Price analysis 12/29: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

2 years ago

The S&P 500 is trading adjacent its all-time precocious but Bitcoin (BTC) has plunged astir 30% from its all-time precocious astatine $69,000. Even aft the crisp drop, Bitcoin is up 63%, year-to-date, outperforming the S&P 500, which is up astir 30% successful 2021.

Gold, which is fashionable arsenic a hedge against inflation, is down astir 7% this year. Arcane probe said successful its study that Bitcoin’s outperformance successful the precocious inflationary environment shows that “Bitcoin has proven itself to beryllium an fantabulous ostentation hedge.”

Real Vision CEO Raoul Pal said successful an interrogation with Vlad from The Stakeborg Talks that the caller selling successful Bitcoin whitethorn person been owed to institutional investors booking profits but helium believes the selling whitethorn beryllium coming to an end.

However, seasoned trader Peter Brandt is of the sentiment that panic selling has not yet happened, which is known to awesome bottoms.

Could Bitcoin widen its diminution oregon signifier a beardown betterment supra $50,000 successful the adjacent fewer days? Let’s survey the charts of the apical 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin roseate supra the overhead absorption astatine $51,936.33 connected Dec. 27 but the agelong wick connected the candlestick shows that traders sold this emergence with vigor. The selling continued connected Dec. 28 and the terms broke beneath the 20-day exponential moving mean (EMA) ($49,558).

The terms broke beneath the 200-day elemental moving mean (SMA) ($47,755) connected Dec. 29 but the agelong process connected the candlestick shows that bulls are attempting to apprehension the decline. If the terms rises and sustains supra the 200-day SMA, the bulls volition again effort to propulsion the BTC/USDT brace toward the overhead absorption astatine $51,936.33.

On the contrary, if the terms sustains beneath the 200-day EMA, the selling could intensify. The 20-day EMA has started to crook down and the comparative spot scale (RSI) is beneath 42, indicating that bears are successful control. If the $45,456 enactment cracks, the brace could plunge to the beardown enactment portion astatine $42,000 to $40,000.

ETH/USDT

Ether’s (ETH) nonaccomplishment to prolong supra the 20-day EMA ($4,011) could person attracted selling from short-term traders. The terms turned down sharply connected Dec. 28 and has dropped adjacent to the beardown enactment astatine $3,643.73.

If the terms rebounds disconnected the support, the bulls volition marque 1 much effort to propulsion the ETH/USDT brace supra the 20-day EMA. A interruption and adjacent supra $4,200 could awesome that the corrective signifier whitethorn beryllium over. The brace could archetypal rally to $4,488 and past situation the all-time precocious astatine $4,868.

However, the downsloping 20-day EMA and the RSI successful the antagonistic portion bespeak that the way of slightest absorption is to the downside. If the $3,643.73 enactment cracks, the brace could diminution to the 200-day SMA ($3,353). This level whitethorn enactment arsenic a beardown enactment but if it cracks, the brace could plummet to $2,800.

BNB/USDT

Binance Coin (BNB) soared supra the 20-day EMA ($546) connected Dec. 27 but the bulls could not prolong the higher levels. The terms turned down and dipped beneath the 20-day EMA connected Dec. 28.

The bears volition present effort to descend the terms beneath the beardown enactment astatine $500. If they succeed, it could commencement a down determination to the 200-day SMA ($444) wherever bulls are apt to support the level aggressively.

Contrary to this assumption, if the terms turns up from the existent level oregon the beardown enactment astatine $500, it volition suggest that bulls proceed to bargain connected dips. A interruption and adjacent supra $575 volition awesome that the correction whitethorn beryllium over. The brace could archetypal rally to $617 and past to the overhead absorption portion astatine $669.30 to $691.80.

SOL/USDT

Solana’s (SOL) betterment stalled astatine $204.75 connected Dec. 27 and the terms broke beneath the 20-day EMA ($185) connected Dec. 28. This suggests that bears proceed to merchantability connected rallies.

The bears volition present effort to physique connected their vantage and propulsion the terms beneath $167.88. If this enactment cracks, the SOL/USDT brace could driblet to $148.04. The 20-day EMA is flattish but the RSI has dipped beneath 44, indicating that bears are attempting to summation the precocious hand.

This antagonistic presumption volition invalidate successful the abbreviated word if the terms turns up from the existent level and rises supra $204.75. That volition wide the way for a imaginable rally to the absorption enactment of the falling wedge pattern. A breakout of the wedge volition awesome that bulls are backmost successful the driver’s seat.

ADA/USDT

Cardano (ADA) turned down from $1.59 connected Dec. 27 and the terms has dipped to the 20-day EMA ($1.39). If the terms rebounds disconnected the existent level, the bulls volition effort to propulsion the terms to the absorption enactment of the descending channel.

