Price analysis 12/31: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin
(BTC)
and
most
major
altcoins
are

attempting
a
rebound
off
their
respective
support
levels
,
indicating
that
buyers
continue
to
accumulate
on
dips.

Data
from
Coinglass
shows
that

9,925
Bitcoin
left
Coinbase
Pro
,
the
professional
trading
arm
of
Coinbase,
on
Dec.
30,
a
possible
sign
of
institutional
buying.
This
is
in
sharp
contrast
to
the
strong
inflows
seen
in
Binance
and
OKEx.
Several
analysts
believe
that
institutional
buying
could
pick
up
in
January.

Economist
and
trader
Alex
Krüger
expects
a
Bitcoin
rally
in
early
January
based
on
fund
flows.
He
also
highlighted
that

January
has
produced
positive
results
for
Bitcoin

between
2018
and
2021,
with
gains
ranging
from
7%
to
36%.


Daily
cryptocurrency
market
performance.
Source:



Coin360

While
investors
debate
about
the
next
possible
direction
of
the
crypto
markets,

MicroStrategy
has
continued
to
accumulate
Bitcoin
on
dips
.
The
business
intelligence
firm
purchased
1,914
Bitcoin
between
Dec.
9
and
Dec.
29,
according
to
a
filing
with
the
U.S.
Securities
and
Exchange
Commission.
The
recent
purchase
has
boosted
the
company’s
holdings
to
124,391
Bitcoin.

Could
Bitcoin
lead
a
strong
recovery
in
the
crypto
markets
in
the
new
year?
Let’s
study
the
charts
of
the
top-10
cryptocurrencies
to
find
out.

BTC/USDT

Bitcoin
bounced
off
the
$45,456
support
and
has
risen
above
the
200-day
simple
moving
average
(SMA)
($47,826).
However,
the
bulls
are
likely
to
face
a
strong
challenge
at
the
20-day
exponential
moving
average
(EMA)
($49,096).


BTC/USDT
daily
chart.
Source:
TradingView

If
the
price
turns
down
from
the
current
level
or
the
20-day
EMA,
it
will
suggest
that
bears
are
selling
on
every
minor
rally.
That
will
increase
the
possibility
of
a
break
below
$45,456.
If
that
happens,
the
BTC/USDT
pair
could
drop
to
the
strong
support
zone
at
$42,000
to
$40,000.

The
relative
strength
index
(RSI)
is
forming
a
possible
positive
divergence,
which
suggests
that
the
selling
pressure
could
be
reducing.

If
bulls
drive
the
price
above
the
20-day
EMA,
the
pair
could
rally
to
$51,936.33.
A
break
and
close
above
this
resistance
could
start
an
up-move
to
the
50%
Fibonacci
retracement
level
at
$55,000
and
then
to
the
61.8%
retracement
level
at
$58,686.

ETH/USDT

Ether
(ETH)
has
bounced
off
the
strong
support
zone
at
$3,643.73
to
$3,503.68.
The
bulls
will
now
try
to
push
the
price
to
the
20-day
EMA
($3,952),
which
is
an
important
level
to
watch
out
for.


ETH/USDT
daily
chart.
Source:
TradingView

If
the
price
turns
down
from
the
20-day
EMA,
it
will
suggest
that
the
sentiment
remains
negative
and
traders
are
selling
on
rallies.
The
bears
will
then
make
another
attempt
to
sink
the
price
below
the
support
zone.

A
break
and
close
below
the
200-day
SMA
($3,365)
may
indicate
the
start
of
a
deeper
correction
to
$2,800.
This
negative
view
will
be
negated
if
the
price
breaks
and
sustains
above
$4,200.
The
ETH/USDT
pair
could
then
rise
to
$4,488
and
later
to
$4,868.

