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

The
S&P
500
is
trading
near
its
all-time
high
but
Bitcoin
(BTC)
has
plunged
about
30%
from
its
all-time
high
at
$69,000.
Even
after
the
sharp
drop,
Bitcoin
is
up
63%,
year-to-date,
outperforming
the
S&P
500,
which
is
up
about
30%
in
2021.

Gold,
which
is
popular
as
a
hedge
against
inflation,
is
down
roughly
7%
this
year.
Arcane
research
said
in
its
report
that

Bitcoin’s
outperformance
in
the
high
inflationary
environment

shows
that
“Bitcoin
has
proven
itself
to
be
an
excellent
inflation
hedge.”


Daily
cryptocurrency
market
performance.
Source:



Coin360

Real
Vision
CEO
Raoul
Pal
said
in
an
interview
with
Vlad
from
The
Stakeborg
Talks
that
the
recent
selling
in
Bitcoin
may
have
been
due
to

institutional
investors
booking
profits

but
he
believes
the
selling
may
be
coming
to
an
end.

However,
veteran
trader
Peter
Brandt
is
of
the
opinion
that

panic
selling
has
not
yet
happened
,
which
is
known
to
signal
bottoms.

Could
Bitcoin
extend
its
decline
or
stage
a
strong
recovery
above
$50,000
in
the
next
few
days?
Let’s
study
the
charts
of
the
top
10
cryptocurrencies
to
find
out.

BTC/USDT

Bitcoin
rose
above
the
overhead
resistance
at
$51,936.33
on
Dec.
27
but
the
long
wick
on
the
candlestick
shows
that
traders
sold
this
rise
with
vigor.
The
selling
continued
on
Dec.
28
and
the
price
broke
below
the
20-day
exponential
moving
average
(EMA)
($49,558).


BTC/USDT
daily
chart.
Source:
TradingView

The
price
broke
below
the
200-day
simple
moving
average
(SMA)
($47,755)
on
Dec.
29
but
the
long
tail
on
the
candlestick
shows
that
bulls
are
attempting
to
arrest
the
decline.
If
the
price
rises
and
sustains
above
the
200-day
SMA,
the
bulls
will
again
try
to
push
the
BTC/USDT
pair
toward
the
overhead
resistance
at
$51,936.33.

On
the
contrary,
if
the
price
sustains
below
the
200-day
EMA,
the
selling
could
intensify.
The
20-day
EMA
has
started
to
turn
down
and
the
relative
strength
index
(RSI)
is
below
42,
indicating
that
bears
are
in
control.
If
the
$45,456
support
cracks,
the
pair
could
plunge
to
the
strong
support
zone
at
$42,000
to
$40,000.

ETH/USDT

Ether’s
(ETH)
failure
to
sustain
above
the
20-day
EMA
($4,011)
could
have
attracted
selling
from
short-term
traders.
The
price
turned
down
sharply
on
Dec.
28
and
has
dropped
close
to
the
strong
support
at
$3,643.73.


ETH/USDT
daily
chart.
Source:
TradingView

If
the
price
rebounds
off
the
support,
the
bulls
will
make
one
more
attempt
to
push
the
ETH/USDT
pair
above
the
20-day
EMA.
A
break
and
close
above
$4,200
could
signal
that
the
corrective
phase
may
be
over.
The
pair
could
first
rally
to
$4,488
and
then
challenge
the
all-time
high
at
$4,868.

However,
the
downsloping
20-day
EMA
and
the
RSI
in
the
negative
zone
indicate
that
the
path
of
least
resistance
is
to
the
downside.
If
the
$3,643.73
support
cracks,
the
pair
could
decline
to
the
200-day
SMA
($3,353).
This
level
may
act
as
a
strong
support
but
if
it
cracks,
the
pair
could
plummet
to
$2,800.

BNB/USDT

Binance
Coin
(BNB)
soared
above
the
20-day
EMA
($546)
on
Dec.
27
but
the
bulls
could
not
sustain
the
higher
levels.
The
price
turned
down
and
dipped
below
the
20-day
EMA
on
Dec.
28.


