Price Analysis December 27th, 2024 – BTC, DOGE, SOL, XRP, and ETH
The bulls attempted to fuel a Santa Claus rally on Christmas Day, but the bears had other ideas. That day, Bitcoin came near the $100,000 psychological level but has since retraced to $95,973, suggesting increased selling pressure at high prices.
If the coin remains above $95,000 until Tuesday, it will end December with gains of at least 2%. By comparison, BTC was up 12% last December, according to data from CoinGlass. CryptoQuant senior contributor Joo Ryu says Bitcoin has failed to post significant gains this month due to increased outflows from US-based spot ETFs.
CoinGlass data shows that the 12 American Bitcoin spot ETFs have processed roughly $1.5 billion worth of outflows since December 19th. Notably, asset manager BlackRock sold BTC worth $188 million from its iShares ETF on Thursday, causing the coin’s price to drop by 3.2%.
So, what are the vital support levels traders need to watch out for if selling pressure causes Bitcoin to dip further? Let’s analyze the charts to find out.
Bitcoin Price Analysis
On December 24th, the buyers bought the dip at the 50-day Simple Moving Average of $94,598, pushing Bitcoin above the 20-day Exponential Moving Average of $98,371 and then to $99,104 the following day.
However, as mentioned, intense profit-booking by short-term traders has pulled the coin to $95,973 as of this writing. If BTC crosses and stays above $98,371 in the coming days, the prospects of a surge to $108,349, the all-time high, will be enhanced. On the other hand, a sustained fall below $94,598 could encourage the sellers to exert pressure, pulling Bitcoin to $90,200 as a result.
Ethereum Price Analysis
ETH has been subject to aggressive selling near the 20-day Exponential Moving Average of $3,513 in the past few days, signaling that the bears intend to maintain their advantage to improve their chances of dragging the second-largest digital asset to the $3,000.28 support or even to $2,856.
Meanwhile, if the bulls want to gain control of the Ethereum market, they must first thrust and sustain the token above the 50-day Simple Moving Average of $3,472. As such, the resistance at $3,513 is likely to give way, and the bulls will aim to push ETH to $4,090.
XRP Price Analysis
XRP is still inside a symmetrical triangle, suggesting indecision among market players. However, since its price is below the 20-day Exponential Moving Average of $2.25, the bears are advantaged. If they intensify selling, XRP could break out of the triangle and head downwards to the $2.03 support and later to the 50-day Simple Moving Average of $1.74.
From a bullish point of view, if XRP crosses $2.25 and the bulls maintain buying pressure, a breakout at the resistance line of the symmetrical triangle could happen, allowing the Ripple-issued token to rally to $2.90.
Solana Price Analysis
SOL came near the uptrend line on December 26th and then reversed to $193 as of this writing. The latest price action indicates that buyers could be planning to start a recovery rally. But for that to happen, they must push Solana above the 20-day Exponential Moving Average of $206. As such, a rally to the 50-day Simple Moving Average of $222 and later to $260 becomes possible.
From a bearish perspective, a break and close below the uptrend line will give the sellers a massive advantage. If this occurs, SOL could plunge to the $156 support.
Dogecoin Price Analysis
DOGE bulls’ attempts to fuel a recovery rally this week have been unsuccessful, indicating a lack of demand at current prices. Even worse, the 50-day Simple Moving Average and the 20-day Exponential Moving Average have now completed a bearish crossover. This move gives the sellers an edge. If they capitalize on it, Dogecoin could plummet to $0.26.
On the bullish side, Elon Musk’s favorite digital asset could rally to $0.45 if the buyers thrust it above the $0.37 resistance.
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