge the major support at $0.15. This suggests that selling dries up at lower levels.

      The bulls are attempting to push the price back above the 20-day EMA. If they manage to do that, the DOGE/USDT pair could rally to the overhead resistance at $0.19. A break and close above this level will signal the possible start of a new up-move that could reach the 200-day SMA ($0.23).

      Conversely, if the price turns down from the 20-day EMA, the bears will attempt to sink the pair below $0.15. This is an important level for the bulls to defend because if it cracks, the pair could plunge to $0.13 and eventually to the psychological support at $0.10.

      The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

      Market data is provided by HitBTC exchange.

    •   #Bitcoin

    •   #Dogecoin

    •   #Cryptocurrencies

    •   #Altcoin

    •   #Ethereum

    •   #Bitcoin Price

    •   #XRP

    •   #Markets

    •   #Cryptocurrency Exchange

    •   #Cardano

    •   #Binance Coin

    •   #Polkadot

    •   #Ether Price

    •   #Solana

    •   #Avalanche

    •   #Terra

      Related News

    •   Crypto Crime on the Rise — Good Odds of 2020 Becoming a Record-Breaker

    •   Influencers are invited to become ‘metapreneurs’ as social MEDIA moves to Web 3.0

    •   The year for Bitcoin — A 2021 roundup of the flagship crypto

    •   How the Democratic Party didnt STOP worrying and fearing crypto in 2021

    •   Price analysis 12/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

    •   Price analysis 12/22: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

      Editors Choice

    •   Bitcoin starts 2022 at $47.2K as fresh research pins performance on China trader exodus

    •   DAOs are the foundation of Web3, the creator economy and the future of work

    •   NFTs to help brewers and farmers preserve UNESCO Belgian BEER heritage

    •   The year for Bitcoin — A 2021 roundup of the flagship crypto

    •   VCs DON't understand that Cardano has a community: Charles Hoskinson

      Cointelegraph YouTube Subscribe

      Advertise with us

    Article involves exchange