BNB/USDT

Binance
Coin
(BNB)
is
attempting
a
bounce
off
the
strong
support
at
$500.
The
recovery
is
likely
to
face
selling
at
the
20-day
EMA
($540).
If
the
price
turns
down
from
this
level,
it
will
suggest
that
the
sentiment
remains
negative
and
traders
are
selling
on
rallies.


BNB/USDT
daily
chart.
Source:
TradingView

The
downsloping
20-day
EMA
and
the
RSI
in
the
negative
territory
indicate
that
bears
are
in
command.
A
break
and
close
below
$500
could
intensify
selling
and
the
BNB/USDT
pair
could
drop
to
the
200-day
SMA
($445).

Contrary
to
this
assumption,
if
the
price
rises
above
the
20-day
EMA,
the
bulls
will
try
to
push
the
pair
above
$575.
If
they
succeed,
the
pair
could
rally
to
$617
and
later
to
the
overhead
resistance
zone
at
$669.30
to
$691.80.

SOL/USDT

Solana
(SOL)
is
attempting
to
bounce
off
$167.88.
The
relief
rally
is
likely
to
face
strong
selling
at
the
20-day
EMA
($182).
The
RSI
is
in
the
negative
zone
and
the
20-day
EMA
is
sloping
down
gradually,
indicating
that
bears
are
at
an
advantage.


SOL/USDT
daily
chart.
Source:
TradingView

If
the
price
turns
down
and
dips
below
the
$167.88
support,
the
SOL/USDT
pair
could
drop
to
$148.04.
The
bulls
may
try
to
defend
this
level
but
if
the
support
gives
way,
the
pair
could
start
its
downward
journey
toward
the
200-day
SMA
($128).

This
negative
view
will
invalidate
if
bulls
push
the
price
above
the
20-day
EMA
and
the
overhead
resistance
at
$204.75.
The
pair
could
then
rise
to
the
resistance
line
of
the
falling
wedge
pattern.
A
break
and
close
above
this
level
could
clear
the
path
for
a
retest
of
the
all-time
high
at
$259.90.

ADA/USDT

Cardano
(ADA)
broke
and
closed
below
the
20-day
EMA
($1.38)
on
Dec.
29
but
the
buyers
have
not
yet
given
up.
They
are
attempting
to
push
the
price
back
above
the
20-day
EMA.


ADA/USDT
daily
chart.
Source:
TradingView

If
they
succeed,
the
ADA/USDT
pair
could
rise
to
the
resistance
line
of
the
descending
channel.
The
bears
are
likely
to
defend
this
level
aggressively.
If
the
price
turns
down
from
the
resistance
line,
the
pair
could
extend
its
stay
inside
the
channel
for
a
few
more
days.

A
break
and
close
above
the
channel
will
be
the
first
indication
of
a
possible
change
in
trend.
Conversely,
if
the
price
turns
down
from
the
current
level,
the
pair
could
drop
to
$1.18.
This
is
an
important
level
to
watch
out
for
because
if
it
cracks,
the
pair
could
drop
to
$1.

XRP/USDT

Ripple
(XRP)
is
range-bound
between
$1
and
$0.75.
The
price
bounced
off
$0.80
on
Dec.
30
and
the
bulls
will
now
attempt
to
push
the
price
back
above
the
20-day
EMA
($0.88).


XRP/USDT
daily
chart.
Source:
TradingView

If
they
do
that,
the
XRP/USDT
pair
could
rise
to
the
200-day
SMA
($0.94)
and
then
to
the
overhead
resistance
at
$1.
The
bulls
will
have
to
push
and
sustain
the
price
above
this
resistance
to
signal
the
start
of
a
sustained
recovery.

The
20-day
EMA
is
turning
down
and
the
RSI
is
below
45,
indicating
that
bears
have
the
upper
hand.
If
the
price
turns
down
from
the
20-day
EMA,
the
bears
will
try
to
sink
the
pair
below
$0.75.
A
close
below
this
level
could
clear
the
path
for
a
decline
to
$0.60.

