Price analysis 12/24: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin closed above the 20 day rapid moving average ($ 49,000.00) on December 23, recommending that sellers are losing their grip. A possible shift in the short-term pattern appears by the flattening of the 20-day EMA, and the relative strength indicator (RSI) near to the midpoint.

CryptoRank data shows that overall Bitcoin traded on crypto-exchanges has fallen from 9.5% of total Bitcoin supply in Oct 2020 to 6.3% in December, which is the most affordable level considering that 2021.

Glassnodes on-chain analytics company shows that around 100,000 Bitcoins are moving from a “liquid” to an “illiquid” state monthly. This means that the coins have been sent to addresses with “little history of spending.”

Are we seeing the beginning of a new uptrend? Or is the present healing simply another dead feline bounce that can be offered into. Lets look at the charts for the top 10 cryptocurrencies to see what the response is.

Bitcoin (BTC), which was at the psychological level of $50,000, rebounded. The S&P 500 closed at a brand-new record closing high up on December 23, which recommends that panic offering due to the omicron variation is declining and the long-awaited “Santa rally”, may have begun.

BTC/USDT

Daily cryptocurrency market performance. Source: Coin360

Daily chart of BTC/USDT Source: TradingView

Recovery could reach the 38.2% Fibonacci level at $52,314 then the 50% level at $55,560. This zone is likely to be a fortress for the bears. Bears will try to resume the downtrend if the price falls from this zone.

Breaking below the $45,000-$ 42,000 support zone could cause a decrease of as much as 30%. However, buyers might drive the cost to $55,560 and the BTC/USDT currency exchange rate could reach the 61.8% Fibonacci level at $58,686. If the cost breaks and closes above this level, the possibilities of a retest at the all-time high will increase.

Ether (ETH), broke and closed above both the descending channel, and the 20-day EMA ($ 4,060), Dec. 23, which are the first indications that the correction might be over.

ETH/USDT

Daily chart of ETH/USDT Source: TradingView

If the price drops and the channel breaks, it might suggest that the existing breakout was a bear trap. The cost might drop to $3.643.73. Closing and breaking below this assistance could result in a fall to the basic moving average of 200 days ($ 3,316).

The 20-day EMA has actually slowed down and the RSI is at the midpoint. This suggests that bulls may be trying to pick up.

The bullish momentum might pick-up if purchasers keep the rate above the 20 day EMA. The ETH/USDT exchange rate could reach $4,488 if that occurs. Although this level could serve as strong resistance, bulls might press the cost higher to evaluate the all-time high of $4,868.

Binance Coin (BNB), which has recovered to the downtrendline, could be a strong resistance. It is possible that the rate will fall from its existing level. This would suggest that traders are continuing to offer rallies.

BNB/USDT

Daily chart BNB/USDT TradingView

Contrary to what is being assumed, bulls can drive the rate higher than the sag line and it might signify that the correction might be over. The buyers will attempt to re-establish the up-move. Resistance might be discovered at $575 or later at $617.

Solana (SOL), after trading near the 20-day EMA ($ 184), for the previous few sessions, broke and closed above resistance on December 23. The 20-day EMA has sunk and the RSI is near the midpoint. This suggests a balance between supply/demand.

The bears will try to bring the price to the assistance zone of $500 to $489.20. The cost could be up to the 200-day SMA ($ 439) if this location collapses. If that takes place, purchasers will likely step in to supply support.

SOL/USDT

Daily chart of SOL/USDT Source: TradingView

DA/USDT

Bears will continue to offer rallies if the price falls below $168.49. The cost might drop to $148.04. The set could then fall to $148.04.

If the price remains above the 20-day EMA, this balance will shift in favor of bulls. This will signal that the short-term correction phase might be over. SOL/USDT might rise first to $204.10, then to $240.

Cardano (ADA), which leapt above the $20-day EMA ($ 1.37) Dec. 23, indicated that buyers are trying to rebound. The bears will not quit and try to bring the price listed below the 20-day EMA.

Daily chart ADA/USDT Source: TradingView

XRP/USDT

If rates rebound from the 20-day EMA it will suggest that belief is bullish and traders are purchasing dips. The bulls will attempt to press the cost above the overhead resistance of $1.87.

