Bitcoin (BTC) has broken above the overhead resistance of $38,000, indicating positive sentiment and continued pressure from bulls. Independent Reserve CEO Adrian Przelozny predicts that the next two years will be good for Bitcoin, with market activity expected to pick up in early 2024. Key catalysts for next year include the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund. With these events on the horizon, Bitcoin is likely to find buyers on dips.
Bitcoin Price Analysis
Bitcoin pierced the stiff resistance of $37,980 but is struggling to sustain the breakout, suggesting strong resistance from bears. However, both moving averages are sloping up and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000. A tough battle between the bulls and bears may occur at this level, but a breakout could lead to a potential rally to $48,000. The short-term trend will turn negative below $34,800.
Ether Price Analysis
Ether (ETH) has broken above the resistance line, suggesting the start of the next leg of the up-move. The bulls are trying to flip the resistance line into support, and if they succeed, the ETH/USDT pair could march toward $2,200. If bulls overcome this level, the pair could complete a large ascending triangle pattern, opening the gates for a potential rally to the pattern target of $3,400. However, a turn down and a break below the vital support at $1,900 will invalidate this bullish view.
BNB Price Analysis
BNB (BNB) jumped above $235 but could not overcome the obstacle at the 20-day EMA. This indicates that bears are trying to take control. The 20-day EMA has started to turn down and the RSI is just below the midpoint, giving a minor advantage to the bears. The short-term trend will turn negative on a break and close below the crucial support at $223, potentially leading to a fall to $203. To prevent the downside, bulls will have to push and sustain the price above the 20-day EMA, after which the pair may consolidate between $223 and $265.
XRP Price Analysis
XRP (XRP) is seeing strong buying at lower levels and bulls are trying to push the price above the 20-day EMA. The pair may swing between $0.56 and $0.74 in the short term. If the price rises and sustains above the 20-day EMA, it could gradually climb to $0.67 and then $0.74. However, a turn down from the current level and a break below $0.56 will signal a sharper correction to $0.46.
Solana Price Analysis
Solana (SOL) has been trying to break above the $59 resistance, but bears have held their ground. The rising 20-day EMA and the RSI in the positive territory suggest that bulls have the upper hand. If they can push the price above the resistance, the SOL/USDT pair could ascend to $68. However, a turn down from the current level could result in a drop to $48, where buyers are likely to step in.
Cardano Price Analysis
Cardano (ADA) has been swinging above and below the $0.38 level, indicating uncertainty between bulls and bears. The upsloping moving averages and the RSI in the positive territory give a slight edge to the bulls. If the price rises above $0.40, it will signal a new up-move to $0.42 and later to $0.46. However, a drop below $0.34 may result in a fall to the 50-day SMA, leading to further consolidation between $0.24 and $0.38.
Dogecoin Price Analysis
Dogecoin (DOGE) has been maintaining above the 20-day EMA but lacks momentum. Buyers will need to push the price above $0.08 to signal strength and a potential surge toward $0.10. However, if the price turns down from this level, it suggests that bears remain active at higher levels and the pair may drop to immediate support at $0.07. The 20-day EMA and the RSI do not give a clear advantage to either bulls or bears.
Toncoin Price Analysis
Toncoin (TON) is attempting to push to the overhead resistance of $2.59. If bulls can sustain the price above this level, it will complete a cup-and-handle pattern and potentially start a new uptrend. However, a turn down from the overhead resistance will indicate fierce bear resistance and may result in a drop to the 50-day SMA. A slide below this level will open the doors for a further fall.
Chainlink Price Analysis
Chainlink (LINK) is facing selling at the downtrend line, creating a squeeze between the downtrend line and the 61.8% Fibonacci retracement level. A surge above the downtrend line could lead to a climb to $16.60 and then $18.30, while a turn down could result in a decline to the 50-day SMA.
Avalanche Price Analysis
Avalanche (AVAX) has reached an important overhead resistance at $22, with bears expected to defend this level. If bulls can hold their ground, a break above $22 could lead to a climb to $25. On the downside, the 20-day EMA remains a key level to watch. A turn down and a slip below this level may indicate a deeper correction.
