Ryan O’Neill: Price Analysis December 14th – BTC, XRP, ETH, BNB, and DOGE
Bitcoin and other leading crypto assets started recovery rallies yesterday after the United States Federal Reserve announced it had decided to maintain current interest rates. Before the central bank’s announcement, Glassnode reported that short-term Bitcoin holders (investors holding BTC for 150 days or less) had transferred coins worth over $3.94 billion to various centralized exchanges as they rushed to book profits.
Following the Fed’s announcement on Wednesday, several reports have claimed that institutional investors are making large Bitcoin purchases as they are optimistic that the Federal Reserve will cut rates before the end of 2024. This is a bullish sign for crypto.
Meanwhile, popular crypto analyst Marcel Pechman remains positive that Bitcoin will touch $50,000 before the end of this month. He says the growing expectation of approval of a spot Bitcoin ETF will be the primary driver of the rally to his predicted price.
That said, let’s now determine which support and resistance levels are likely to be hit by Bitcoin and other top crypto assets over the coming days.
Bitcoin Price Analysis
Although Bitcoin experienced massive selling pressure before yesterday, the coin managed to stay above the 20-day EMA (Exponential Moving Average) of $40,901. The bulls have now pushed BTC to $42,891 at press time. A positive divergence is already forming on the RSI (Relative Strength Index), suggesting that a bullish momentum could pick up soon. If this happens, we might see Bitcoin breaking above the barrier at $44.698 to rally toward the $48,023 resistance.
Conversely, BTC could collapse to the 50-day SMA (Simple Moving Average) of $37,872 if $40,901 is not guarded.
Ethereum Price Analysis
The support at $2,175 collapsed briefly on Wednesday before the bulls intensified buying activity, pushing Ethereum above the $2,201.89 resistance level to $2,289.16 at press time. With the second-biggest coin by market cap now above the 20-day Exponential Moving Average ($2,218), the bulls might attempt to push it above $2,404. Achieving this will allow them to drive ETH to $3,082.09, where the bears are expected to reject a further uptrend.
On the negative side, if the sellers sustain Ethereum below $2,175, there is a likelihood that the crypto asset will hit $2,000 because there are no major support levels on the downside.
BNB Price Analysis
Based on the BNB’s current price trend, investor interest in the token is growing. The Binance coin has seen massive gains since the start of the week after breaking free from the $234.21 -$239.14 trading range, where it was stuck for several weeks. BNB is now selling for $252.18. The bulls are looking to propel the cryptocurrency above the neckline at $274.48. This mission seems possible given that the Relative Strength Index is inside a positive zone and the 20-day EMA is turning up.
In the event BNB bulls sustain the token above $274.48, they will gain total control of the market, and this can help them push BNB’s price to the $333.27 resistance. On the other hand, the $223.89 support is a key level to watch out for if BNB drops below $234.21.
XRP Price Analysis
On Tuesday, XRP experienced a pullback to the 50-day SMA of $0.6001525, where the bulls mounted buying pressure, pushing the crypto asset to $0.0628109 as of this writing. It is worth mentioning that XRP traded above the 20-day EMA of $0.6392710 earlier today, but there was no sufficient demand to push the digital currency to the $0.6708921 resistance level. With the RSI below 50, the bears may have a slight advantage over the bulls. If they capitalize on it, XRP could drop below $0.0628109 and then find support at $0.5698010.
On the positive side, a sustained rally above $0.6392710 could cause XRP to cross above $0.6708921 to retest $0.7490862, a level it last saw in July.
Dogecoin Price Analysis
Although DOGE reversed from the $0.1100127 resistance level a few days ago, the bulls have managed to guard the 20-day Exponential Moving Average of $0.0900912. That means the bullish momentum is still alive. The buyers will now try to thrust Dogecoin above $0.1100127 for a rally to $0.1408916. On the other hand, if $0.0900912 crumbles, the meme coin’s next stop will be at the 50-day Simple Moving Average of $0.0809729.
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