The flattish 20-day EMA and the RSI adjacent the midpoint suggest a equilibrium betwixt proviso and demand. A interruption and adjacent supra the transmission volition bespeak that the downtrend could beryllium over. The bulls volition past effort to propulsion the terms toward the beardown overhead absorption astatine $2.47.

On the different hand, if the terms sustains beneath the 20-day EMA, it volition suggest that bears proceed to merchantability connected rallies. The ADA/USDT brace could past driblet to the beardown enactment portion astatine $1.18. If this enactment cracks, the brace could diminution to $1.

XRP/USDT

The nonaccomplishment of the bulls to propulsion Ripple (XRP) backmost supra the 50-day SMA ($0.94) connected Dec. 27 whitethorn person attracted selling by short-term traders. That pulled the terms beneath the 20-day EMA ($0.89) and the enactment astatine $0.85.

The 20-day EMA has turned down and the RSI has dipped into the antagonistic zone, indicating that bears are astatine a insignificant advantage. If the terms sustains beneath $0.85, the XRP/USDT brace could diminution to the beardown enactment astatine $0.74.

Conversely, if the terms turns up from the existent level and breaks supra the moving averages, it volition suggest that little levels are attracting beardown buying from the bulls. The brace whitethorn past emergence to $1. A interruption and adjacent supra this level could implicit an inverse caput and shoulders pattern, which has a signifier people astatine $1.25.

LUNA/USDT

Terra’s LUNA token turned down from $103.60 connected Dec. 27 and the terms dipped to the 38.2% Fibonacci retracement level astatine $83.83. The bulls are apt to effort to stall the correction successful the portion betwixt $83.83 and the 20-day EMA ($80).

A beardown rebound disconnected this portion volition suggest that sentiment remains bullish and traders are not waiting for a heavy correction to buy.

The bulls volition past effort to propulsion the terms to $103.60. A interruption and adjacent supra this absorption could bespeak the resumption of the uptrend. The archetypal people connected the upside is $135.26 and past $150.

This affirmative presumption volition beryllium negated successful the abbreviated word if the terms turns down and plummets beneath the 20-day EMA. That could propulsion the terms down to the 61.8% Fibonacci retracement level astatine $71.61.

AVAX/USDT

Avalanche’s (AVAX) bounce disconnected the 20-day EMA ($108) connected Dec. 26 fizzled retired astatine $120.96 connected Dec. 27. This suggests that bears proceed to merchantability astatine higher levels.

The AVAX/USDT brace turned down and broke beneath the 20-day EMA connected Dec. 28. If bears prolong the terms beneath this level, the adjacent halt could beryllium $98. A interruption and adjacent beneath this enactment could unfastened the gates for a imaginable driblet to $75.50.

Conversely, if bulls propulsion the terms backmost supra the 20-day EMA, the brace could rally to the downtrend line. A interruption and adjacent supra this absorption volition suggest that the correction whitethorn beryllium over. The brace could archetypal emergence to $130 and past retest the all-time precocious astatine $147.

DOT/USDT

The bulls pushed Polkadot (DOT) supra the overhead absorption astatine $31.49 connected Dec. 27 but the agelong wick connected the candlestick suggests selling astatine higher levels.

The failed breakout could person acted similar a bull trap, catching assertive buyers connected the incorrect foot. This whitethorn person resulted successful agelong liquidation, pulling the terms beneath the moving averages.

Both moving averages are level and the RSI is conscionable beneath the midpoint, indicating a equilibrium betwixt proviso and demand.

If bulls propulsion the terms backmost supra the moving averages, the brace could rally to $31.49. A interruption and adjacent supra this level could awesome vantage to buyers. The brace could past rally to $39.35 and aboriginal to $43.56.

On the different hand, a interruption and adjacent beneath the $25 to $22.66 enactment portion volition bespeak that bears are successful command.

DOGE/USDT

Dogecoin (DOGE) turned down from the overhead absorption astatine $0.19 and plunged backmost beneath the 20-day EMA ($0.18) connected Dec. 28. This suggests that bears proceed to support the overhead absorption level.

The DOGE/USDT brace could present driblet to $0.15, which is simply a cardinal level for the bulls to defend. If the terms rebounds disconnected this support, the brace could stay stuck betwixt $0.15 and $0.19 for the adjacent fewer days.

The bulls volition person to propulsion and prolong the terms supra $0.19 to bespeak the commencement of a beardown alleviation rally.

On the contrary, if bears descend and prolong the terms beneath $0.15, it volition suggest that the downtrend has resumed. The brace could past driblet to $0.13 and aboriginal to the intelligence enactment astatine $0.10.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

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