Bitcoin Price Analysis
This week, Bitcoin (BTC) experienced a slight pullback, but the rally to $44,000 suggests that the bulls are not in a rush to sell. Investors who bought Bitcoin between December 2020 and December 2021 are holding onto their coins, anticipating higher prices in the future. Asset manager VanEck predicts that Bitcoin will reach a new all-time high due to political events and regulatory shifts following a U.S. presidential election.
If the price of Bitcoin breaks above $44,500, it could signal the start of another upward movement towards $48,000. However, sellers are expected to defend this level. On the downside, the first support is at $41,862, followed by the 20-day exponential moving average at $39,868.
Ether Price Analysis
Ether (ETH) faced resistance near $2,200 but managed to hold above this level. Buyers are trying to establish $2,200 as a support level. The ETH/USDT pair completed a bullish ascending triangle pattern with a target objective of $3,400. However, sellers may try to halt the advance near $2,500 and $3,000. The critical support zone is between $2,200 and the 20-day EMA at $2,147.
BNB Price Analysis
BNB (BNB) is trading within a range of $223 to $239. The bulls pushed the price above the 20-day EMA and will attempt to overcome the resistance at $239. A break and close above this level could complete a bullish inverse head-and-shoulders pattern and lead to further gains. On the downside, if the price drops below $223, it could sink to the critical support at $203.
XRP Price Analysis
XRP (XRP) rebounded off the 20-day EMA on December 6, indicating buying at lower levels. The bulls will aim to push the price above $0.67, but sellers are likely to provide resistance at this level. If the rebound continues, the XRP/USDT pair could reach $0.74, although this level may be challenging to break. Bears will need to sustain the price below the 50-day SMA to regain control.
Solana Price Analysis
Solana (SOL) broke above the 52-week high at $68.20, signaling a resumption of the uptrend. This invalidated a bearish head-and-shoulders pattern and attracted buying from bulls. The next hurdle is at $78, and if surpassed, the SOL/USDT pair could surge to $100. However, bears need to push the price below the 20-day EMA at $60 to regain control.
Cardano Price Analysis
Cardano (ADA) has been on a roll since breaking above the $0.40 resistance level. The next target is $0.60, but overbought conditions suggest a possible minor correction or consolidation. If ADA/USDT maintains its current level without significant retracement, it could rally to $0.70. On the downside, support levels are at $0.52 and $0.46.
Dogecoin Price Analysis
Dogecoin (DOGE) saw a spike near $0.11 but couldn’t sustain higher levels. However, buyers continue to purchase dips and are likely to attempt another breakthrough of the $0.11 resistance level. If successful, DOGE/USDT could surge to $0.14 and $0.16. The first sign of weakness would be a drop below the 20-day EMA at $0.09.
Avalanche Price Analysis
Avalanche (AVAX) is facing resistance near $28, but bulls are holding their ground. They will aim to push the price to the overhead resistance at $31, although overbought levels suggest a potential correction or consolidation. The first support is at $24.69, followed by the 20-day EMA at $22.37.
Chainlink Price Analysis
Chainlink (LINK) found support at the 20-day EMA on December 7, indicating positive sentiment and buying on dips. If buyers sustain the breakout above the resistance at $16.60, it could signal a resumption of the uptrend with targets at $18.30 and $19.50. On the downside, closing below $16.60 could indicate bearish activity.
Polygon Price Analysis
Polygon (MATIC) has been range-bound between $0.89 and $0.49, but buyers are attempting to break above the resistance level and start an uptrend. The 20-day EMA is turning up, indicating bullish momentum, and if the price surpasses $0.89, it could reach $1. Resistance may be encountered at this psychological level, and bears could regain control if the price falls below the 50-day SMA at $0.75.
Hot Take: Bitcoin Bulls Remain Strong
The recent pullback in Bitcoin’s price did not deter bullish investors who continue to hold onto their coins in anticipation of higher levels in the future. Asset manager VanEck predicts that Bitcoin will reach a new all-time high, supported by political events and regulatory shifts following a U.S. presidential election. Altcoins like Ether, Cardano, and Solana have also attracted investors as Bitcoin’s rally continues. Research firm Santiment remains positive on Bitcoin’s prospects, suggesting that it could surge to $50,000 if fear, uncertainty, and doubt (FUD) increase. The charts of the top 10 cryptocurrencies indicate potential upward movements for Bitcoin, Ether, BNB, XRP, Solana, Cardano, Dogecoin, Avalanche, Chainlink, and Polygon.
By
By
By
By
By