Price Analysis December 23rd, 2024 – BTC, SOL, AVAX, DOGE, XRP, and ETH
Bitcoin’s latest pullback extended over the weekend, with its price dropping below $94,000 on Sunday. The coin started trending downward last Wednesday when Federal Reserve Chair Jerome Powell hinted at two interest rate cuts next year instead of the projected four in September.
Will Bitcoin drop further, or are the current prices ideal for buying the dip? That is the crucial question in the minds of investors and traders. According to Whalemap analysts, the Onchain Volume Profile indicates that Bitcoin is inside an accumulation range. They are optimistic that the asset will not drop below $90,000 this year.
Let’s explore the charts to identify vital support and resistance areas traders need to closely monitor this week.
Bitcoin Price Analysis
BTC briefly dropped to the 50-day Simple Moving Average of $91,830 on December 20th. That level attracted buying, with the bulls thrusting the coin near the 20-day Exponential Moving Average of $99,102. However, keeping Bitcoin above the $96,000 support has been difficult for them, suggesting that the bears continue to mount pressure.
BTC is priced at $94,832 as of this writing. If selling persists, it may fall further to retest $91,830 and even slide to the $88,943 support.
From a bullish perspective, if buyers push and keep Bitcoin above $99,102, it will mean that selling activity is declining. As such, the prospects of a rally toward $108,302 will increase exponentially.
Ethereum Price Analysis
Ethereum’s failure to go above the barrier at $4,095 attracted selling on December 18th. The bears have now pulled the asset below the 20-day Exponential Moving Average of $3,687 to $3,332. This also means that ETH is trading below the downtrend line, thus giving the bears an edge.
Solid selling could cause the second-largest currency by market cap to head toward the $2,850.21 support. On the other hand, if the bulls exert pressure at $3,000.40, $3,687 could crumble, allowing Ethereum to surge to $4,095.
XRP Price Analysis
XRP has slid below the 20-day Exponential Moving Average of $2.24, signaling that the advantage is shifting to the sellers’ side. Additionally, the Relative Strength Index (44.21) indicates that the sellers are at an advantage, which they can use to fuel a downtrend to $1.91, where we expect the bulls to mount a solid defense.
However, if 1.91 gives way, a pullback to the 50-day Simple Moving Average of $1.54 is likely. On the upside, a rebound from $1.91 could enhance the prospects of a move to $2.60.
Solana Price Analysis
SOL has traded below the $191 support in the past 24 hours. Its latest price (187.59) means it has broken below the support line of the ascending channel, boosting the chances of a drop to $155.26.
However, this bearish view will be invalidated if Solana crosses $200 and reaches the 20-day Exponential Moving Average of $217.85. In that scenario, the 50-day Simple Moving Average of $220.36 could collapse, thus giving room for a rally to $247.84.
Dogecoin Price Analysis
DOGE has traded below the 50-day Simple Moving Average of $0.3582, suggesting that sellers are back in the market. The meme coin briefly fell below the $0.2964 support on December 19th, but the bulls purchased the dip, pushing it to $0.3197 as of this writing. Still, this doesn’t mean that Dogecoin is out of the woods. Instead, the token will have to cross above $0.3582 for investor sentiment to turn positive. As such, the barrier at the 20-day Exponential Moving Average of $0.3802 could crumble, allowing DOGE to rally to $0.4816.
Avalanche Price Analysis
Selling has intensified since Avalanche broke below the 20-day Exponential Moving Average of $45.61 on December 18th. The asset has dipped below the 50-day Simple Moving Average of $39.92 at press time, with the bears looking to fuel a downtrend to $30.53.
However, if the bulls push and keep AVAX above $39.92, $45.61 could give way, making a move to the $51.38 resistance possible.
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