BNB/USDT
daily
chart.
Source:
TradingView

The
bears
will
now
try
to
sink
the
price
below
the
strong
support
at
$500.
If
they
succeed,
it
could
start
a
down
move
to
the
200-day
SMA
($444)
where
bulls
are
likely
to
defend
the
level
aggressively.

Contrary
to
this
assumption,
if
the
price
turns
up
from
the
current
level
or
the
strong
support
at
$500,
it
will
suggest
that
bulls
continue
to
buy
on
dips.
A
break
and
close
above
$575
will
signal
that
the
correction
may
be
over.
The
pair
could
first
rally
to
$617
and
then
to
the
overhead
resistance
zone
at
$669.30
to
$691.80.

SOL/USDT

Solana’s
(SOL)
recovery
stalled
at
$204.75
on
Dec.
27
and
the
price
broke
below
the
20-day
EMA
($185)
on
Dec.
28.
This
suggests
that
bears
continue
to
sell
on
rallies.


SOL/USDT
daily
chart.
Source:
TradingView

The
bears
will
now
attempt
to
build
on
their
advantage
and
pull
the
price
below
$167.88.
If
this
support
cracks,
the
SOL/USDT
pair
could
drop
to
$148.04.
The
20-day
EMA
is
flattish
but
the
RSI
has
dipped
below
44,
indicating
that
bears
are
attempting
to
gain
the
upper
hand.

This
negative
view
will
invalidate
in
the
short
term
if
the
price
turns
up
from
the
current
level
and
rises
above
$204.75.
That
will
clear
the
path
for
a
possible
rally
to
the
resistance
line
of
the
falling
wedge
pattern.
A
breakout
of
the
wedge
will
signal
that
bulls
are
back
in
the
driver’s
seat.

ADA/USDT

Cardano
(ADA)
turned
down
from
$1.59
on
Dec.
27
and
the
price
has
dipped
to
the
20-day
EMA
($1.39).
If
the
price
rebounds
off
the
current
level,
the
bulls
will
attempt
to
push
the
price
to
the
resistance
line
of
the
descending
channel.


ADA/USDT
daily
chart.
Source:
TradingView

The
flattish
20-day
EMA
and
the
RSI
near
the
midpoint
suggest
a
balance
between
supply
and
demand.
A
break
and
close
above
the
channel
will
indicate
that
the
downtrend
could
be
over.
The
bulls
will
then
try
to
push
the
price
toward
the
strong
overhead
resistance
at
$2.47.

On
the
other
hand,
if
the
price
sustains
below
the
20-day
EMA,
it
will
suggest
that
bears
continue
to
sell
on
rallies.
The
ADA/USDT
pair
could
then
drop
to
the
strong
support
zone
at
$1.18.
If
this
support
cracks,
the
pair
could
decline
to
$1.

XRP/USDT

The
failure
of
the
bulls
to
push
Ripple
(XRP)
back
above
the
50-day
SMA
($0.94)
on
Dec.
27
may
have
attracted
selling
by
short-term
traders.
That
pulled
the
price
below
the
20-day
EMA
($0.89)
and
the
support
at
$0.85.


XRP/USDT
daily
chart.
Source:
TradingView

The
20-day
EMA
has
turned
down
and
the
RSI
has
dipped
into
the
negative
zone,
indicating
that
bears
are
at
a
minor
advantage.
If
the
price
sustains
below
$0.85,
the
XRP/USDT
pair
could
decline
to
the
strong
support
at
$0.74.

Conversely,
if
the
price
turns
up
from
the
current
level
and
breaks
above
the
moving
averages,
it
will
suggest
that
lower
levels
are
attracting
strong
buying
from
the
bulls.
The
pair
may
then
rise
to
$1.
A
break
and
close
above
this
level
could
complete
an
inverse
head
and
shoulders
pattern,
which
has
a
pattern
target
at
$1.25.

LUNA/USDT

Terra’s

LUNA

token
turned
down
from
$103.60
on
Dec.
27
and
the
price
dipped
to
the
38.2%
Fibonacci
retracement
level
at
$83.83.
The
bulls
are
likely
to
attempt
to
stall
the
correction
in
the
zone
between
$83.83
and
the
20-day
EMA
($80).


