BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, DOT, MATIC
Bitcoin (BTC) is hanging on to the gains it made in early December, indicating that every little bit is being bought. CoinShares data shows that Bitcoin funds saw an inflow of $87.6 million in the week ending December 22.
Separately, in November, research firm Income Exchange Funds (ETFs) reported that $1.31 billion flowed into crypto ETFs and exchange-traded products (ETPS). This brought the total revenue for the year to $1.60 billion.
Investors appear to be hoarding bitcoin ahead of the adoption of the Spot Bitcoin ETF in January. Business intelligence firm MicroStrategy added 14,620 bitcoins, increasing its total supply to 189,150 bitcoins. The latest purchase was made at $42,110 per Bitcoin, taking the total average purchase price to $31,168.
Will Bitcoin and altcoins continue their northward march in the final days of the year? Let's examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin is stuck between the 20-day exponential moving average ($42,513) and overhead resistance at $44,700.
The price action of the past few days has formed an ascending triangle that will conclude on a break and close above $44,700. The BTC/USDT pair may start the next leg of the uptrend towards the $49,178 pattern target.
Conversely, if the price declines and breaks below the triangle, it loses the positive setup. This could pull the price towards the 50-day simple moving average ($40,022) and later towards $37,980, triggering a stop for many traders.
Ether price analysis
Ether (ETH) has been trading in a descending channel for the past few days, but the positive sign is that the bulls are not letting the price stay below $2,200.
Strong buying on December 27 pushed the price above the downtrend channel. If bulls hold the price above the channel, a break above $2,403 is more likely. The ETH/USDT pair could then rise to $3,000.
On the contrary, if the price re-enters the channel, it shows that higher levels will continue to attract sellers. A break below $2,200 could sink the pair to the support line of the channel. This is a key level for the bulls to guard against as a break below the channel could initiate a deeper correction towards $1,900 and then $1,750.
Solana price analysis
Solana (SOL) has been on a strong rally for the past several days. The bulls easily cleared the $100 psychological resistance on December 23 and pushed the price to $126 on December 25.
Profit booking started to pull back on December 26, but the long tail on the day's candlestick shows a strong buy at the 38.2% Fibonacci retracement level at $103. On December 27, the price dropped, indicating that the bears were in no mood to give up.
If the price falls below $103, the SOL/USDT pair may decline to the 20-day EMA ($89) near the 61.8% Fibonacci retracement level. A break below the 20-day EMA suggests a short-term trend reversal. The bulls will regain control if the price moves above $126.
BNB price analysis
BNB (BNB) broke above the 20-day EMA ($262) on December 25 and rose above the neckline on December 26, completing a bullish inverse head-and-shoulders pattern.
The bears tried to pull the price to the neckline on December 27, but the long tail on the candlestick indicates aggressive buying on the dips. Buyers will try to maintain the momentum and push the price down to the $333 pattern target and eventually to $350.
Meanwhile, the bears may have other plans. They will try to stop the upward movement towards $317 and start a correction. Sellers need to pull the BNB/USDT pair below the neckline to pull back.
XRP price analysis
XRP (XRP) has maintained a range between $0.56 and $0.67 for the past few days, indicating a balance between buyers and sellers.
Both moving averages have extended, and the RSI is near the midpoint, suggesting that the range-bound move may continue longer. The first signal of strength breaks and closes above $0.67. The XRP/USDT pair may rise to $0.74, the bears are expected to mount a strong resistance.
On the downside, the bears will have to dive below $0.56 to take control. The pair may slide towards strong support at $0.46.
Cardano price analysis
Cardano (ADA) is gaining momentum. The price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between bulls and bears.
Upward moving averages and RSI in positive territory indicate the advantage for buyers. A break and close above the triangle indicates that the bulls have taken the supply. That could push the price towards the $0.69 and later the $0.80 pattern target.
On the contrary, if the price decreases and breaks below the triangle, it suggests that the bears remain highly active. The ADA/USDT pair may fall to a strong support at $0.46.
Price analysis
Avalanche (AVAX) fell from $49.96 on December 24, indicating that traders took profits at the psychological level of $50.
The sell-off was initiated on December 26, pushing the price to the 20-day EMA ($40.31). The long tail on the intraday candle shows that the bulls continue to view dips as a buying opportunity. Buyers will need to push the price above $50 to continue the increase.
A risk to the bullish outlook is that the RSI is showing signs of a bearish divergence. This indicates that the positive momentum may be weakening. That indicates a minor correction or consolidation in the near future. If the AVAX/USDT pair slips below the 20-day EMA, selling may increase. The pair will then drop to $34.
Related: Solana Up 95% in December – But Why Are AVAX, INJ, NEAR Rising More?
Dogecoin price analysis
The bears dragged Dogecoin (DOGE) below the 20-day EMA ($0.09) on December 26, but the long tail on the candlestick indicates strong buying at the 50-day SMA ($0.09).
The flat 20-day EMA and RSI suggest a balance between supply and demand near the midpoint. If the price breaks below the 50-day SMA, this balance may shift to the bears. The pair may drop to $0.07.
If buyers want to dominate, the price should drive the price from $0.10 to $0.11 protection zone. If they manage to do that, the DOGE/USDT pair could start the next leg of the rise towards $0.16.
Polkadot price analysis
Polkadot (DOT) is on a massive correction. On December 26, the price dropped from $9.59, indicating that the bears are protecting the overhang at $10.
The DOT/USDT pair may adjust to the $7.90 breakout level. If the price recovers from this support, it indicates that the sentiment remains positive and traders are buying on the dips. The bulls will make one more attempt to clear the barrier at $10 and begin the journey to $12.
The upside risk is creating a negative RSI divergence. This indicates that the momentum may be slowing down. The pair may spend some time in the $7.90 to $9.59 range in the short term.
Multilateral cost analysis
Polygon (MATIC) broke the 20-day EMA ($0.87) on December 25 and rose above $1 strong resistance on December 26.
On Dec. 27, buyers are trying to extend the move to the upside, but they could sell around $1.20. If the price breaks the resistance above, the MATIC/USDT pair could drop to $1. If the bulls turn this level into support, it will show strength. The bulls will try to overcome the barrier at $1.20 and push the price towards $1.50.
Instead, if the bears push the price below $1, it could trap the bullish bulls. That could accelerate the sell-off and pull the pair towards the $0.89 support.
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.
