Price Analysis December 23rd – BTC, ETH, BNB, SOL, and XRP
Bitcoin hovers near the resistance at $44,000, indicating that the bears are protecting the level. However, the sellers may not be able to pull BTC to key support levels as hopes that the US Securities and Exchange Commission will approve a Bitcoin spot ETF continue to rise, thus making an upward move more likely.
Trading company QCP Capital expects Bitcoin and altcoins to rally significantly in the first two weeks after the ETF approval before the traders turn their focus to the new investment vehicle. When investor attention switches to ETF, QCP Capital says there will be profit booking that could cause crypto assets to retest support levels before rallying again.
Let’s now examine the price analysis of the leading cryptocurrencies to identify key upper and lower levels to watch out for.
Bitcoin Price Analysis
As of this writing, Bitcoin is changing hands for $43,897. Since Wednesday, the bulls have struggled to maintain the coin’s price above $44,000, indicating the presence of bears in the market. Nonetheless, the bulls are still at an advantage according to the Relative Strength Index, which sits at 59.88. If the bulls succeed in thrusting and maintaining BTC above $44,000, the coin may rally to $48,169, where more resistance from the bears is expected.
In the event a bearish divergence forms in the RSI, then it will signal the possibility of a downward move. Bitcoin may first collapse to the 20-day EMA (Exponential Moving Average) of $41,908 before heading toward the support at $37,871.
Ethereum Price Analysis
The buyers managed to propel ETH above the 20-day Exponential Moving Average of $2,217 on December 21, suggesting the end of the price correction. The second-largest cryptocurrency by market capitalization is now trading at $2,291. If it rises above $2,331, it may rally towards $2,419. This level is crucial for the bears to guard. If they fail to do so, Ethereum could grow to retest the $3,081 resistance.
Conversely, If ETH plummets below $2,217, the bears could have a slight advantage over the bulls and might capitalize on it to drag the token to the 50-day Simple Moving Average (SMA) of $2,108.78.
BNB Price Analysis
The bulls have continued pushing BNB further since defeating the bears at the $260.91 resistance level on December 20. With the buyers now in the driver’s seat, BNB could cross the neckline at $276.14 to form a bullish setup. In case this happens, a rally to $332.19 could be an easy target. On the downside, if the bulls let go of $260.91, BNB could fall to the 20-day EMA of $247.05. A break below this level will signal a weakening bullish momentum. The bears could pull the crypto asset to the 50-day SMA of $241.89.
Solana Price Analysis
Since bouncing off the 20-day Exponential Moving Average of $74.32 on December 18, SOL has soared to $95 as of this writing, indicating intense buying pressure by the bulls. But the rally could be halted at $100, given that this is a strong resistance level and the bears are expected to protect it with all their might. However, if Bulls overpower them, Solana could begin a second leg of the rally, with the target being $143.21.
Meanwhile, the Relative Strength Index is still inside the overbought zone, meaning a price correction is possible. If SOL drops below $74.32, it will suggest that the bulls are no longer in total control of the market, and the bears may attempt to drag the cryptocurrency to a 50-day SMA of $61.71.
XRP Price Analysis
With XRP still stuck inside the $0.5769163 – $0.7409002 range, it suggests that the bears and the bulls are undecided. Furthermore, the Relative Strength Index is near 50, indicating a balance between demand and supply. If XRP breaks above $0.7409002, it may reach the $0.8509717 resistance level. On the other hand, a break below $0.5769163 could cause the token to retest crucial support at $0.5098102.
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