Price analysis 12/4: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, TON, SHIB

As a seasoned cryptocurrency enthusiast with over a decade of experience, I find myself constantly intrigued by the ever-evolving landscape of digital assets. The analysis presented here offers a fascinating perspective on the current state of various coins and tokens.

For several weeks now, Bitcoin (BTC) has been holding steady near the $100,000 mark, and it appears that every small decline is being snapped up. As per data from SoSoValue, U.S. Bitcoin exchange-traded funds experienced inflows totaling $676 million on Dec. 3.

According to a statement made by Charles Edwards, the founder of Capriole Investments, on platform X, the interest among institutions for Bitcoin has reached unprecedented levels, causing approximately 13.5% of the total Bitcoin supply to be in the hands of institutional investors and exchange-traded funds (ETFs).

When price action clusters close to a significant level of resistance, it often results in an upward movement. Yet, investors need to exercise caution since multiple unsuccessful attempts to surpass this resistance might entice temporary bulls to realize their gains, potentially leading to a quick decline.

Is it possible that Bitcoin’s current phase could lead to an increase or a decrease in value? What about the other cryptocurrencies, how might they fare? To gain insight, let’s examine the charts of the leading ten digital currencies.

Bitcoin price analysis

The price movement of Bitcoin has taken on a symmetrical triangle shape, suggesting that both buyers (bulls) and sellers (bears) are uncertain about its direction.

With the 20-day exponential moving average at approximately $92,992 pointing upward and the Relative Strength Index (RSI) in a bullish position, it appears the bulls currently hold an advantage. If the price breaks through and concludes above the triangle, the likelihood of a surge past $100,000 increases significantly. It’s possible that the BTC/USDT pair could climb as high as $113,331 initially, followed by potential further growth towards $125,000.

If the market breaks and closes beneath the triangle formation, power will shift towards the bears, potentially triggering a downward trend towards approximately $90,000. Subsequently, the price might further drop to around $85,000. Should the support levels weaken, the decline could continue until it reaches the 50-day simple moving average at roughly $81,543.

Ether price analysis

As a crypto investor, I noticed that Ether (ETH) broke its downward trendline on December 3, suggesting that the bulls are attempting to transform this level into a new support point.

As an analyst, I’m observing a trend that indicates the most likely direction is upward. The rising moving averages and the Relative Strength Index (RSI) approaching overbought territory suggest this. The Ethereum-Tether pair might surge towards $4,000 initially, and potentially even reach $4,094. However, potential sellers may present a significant challenge at that level of $4,094.

If the price falls and drops below its 20-day Exponential Moving Average (currently $3,436), this pessimistic scenario could occur. This would suggest that demand is lacking at higher levels, potentially leading to a decline towards the 50-day Simple Moving Average ($2,991).

XRP price analysis

Over the past period, XRP (XRP) has seen a robust surge. However, this upward momentum seemed to pause at the price point of $2.91 on December 3, hinting that the bullish investors may be cashing out their profits.

Initially, the key support for a possible price drop lies at the Fibonacci retracement level of 38.2%, which is approximately $2.28. Should the price bounce back from this level, the bulls might try to regain control and continue the upward trend by pushing the XRP/USDT pair above $2.91. If successful, the pair could potentially rise towards $3.84.

Instead of what’s commonly believed, if the support at $2.28 gives way, the pair might drop to the halfway mark of $2.09, and potentially continue down to the 61.8% retracement level of $1.90. A more significant pullback could postpone the commencement of the subsequent phase of the uptrend.

Solana price analysis

On December 3, Solana (SOL) surged from approximately $215, signaling that buyers are determinedly guarding the $210 breakout point.

The 20-day EMA ($230) has flattened out, and the RSI is just above the midpoint, indicating a possible range formation in the near term. The SOL/USDT pair could swing between $210 and $248 for a few days.

As a crypto investor, if we manage to break and hold above the $248 mark, it could trigger a surge towards $264. However, the bears are likely to fiercely protect the $264 level, as a rise beyond this point might catapult the pair to hit $300.

Conversely, if a slide falls below the 50-day Simple Moving Average (at approximately $202), it suggests that the bears have taken over the market’s control.

