BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, MATIC

Bitcoin (BTC) has maintained its annual gains, but is finding it difficult to break above the 17-month high of $44,700 set earlier this month. This shows that market participants are not pressing hard before the decision on applications for Bitcoin exchange-traded funds (ETFs) in January.

Whether one or more Bitcoin ETFs are allowed, it is difficult to predict the reaction of traders. The lack of interest in ETFs after approval may turn it into a “news selling” event, but the entry into ETFs in the first few days may lead to an increase in the price of Bitcoin.

Uncertainty about Bitcoin's short-term price action has boosted interest in buying altcoins. This is one of the reasons why Bitcoin's dominance has dropped from 55% to 51% in the last few days.

Will Bitcoin Continue to Grow or Lose to Profitable Bonds? Can altcoins continue their gains? Let's examine the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin fell below the 20-day moving average ($42,597) on December 29 but continues to trade in an upward triangle pattern.

The Relative Strength Index (RSI) has fallen near the midpoint, indicating that the bullish momentum is weakening. To complete the triangle and regain control, buyers must push the price above $44,700. The BTC/USDT pair may rise towards the $49,178 pattern target.

Contrary to this assumption, a break below the triangle would destroy the bullish setup. That could accelerate the selloff and sink the pair to the 50-day simple moving average ($40,295). The bulls will try to stop the decline at this level but if they fail, the next support level could be $37,980.

Ether price analysis

Ether (ETH) closed above a descending triangle pattern on December 27th and attempted to initiate the next uptrend leg on December 28th.

However, the bears were in no mood to give up. They sold at $2,445, pushing the price below $2,403. From the channel through which buyers entered, the price dropped to exceptional levels. This shows that the bulls are trying to turn the level into support.

If they do that, the ETH/USDT pair will try to continue its rise. The upward goal is $3,000.

Meanwhile, the bears may have other plans. They will try to lower the price below the 20-day EMA ($2,269) and start a decline of the support line of the channel around $2,000.

BNB price analysis

BNB (BNB) pushed above the $333 pattern target on December 28 but failed to sustain higher levels. This suggests that traders will make a profit.

Now, the BNB/USDT pair may return to the 50% Fibonacci retracement level of $300, which will act as a strong support. If the price recovers from $300, the bulls will again try to push the price towards the dreaded barrier of $350.

On the other hand, if the $300 support is broken, the correction may extend to the 61.8% Fibonacci retracement level to $291 and then to the neckline. The bulls are expected to effectively protect the neck line.

Solana price analysis

Solana (SOL) recovered from the 50% Fibonacci retracement level of $96 on December 29, indicating that the sentiment remains positive and that traders are buying on the dips.

Both moving averages are trending up, and the RSI is in positive territory, indicating that the bulls have an edge. The SOL/USDT pair may rise to $126 in the near term, the bulls may face strong selling by the bears. If the bulls overcome this barrier, the pair could jump to $156.

The bears need to break below the 20-day EMA ($92) to signal a possible near-term trend reversal. The pair may fall towards the 50-day SMA ($71).

XRP price analysis

XRP (XRP) tried to rally on December 28, but the bulls failed to clear the barrier on the lower line.

For the past few days, the price has been trading near its moving averages, indicating indecision between bulls and bears. Flat moving averages and an RSI near the midpoint suggest that the XRP/USDT pair may extend its hold in the $0.56 to $0.67 range for some time.

Buyers need to drive the price above $0.67 to take control. The pair can rise to $0.74, which can be a strong resistance. If the price falls below $0.56, the short-term trend will turn bearish.

Cardano price analysis

The bulls pushed Cardano (ADA) above a similar triangle pattern on December 28 but failed to sustain higher levels as seen from the long wick on the candlestick of the day.

A slight advantage for the bulls is that it does not allow the price to break below the 20-day EMA. This suggests buying at lower levels. If the price rises above the triangle, the bulls will again try to overcome the $0.68 barrier. If they succeed, it will show the increase. The ADA/USDT pair may rise to $0.80.

The triangle support line remains an important level for the bulls to defend because if this support gives way, the pair may begin a downward journey towards $0.50 and then $0.46.

Price analysis

Avalanche (AVAX)'s correction has reached strong support at $38, an important level to watch.

The bulls will try to defend the $38 support and start a rally. If that happens, the AVAX/USDT pair could remain with a range between $38 and $50 for some time. The flat 20-day EMA ($40) and RSI above 57 also indicate that the upside bias may strengthen in the near term.

This view will be rejected if the price declines and slips below $38. That could attract further selling, pushing the pair down to $34 and eventually to $31.

RELATED: Bitcoin Miners Cut BTC Holdings As ‘Mining Cost' Approaches $65K

Dogecoin price analysis

Dogecoin (DOGE) has been trading near the 20-day EMA ($0.09) for the past few days, indicating a balance between supply and demand.

The flat 20-day EMA and the RSI near the midpoint do not provide a clear advantage for either buyers or sellers. In the near term, the price may remain stuck between the 50-day SMA ($0.09) and the $0.10 resistance.

The first sign of strength will be a break above $0.10, and the momentum may take it above $0.11. That opens the possibility of collecting about $0.16. Conversely, the bears will dominate if the DOGE/USDT pair enters below the 50-day SMA. The pair may drop to $0.07.

Polkadot price analysis

Polkadot (DOT)'s retracement is approaching $7.90, a critical level to watch for in the near term.

Although an upward moving average indicates a gain for buyers, a negative divergence on the RSI suggests that momentum may be slowing. The breakout level of $7.90 could witness a fierce battle between the bulls and bears.

If the price recovers from $7.90, the DOT/USDT pair will test the $10 rally where the bears are expected to have strong resistance. Alternatively, if the price slips below the 20-day EMA ($7.78), the correction may extend to the 50-day SMA ($6.41).

Multilateral cost analysis

Polygon (MATIC) fell from $1.09 on Dec. 27 and fell below the $1 breakout level on Dec. 29, indicating bulls are taking profits.

However, lower levels attracted strong buying by bulls. If the price stays above $1, the probability of a $1.09 retracement increases. The rising 20-day EMA ($0.89) and the RSI in the positive zone suggest bulls are in command. If the $1.09 resistance is taken, the MATIC/USDT pair may consolidate to $1.20 and later to $1.50.

Instead, if the price slips and falls below $1, the pair may move down to the 20-day EMA. The bears need to dip below this support to signal a range-bound move between $0.70 and $1.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.