The 200-day SMA ($ 0.94) was broken by XRP on Dec. 22. This suggests that the sellers may be losing their grip. The bears are trying to stop the healing at the mental mark of $1.

If they prosper, it would show that traders are buying rallies and the sentiment is still negative. The ADA/USDT currency pair might drop to $1.18, which is a strong support level. If it breaks or closes listed below this level, the set might fall to $1.

Daily chart of XRP/USDT Source: TradingView

Terras LUNA token dropped from $98.20 Dec. 22 to $98.20 Dec. 22, suggesting that bears are protecting $100 mental resistance. The bulls, nevertheless, had other strategies and bought the dip on Dec. 22 and resumed their up-move on December 23.

LUNA/USDT

Contrary to common belief, if the price falls listed below the moving averages it will suggest that traders are costing the overhead resistance level. This could indicate that the pair will stay within a large range of $0.75 to $1.

Bulls ought to not allow the price below the moving average. This will increase the opportunity of the rate breaking above $1.

Daily chart of LUNA/USDT Source: TradingView

A purchasers advantage appears by the rising 20-day EMA ($ 74), and the RSI within the overbought area. The LUNA/USDT set may begin the next leg if bulls can preserve the rate above $100. Next target on the upside: $124.65, then $150.

VAX/USDT

This will suggest that bears are still a powerful obstacle at $100 if the rate falls listed below the existing level. The selling could get more extreme if the rate falls listed below the 20-day EMA. This might result in the set dropping to $50.

Related: Bitcoin Santa rally pauses at $51.5 K, as funds bets on a sub-60K BTC cost in January 2022

Avalanche (AVAX), has actually been experiencing resistance in between the $119.69 Fibonacci level at 61.8% and $131.70 78.6% levels. A small plus is that bulls have not lost much ground.

Daily chart of AVAX/USDT Source: TradingView

Nevertheless, if the rate drops below the overhead resistance or present level and falls listed below the 20-day EMA it will suggest that need is drying up at greater levels. The rate might drop to $98.14. If this level fails to hold, the next stop for the set might be $75.50.

DOT/USDT

The increasing 20-day EMA ($ 107), and the RSI favorable area show that the path to the advantage is the most likely. If bulls press the price greater than $131.70, the AVAX/USDT set might retest its all-time high of $147.

Polkadot, (DOT), rebounded from the strong assistance zone of $25 to $22.66 Dec. 20, and the bulls pressed it above the moving averages Dec. 23,

Daily chart of DOT/USDT Source: TradingView

If the cost falls listed below the 20-day EMA ($ 28.42), this favorable outlook will be invalidated. This might trigger the set to fall below the assistance zone.

Dogecoin (DOGE), which has actually rebounded from the strong support at $0.15, has risen above its 20-day EMA ($ 0.18). This shows that bears could be losing their grip.

DOGE/USDT

If the cost falls listed below this level, but bounces off the moving averages it will show a shift in sentiment from buy on dips to offer on rallies. This might result in a rally as much as $39.35.

The DOT/USDT pairing might reach $31.49 where bears may install strong resistance if purchasers keep the price above moving averages.

Daily chart of DOGE/USDT Source: TradingView

Buyers might drive the price to $55,560 and the BTC/USDT exchange rate could reach the 61.8% Fibonacci level at $58,686. The chances of a retest at the all-time high will increase if the cost breaks and closes above this level.

If the cost drops from $0.19, the set could drop to $0.15. It will stay variety bound between these levels for a couple of days. To begin the next leg in the sag, the bears must sink below $0.15 and preserve it there.

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It is possible that the cost will fall from its existing level. If the rate falls listed below the current level, this will show that bears are still a formidable challenge at $100. If the price drops below the overhead resistance or existing level and falls below the 20-day EMA it will show that demand is drying up at higher levels.

Buyers will try to press the rate higher than $0.19 overhead resistance. The DOGE/USDT rate could rise to $0.22 and then the 200-day SMA ($ 0.23) if they succeed. This zone is likely to be protected vigorously by the bears.