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According to

crypto analyst Rakesh Upadhyay, Bitcoin and AVAX most major altcoins have risen from their respective support levels, indicating an improving sentiment. The analyst states that this indicates that traders are starting to buy on small dips. Can Bitcoin continue to recover in the next few days and push altcoins higher? The analyst examines the charts of the top 10 cryptocurrencies to find out. We Kriptokoin.com have prepared their analysis for our readers with the narration of Rakesh Upadhyay.

Crypto market overview

Billionaire and Mexico’s third richest person, Ricardo Salinas Pliego, in his Christmas and New Year message, said to stay away from fiat money and said that He called it ‚fake money made of paper lies‘. Instead, he advised people to “Invest in Bitcoin”. However, veteran trader Peter Brandt warned that “chart pattern breakouts should be viewed with great suspicion” during the low-traded holiday period in the last half of December.

Daily cryptocurrency market performance. Source: Coin360

Analisdollarser remains optimistic for 2022. One of them, the crypto analyst and Twitter user ‚DecodeJar‘, believes that Bitcoin could exceed $100,000 and reach its conservative price target of $190,000.

BTC, ETH, BNB, SOL and ADA analysis

Bitcoin (BTC)

Bitcoin for the last three days It successfully maintained the 20-day exponential moving average (EMA) ($50,033), signaling that the bulls are buying on the lows. This is likely to attract more buying from the bulls.

BTC daily chart / Source: TragView

The 20-day EMA has started to rise and the relative strength index (RSI) has moved into the positive territory, indicating that the bulls have an advantage. If the buyers push the price above the 38.2% Fibonacci retracement level at $52,314, a rally towards the stiff overhead resistance at $60,000 is likely. The bears are likely to defend this level if they become violent. This bullish view will be rejected if the price retraces from the current level or overhead resistance and drops below the moving averages. This could pull BTC towards strong support at $45,456.

Ethereum (ETH)

Ethereum (ETH) broke and closed above the 20-day EMA ($4,065) on Dec. 23, but the bulls failed to develop this advantage . This shows that the bears have not given up yet and are selling on the rallies.

ETH daily chart / Source: TragView

The flat 20-day EMA and RSI near the midpoint indicate a balance between supply and demand. The bullish momentum could increase if the bulls propel and sustain the price above the overhead resistance at $4,200. This could open the way for a possible rally to $4,488, followed by a retest of the all-time high of $4,868. Conversely, if the price declines from the current level and dips below $3,893.23, it indicates that the bears have taken the lead. This could push ETH to $3,643.73 and then to the 200-day simple movementollary average (SMA) ($3,339).

Binance Coin (BNB)

After trading close to the 20-day EMA ($549) in the past three days, Binance Coin broke above resistance on Dec. 27.

BNB daily chart / Source: TragView

The 20-day EMA is flat and the RSI is just above the midpoint, showing an equilibrium between bulls and bears. If the price continues above the 20-day EMA, it will show that the bulls have beaten the bears. BNB could rally to $575 and then to $617. Alternatively, if the price drops from the current level, the bears will try to pull BNB to $500. This is an important support for the bulls‘ defense because if it breaks, the drop could extend to the 200-day SMA ($442).

Solana (SOL)

Solana broke and closed above the 20-day EMA ($187) on Dec. 23, suggesting that the correction may be coming to an end. The bears tried to push the price below the 20-day EMA on Dec. 24, but the bulls did not give up.

SOL daily chart / Source: TragView

This may have attracted more purchases by traders. The LEFT can now rise to the resistance line of the falling wedge formation where the bears are likely to form stiff resistance. If the price drops from the resistance line but bounces back from the 20-day EMA, it indicates that the bulls are buying on every small decline. This will open the doors for a retest of $259.90, increasing the likelihood of a break above the wedge. Conversely, if the price declines and breaks below the 20-day EMA, the SOL could drop to $167.88. A break below this support could drop the SOL to the 200-day SMA ($125).

Cardano (ADA)

Bulls have successfully defended the 20-day EMA ($1.39) for the past three days. This shows that sentiment has turned positive and traders are buying on the dips. ADA continued its recovery on 27 December.

ADA daily chart / Source: TragView

The RSI broke above 58 and the 20-day EMA started to rise, indicating that the bulls are attempting a reversal. ADA could rally to the stiff overhead resistance at $1.76 and then $1.87. This bullish view will be invalidated if the price drops from the current level and dives below the 20-day EMA. Such a move will show that the bears are selling in the rallies. The bears will then try to push ADA below $1.18. If they do, ADA could drop to $1.

XRP, LUNA, AVAX, DOT and DOGE analysis

Ripple (XRP)

Ripple on Dec 24 It has bounced back from psychological resistance at $1, which indicates that the bears are active at higher levels. Sellers pulled the price to the 20-day EMA ($0.90), but the fact that the bulls have stayed at this level for the past three days is indicative of minor positivity.

XRP daily chart / Source: TragView

Terra (LUNA)

Bulls have been blasting LUNA 100 repeatedly over the past three days. It pushed above the dollar resistance, but failed to sustain higher. This indicates that the bears continue to defend this level aggressively.

LUNA daily chart / Source: TragView

Avalanche (AVAX)

AVAX from 20-day EMA on Dec 26 ( $109) bounced once again, showing that the bulls are buying on the dips. The ascending 20-day EMA and the RSI above 57 indicate that the bulls have the upper hand.

AVAX daily chart / Source: TragView

If price continues above the 20-day EMA, the bulls 61.8% Fibonacci retracement level at $119.69 and 78.6% The retracement level will attempt to clear the overhead resistance area of ​​$131.70. If successful, AVAX could rise to an all-time high of $147. On the contrary, if the price retreats from the current level or the general area and falls below the 20-day EMA, it indicates that traders are booking profits at higher levels. AVAX could then drop to $98 where buyers can try to stop the decline.

Polkadot (DOT)

Bulls successfully defended the 20-day EMA ($28.91) on Dec. 24 and 25. This shows that the sentiment has turned positive and traders are buying on the dips. Continuous buying pushed Polkadot above overhead resistance at $31.49 on Dec. 27.

DOT daily chart / Source: TragView

Dogecoin (DOGE)

Dogecoin, 20-day EMA for the past three days (0.18 dollar) and the overhead resistance is trading at $0.19. This shows that both bulls and bears are playing it safe and not placing big bets.

DOGE log chart / Source: TragView

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Michael Lewis

Ich bin ein in Deutschland lebender Website-Software-Ingenieur. In meiner Nebentätigkeit schreibe ich Artikel für die Website Latestnews.plus.

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