LUNA/USDT

Terra’s

LUNA

token
bounced
off
the
20-day
EMA
($81)
on
Dec.
30,
indicating
that
the
sentiment
remains
positive
and
traders
are
buying
on
dips.


LUNA/USDT
daily
chart.
Source:
TradingView

The
bulls
will
now
attempt
to
push
the
price
to
the
all-time
high
at
$103.60.
A
break
and
close
above
this
resistance
will
signal
the
start
of
the
next
leg
of
the
uptrend
that
could
reach
$135.26
and
then
$150.

On
the
other
hand,
if
the
price
turns
down
from
$93.81
and
breaks
below
the
20-day
EMA,
it
will
suggest
that
traders
are
closing
their
positions
on
rallies.
The
LUNA/USDT
pair
could
then
drop
to
the
61.8%
Fibonacci
retracement
level
at
$71.61.



Related:




Frax
Share,
Swipe
and
Gnosis
lead
the
altcoin
market
as
Bitcoin
recovers
to
$47.5k

AVAX/USDT

Avalanche
(AVAX)
bounced
off
the
minor
support
at
$98
on
Dec.
30
and
the
bulls
are
now
attempting
to
push
the
price
above
the
20-day
EMA
($107).


AVAX/USDT
daily
chart.
Source:
TradingView

If
they
succeed,
the
AVAX/USDT
pair
could
rise
to
the
downtrend
line
where
the
bears
may
mount
stiff
resistance.
A
break
and
close
above
this
level
will
be
the
first
sign
that
the
correction
may
be
over.

The
pair
could
then
rise
to
$128.
If
bulls
thrust
the
price
above
this
resistance,
it
will
complete
a
bullish
inverse
head
and
shoulders
pattern.
The
pair
could
first
retest
the
all-time
high
at
$147
and
then
attempt
a
rally
to
the
pattern
target
at
$177.50.

On
the
contrary,
if
the
price
turns
down
from
the
20-day
EMA
and
breaks
below
$98,
the
pair
could
drop
to
$75.50.

DOT/USDT

Polkadot
(DOT)
broke
below
the
20-day
EMA
($28)
on
Dec.
28
and
the
bears
have
successfully
warded
off
attempts
by
the
bulls
to
push
the
price
back
above
the
moving
averages.


DOT/USDT
daily
chart.
Source:
TradingView

If
the
price
turns
down
from
the
current
level,
the
bears
will
try
to
sink
the
DOT/USDT
pair
below
the
$25
to
$22.66
support
zone.
If
that
happens,
the
selling
could
pick
up
momentum
and
the
decline
could
extend
to
$16.81.

Alternatively,
if
the
price
rises
above
the
moving
averages,
the
buyers
will
try
to
propel
the
pair
above
$31.49.
If
they
manage
to
do
that,
it
could
open
the
doors
for
a
possible
rally
to
$39.50
and
later
to
$43.56.

DOGE/USDT

Dogecoin
(DOGE)
broke
below
the
20-day
EMA
($0.17)
on
Dec.
28
but
the
bears
could
not
challenge
the
major
support
at
$0.15.
This
suggests
that
selling
dries
up
at
lower
levels.


DOGE/USDT
daily
chart.
Source:
TradingView

The
bulls
are
attempting
to
push
the
price
back
above
the
20-day
EMA.
If
they
manage
to
do
that,
the
DOGE/USDT
pair
could
rally
to
the
overhead
resistance
at
$0.19.
A
break
and
close
above
this
level
will
signal
the
possible
start
of
a
new
up-move
that
could
reach
the
200-day
SMA
($0.23).

Conversely,
if
the
price
turns
down
from
the
20-day
EMA,
the
bears
will
attempt
to
sink
the
pair
below
$0.15.
This
is
an
important
level
for
the
bulls
to
defend
because
if
it
cracks,
the
pair
could
plunge
to
$0.13
and
eventually
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.

read original article here