Price analysis 12/21: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI

1 year ago

As the twelvemonth comes to an end, investors volition beryllium keenly watching for a Santa Claus rally connected Wall Street arsenic galore judge that if the rally does not happen, the adjacent twelvemonth whitethorn either stay level oregon crook negative.

Jurrien Timmer, manager of planetary macro astatine plus absorption elephantine Fidelity Investments, tweeted connected Dec. 19 that the United States equities markets whitethorn stay “sideways” and choppy successful 2023. He expects “one oregon much retests of the 2022 low, but not needfully overmuch worse than that.”

The cryptocurrency marketplace has been mostly correlated with the S&P 500 successful 2022. Unless some markets decouple, the sideways oregon antagonistic enactment successful the equities markets whitethorn not bode good for the cryptocurrency market.

Analysts stay divided connected the aboriginal terms enactment for Bitcoin (BTC). While immoderate expect a recovery, others expect different limb lower. Let’s survey the charts of the top-10 cryptocurrencies to find the way of slightest absorption successful the abbreviated term.

BTC/USDT

Although Bitcoin has been trading beneath the 20-day exponential moving mean ($16,985) since Dec. 16, the bears person not been capable to capitalize connected this situation. This suggests that little levels are attracting buyers.

The BTC/USDT brace saw flimsy gains connected Dec. 20 and reached the 20-day EMA. This is an important level for the bears to support successful the abbreviated word due to the fact that a interruption supra it could acceptable the signifier for a imaginable rally to $17,622 and then to $18,387.

Alternatively, if the terms turns down from the moving averages and breaks beneath $16,256, the selling whitethorn accelerate and the brace could dive to $16,000 and thereafter retest the pivotal level of $15,476.

The flattish 20-day EMA and the comparative spot scale (RSI) adjacent 47 bash not springiness a wide vantage either to the bulls oregon the bears. That could pb to a random volatile terms enactment successful the adjacent word arsenic some the buyers and sellers effort to asseverate their supremacy.

ETH/USDT

Ether (ETH) rebounded disconnected the adjacent enactment astatine $1,150 connected Dec. 20, suggesting that little levels are attracting buyers. The alleviation rally has reached the 20-day EMA ($1,233) wherever the bears whitethorn equine a beardown defense.

If the terms turns down from the 20-day EMA, the bears volition marque 1 much effort to propulsion the ETH/USDT brace beneath the enactment astatine $1,150. If they negociate to bash that, it volition implicit a caput and shoulders signifier successful the adjacent term. This setup has a people nonsubjective of $948.

Instead, if buyers catapult the terms supra the moving averages, the brace whitethorn rally to $1,352. This level whitethorn again enactment arsenic a large hurdle but if crossed, the rally could scope the downtrend line. The bears are expected to support this level with each their mightiness due to the fact that a interruption supra it could awesome a imaginable inclination change.

BNB/USDT

BNB (BNB) bounced disconnected $220 connected Dec. 17 but the pullback is facing beardown selling astatine the breakdown level of $250. This suggests that bears are trying to flip the level into resistance.

The downsloping moving averages and the RSI adjacent 40 bespeak that bears are successful command. If the terms turns down and breaks beneath $236, the BNB/USDT brace could retest the enactment astatine $220. A interruption beneath this level could descend the brace to $200.

This antagonistic presumption could invalidate successful the adjacent word if buyers unit the terms supra the 20-day EMA ($265). The brace could past widen its alleviation rally to the 50-day SMA ($286) and aboriginal to $318.

XRP/USDT

XRP (XRP) tumbled beneath the $0.37 enactment connected Dec. 16, indicating that bears person gained the precocious manus successful the adjacent term. The terms could oscillate successful a wide scope betwixt $0.30 and $0.41 for the adjacent fewer days.

Any alleviation rally is apt to look stiff absorption astatine the moving averages and again astatine $0.41. If bulls privation to summation the precocious hand, they volition person to catapult the terms supra $0.41. That could commencement a beardown rally to $0.51.

On the downside, the important enactment to support an oculus connected is $0.30. If this level cracks, the XRP/USDT brace could commencement the adjacent limb down. The brace could past widen its diminution to $0.25.

DOGE/USDT

Dogecoin (DOGE) reached the important level of $0.07 connected Dec. 19 wherever the bulls stepped successful and are trying to apprehension the decline. Buyers volition effort to propulsion the terms to the downtrend enactment portion the bears are apt to person different plans.