LUNA/USDT
daily
chart.
Source:
TradingView

A
strong
rebound
off
this
zone
will
suggest
that
sentiment
remains
bullish
and
traders
are
not
waiting
for
a
deep
correction
to
buy.

The
bulls
will
then
attempt
to
push
the
price
to
$103.60.
A
break
and
close
above
this
resistance
could
indicate
the
resumption
of
the
uptrend.
The
first
target
on
the
upside
is
$135.26
and
then
$150.

This
positive
view
will
be
negated
in
the
short
term
if
the
price
turns
down
and
plummets
below
the
20-day
EMA.
That
could
pull
the
price
down
to
the
61.8%
Fibonacci
retracement
level
at
$71.61.



Related:




A
fair
comparison?
Ethereum
growth
outpaces
Bitcoin
in
2021

AVAX/USDT

Avalanche’s
(AVAX)
bounce
off
the
20-day
EMA
($108)
on
Dec.
26
fizzled
out
at
$120.96
on
Dec.
27.
This
suggests
that
bears
continue
to
sell
at
higher
levels.


AVAX/USDT
daily
chart.
Source:
TradingView

The
AVAX/USDT
pair
turned
down
and
broke
below
the
20-day
EMA
on
Dec.
28.
If
bears
sustain
the
price
below
this
level,
the
next
stop
could
be
$98.
A
break
and
close
below
this
support
could
open
the
gates
for
a
possible
drop
to
$75.50.

Conversely,
if
bulls
push
the
price
back
above
the
20-day
EMA,
the
pair
could
rally
to
the
downtrend
line.
A
break
and
close
above
this
resistance
will
suggest
that
the
correction
may
be
over.
The
pair
could
first
rise
to
$130
and
then
retest
the
all-time
high
at
$147.

DOT/USDT

The
bulls
pushed
Polkadot
(DOT)
above
the
overhead
resistance
at
$31.49
on
Dec.
27
but
the
long
wick
on
the
candlestick
suggests
selling
at
higher
levels.


DOT/USDT
daily
chart.
Source:
TradingView

The
failed
breakout
could
have
acted
like
a
bull
trap,
catching
aggressive
buyers
on
the
wrong
foot.
This
may
have
resulted
in
long
liquidation,
pulling
the
price
below
the
moving
averages.

Both
moving
averages
are
flat
and
the
RSI
is
just
below
the
midpoint,
indicating
a
balance
between
supply
and
demand.

If
bulls
push
the
price
back
above
the
moving
averages,
the
pair
could
rally
to
$31.49.
A
break
and
close
above
this
level
could
signal
advantage
to
buyers.
The
pair
could
then
rally
to
$39.35
and
later
to
$43.56.

On
the
other
hand,
a
break
and
close
below
the
$25
to
$22.66
support
zone
will
indicate
that
bears
are
in
command.

DOGE/USDT

Dogecoin
(DOGE)
turned
down
from
the
overhead
resistance
at
$0.19
and
plunged
back
below
the
20-day
EMA
($0.18)
on
Dec.
28.
This
suggests
that
bears
continue
to
defend
the
overhead
resistance
level.


DOGE/USDT
daily
chart.
Source:
TradingView

The
DOGE/USDT
pair
could
now
drop
to
$0.15,
which
is
a
key
level
for
the
bulls
to
defend.
If
the
price
rebounds
off
this
support,
the
pair
could
remain
stuck
between
$0.15
and
$0.19
for
the
next
few
days.

The
bulls
will
have
to
push
and
sustain
the
price
above
$0.19
to
indicate
the
start
of
a
strong
relief
rally.

On
the
contrary,
if
bears
sink
and
sustain
the
price
below
$0.15,
it
will
suggest
that
the
downtrend
has
resumed.
The
pair
could
then
drop
to
$0.13
and
later
to
the
psychological
support
at
$0.10.


The
views
and
opinions
expressed
here
are
solely
those
of
the
author
and
do
not
necessarily
reflect
the
views
of
Cointelegraph.
Every
investment
and
trading
move
involves
risk.
You
should
conduct
your
own
research
when
making
a
decision.


Market
data
is
provided
by



HitBTC


exchange.

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