Bitcoin Rally in November
Bitcoin (BTC) experienced a 9% rally in November, but struggled to break through the $38,000 resistance level. However, historical data shows that December has been a mixed month for Bitcoin. In the past five years, Bitcoin only rose in 2020, with an impressive 46.92% increase. Analysts are optimistic about Bitcoin’s performance in the new year, with the possibility of spot Bitcoin exchange-traded funds being approved and the Federal Reserve cutting rates potentially boosting its price.
Bitcoin Price Analysis
The repeated attempts to break through the $38,000 resistance level have weakened it. However, a recent rally indicates the resumption of an uptrend. The BTC/USDT pair could rise to $40,000 and potentially reach the target of $41,160 if it surpasses this resistance level. Rising moving averages and a relative strength index (RSI) above 65 suggest that bulls are in control. On the downside, a dip below the uptrend line could invalidate the bullish setup and lead to a drop to solid support at $34,800.
Ether Price Analysis
Ether (ETH) rebounded off the 20-day EMA ($2,019), indicating strong buyer support at this level. If buyers can push the price above the overhead resistance at $2,200, it could complete an ascending triangle pattern with a target objective of $3,400. The 20-day EMA serves as important support on the downside, while a break below this level could lead to a decline to the 50-day SMA ($1,874).
BNB Price Analysis
BNB (BNB) has been trading within a tight range between $223 and $239, showing uncertainty among buyers and sellers. The downsloping 20-day EMA and negative RSI suggest that bears are in control. If the price turns down from the 20-day EMA, a drop below $223 becomes more likely, potentially leading to a decline to $203. On the other hand, a break above the 20-day EMA could lead to a rise to $239 and potentially start a rally toward $265.
XRP Price Analysis
XRP (XRP) has been holding above the 20-day EMA ($0.61), indicating strong buying support. If buyers can push the price above this level, it will tilt the advantage in favor of bulls. The XRP/USDT pair may rise to $0.64 and later to $0.67, with a minor roadblock at the latter level. However, a failure to move above the 20-day EMA could turn it into resistance and lead to a decline to solid support at $0.56.
Solana Price Analysis
Solana (SOL) has found support at $59 after a rally to $62 was sold off by bears. The upsloping 20-day EMA and positive RSI indicate that bulls have the upper hand. A rally above $62.10 could clear the path for a further rise to $68, with potential for an even larger rally to $100. On the downside, breaking below the 20-day EMA may lead to a drop to $51.
Cardano Price Analysis
Cardano (ADA) is taking support at the 20-day EMA ($0.37), but struggles to rebound strongly from this level, suggesting weak demand at higher levels. The price is squeezed between the 20-day EMA and overhead resistance at $0.40. If buyers can break above this resistance, the ADA/USDT pair may jump to $0.42 and subsequently to $0.46. However, a slide below the 20-day EMA could lead to a decline to $0.34.
Dogecoin Price Analysis
Dogecoin (DOGE) has been maintaining support above $0.08, indicating continued bullish sentiment. Buyers will aim to push the price to the psychological resistance level of $0.10, with a minor obstacle at $0.09. However, sellers are expected to defend this zone strongly. The 20-day EMA is crucial support, and if it breaks, the DOGE/USDT pair may drop to the 50-day SMA ($0.07).
Toncoin Price Analysis
Toncoin (TON) has sustained support above the 20-day EMA ($2.38), but lacks momentum for an upward move. Buyers will attempt to push the price above $2.59 and complete an ascending triangle pattern with a target objective of $3.58. However, a slide below the uptrend line could invalidate the bullish setup and lead to a deeper correction towards major support at $1.89.
Chainlink Price Analysis
Chainlink’s (LINK) price has been squeezed between the 20-day EMA ($14.19) and overhead resistance at $15.40, indicating consolidation. The upsloping 20-day EMA and positive RSI suggest that the path of least resistance is upwards. Breaking above $15.40 could lead to a climb towards $16.60 and potentially even higher towards $18.30. On the downside, a break below the 20-day EMA could trigger a decline towards the 61.8% Fibonacci retracement level at $12.83.
Avalanche Price Analysis
Avalanche (AVAX) broke above the $22 resistance level, indicating strong buying interest. Closing above $22 increases the likelihood of a rally to $24.69, with potential resistance at $28.50. To halt the uptrend, bears will need to pull the AVAX/USDT pair back below the 20-day EMA ($19.80), triggering stop losses and potentially leading to a drop to $18.90.
Hot Take: Bitcoin Bulls Eyeing December Performance
Bitcoin experienced a 9% rally in November but struggled to break through the $38,000 resistance level. As December begins, analysts are optimistic about Bitcoin’s performance in the new year, with potential factors such as spot Bitcoin exchange-traded funds approval and Federal Reserve rate cuts boosting its price. The charts of various cryptocurrencies, including Bitcoin, Ether, BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Chainlink, and Avalanche, indicate different trends and levels to watch for in the near term.
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