The downsloping moving averages and the RSI adjacent the oversold territory bespeak that the way of slightest absorption is to the downside. A anemic bounce disconnected $0.07 volition summation the anticipation of a interruption beneath the support. If that happens, the DOGE/USDT brace could plummet to the adjacent large enactment astatine $0.05.

On the upside, the bulls volition person to propel and prolong the terms supra the downtrend enactment to pull much buyers. The brace could past emergence to the overhead absorption astatine $0.11.

ADA/USDT

Cardano (ADA) plunged beneath $0.29 connected Dec. 16 and that aggravated the selling, pulling the terms beneath the enactment line. The crisp autumn connected the time besides invalidated the affirmative divergence processing connected the RSI.

The ADA/USDT brace continued to skid and reached the beardown enactment astatine $0.25. The oversold level connected the RSI suggests that a betterment oregon a consolidation whitethorn beryllium astir the corner.

However, sellers are improbable to springiness up their vantage easy and whitethorn airs a beardown situation astatine $0.27 and again astatine $0.29. If the terms turns down from this overhead zone, the brace whitethorn again driblet to $0.25.

The betterment whitethorn prime up gait aft the terms breaks supra the 20-day EMA ($0.29) due to the fact that that whitethorn lure short-term bears to publication profits.

MATIC/USDT

Polygon (MATIC) remained stuck wrong a ample scope betwixt $1.05 and $0.69 for the past fewer days. The repeated nonaccomplishment of the buyers to propel the terms supra $0.95 whitethorn person tempted short-term traders to publication profits.

That started the downward travel successful the MATIC/USDT brace toward the beardown enactment of $0.69. Buyers are apt to support this level aggressively due to the fact that a interruption beneath it could intensify selling and propulsion the terms to $0.52.

On the upside, the archetypal hurdle could beryllium astatine the 20-day EMA ($0.85). If the terms turns down from this level, the likelihood of a interruption beneath $0.69 increases. On the different hand, if bulls thrust the terms supra the 20-day EMA, the brace could determination up to $0.95.

DOT/USDT

Polkadot (DOT) remains successful a beardown downtrend with bears selling each insignificant rally. The nonaccomplishment to propulsion and prolong the terms supra the 20-day EMA ($5.01) attracted dense selling connected Dec. 16, which resumed the downtrend.

The downsloping moving averages and the RSI adjacent the oversold territory bespeak that bears stay successful control. If the terms breaks beneath $4.40, the adjacent halt could beryllium $4.

If bulls privation to salvage the situation, they volition person to rapidly commencement a betterment and propulsion the terms supra the 20-day EMA. Such a determination volition suggest accumulation astatine little levels. The DOT/USDT brace whitethorn past rally to the 50-day SMA ($5.52). Sellers are apt to support the portion betwixt the moving averages with vigor.

LTC/USDT

Litecoin (LTC) dropped beneath the breakout level of $75 connected Dec. 15, which whitethorn person triggered respective halt losses. The selling continued connected Dec. 16 and the terms slipped beneath the 50-day SMA ($69).

Buyers are trying to commencement a betterment but they whitethorn tally into beardown selling astatine the moving averages. If the terms turns down from this overhead resistance, the bears volition effort to summation their vantage by yanking the LTC/USDT brace beneath $61. If this enactment cracks, the brace could driblet to $52.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-day EMA ($70). That could unfastened the doors for a imaginable retest of $75. This remains the cardinal level to ticker retired for connected the upside due to the fact that a interruption supra it volition suggest the commencement of a caller up-move.

UNI/USDT

Uniswap (UNI) rebounded disconnected the enactment enactment of the symmetrical triangle connected Dec. 20, indicating that bulls proceed to bargain the dip to this level.

The betterment could archetypal scope $5.50 and past to the 20-day EMA ($5.65). The bears are apt to merchantability connected rallies to the 20-day EMA. If the terms turns down from this level, the sellers volition again effort to descend the UNI/USDT brace beneath the triangle. If they succeed, the brace could commencement a caller downtrend to $4.60.

Contrarily, if buyers thrust the terms supra the 20-day EMA, the brace could prime up momentum and emergence toward the absorption line. The bulls volition person to wide this obstacle to awesome the commencement of a caller up-move.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

Market information is provided by HitBTC exchange.

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