BNB price analysis

On December 3, the price of BNB (BNB) significantly increased from its 50-day Simple Moving Average at $615 and broke through the resistance level of approximately $722.

Bears aim to push the price down under $722, but bulls plan to keep it above this level. If the price bounces back from $722, it suggests that the bulls have taken charge, which boosts the chance for an upward trend reaching the projected target of $810.

If the price falls and drops below $722, this could indicate that the bears are more active at higher price points. As a result, the BNB/USDT pair might decrease towards $680, followed by a potential drop to the 20-day Exponential Moving Average ($654).

Dogecoin price analysis

On December 3rd, Dogecoin (DOGE) bounced back from its underlying support line within an uptrend channel, indicating a rise in purchases at more affordable prices.

In simpler terms, as the ascending moving averages and Relative Strength Index (RSI) suggest a bullish trend and are currently at positive levels, it indicates that buyers have control over the market. They will attempt to increase the price towards the upper limit of the range, which is where sellers may re-enter, potentially causing a reversal.

If the bounce doesn’t hold up, it might indicate that bears are taking advantage of minor upward movements to sell. This could lead to a potential drop below the channel’s support level. If this occurs, the Dogecoin/Tether pair may fall to approximately $0.33, and then potentially to the 50-day Simple Moving Average ($0.27).

Cardano price analysis

On December 3, the extended wick on Cardano’s (ADA) candlestick indicates that the bears strongly liquidated their positions during the price surge past $1.25.

From my analysis perspective, the bulls have held their position fairly well against the bears, indicating a strong expectation among buyers that the uptrend will persist. Should the price breach the resistance at $1.33, it’s likely we could witness an upward surge for the ADA/USDT pair, potentially reaching $1.50.

In other words, if the price falls and drops below $1.14, this would indicate that the bulls are losing control. The pair might then move towards the 20-day Exponential Moving Average (EMA), which is at $0.96. At this point, both the bulls and the bears may find themselves in a hard-fought struggle.

Avalanche price analysis

On December 2nd, Avalanche (AVAX) climbed beyond its previous resistance at $51, signaling that the buyers currently hold the upper hand.

On December 3rd, I observed an attempt by the bears to drive the price of AVAX/USDT downwards towards the $51 mark. However, the bulls remained resilient, refusing to let the price drop below this level. This tenacity indicates a potential effort by the bulls to transform the $51 level into a support zone. If they are successful, it could trigger a surge in the price of AVAX/USDT, potentially reaching $60 and even beyond to $65.

If bears aim to reverse the current trend, they need to act quickly and push the price down below $51. Following this, the pair could potentially drop to the 20-day Exponential Moving Average (EMA) at around $42.63. This EMA is likely to provide substantial support.

Toncoin price analysis

Toncoin (TON) is embarking on an upward trajectory, aiming to break through the resistance level within the price range of approximately $4.44 to $8.29.

On December 3rd, the bears attempted to halt the price increase by pushing it towards the 20-day Exponential Moving Average ($6.19), but the bulls managed to maintain their position. There’s a slight barrier at $7.65, yet it seems probable that it will be surpassed. The TON/USDT pair might surge up to $8.29, where the bears are predicted to launch another significant counterattack.

As an analyst, I’m keeping a close eye on the 20-day Exponential Moving Average (EMA) as it serves as a significant support level. If the price breaks and closes below this EMA, it could signal that the bears have regained control, potentially causing the pair to drop towards the 50-day Simple Moving Average (SMA), currently at around $5.47.

Shiba Inu price analysis

On December 3rd, the digital currency Shiba Inu (SHIB) managed to maintain its position at the breakout point from a symmetric triangle formation, suggesting a favorable outlook.

As an analyst, I’m observing a slight obstacle at approximately $0.000033 in the SHIB/USDT market. If buyers manage to surmount this hurdle, we might see a potential upward momentum pushing the pair towards $0.000039. However, the bears are anticipated to put up a strong fight at this level. Should the bulls maintain their ground and overcome this resistance, the uptrend could potentially extend to $0.000047.

If the price falls and drops below its 20-day Exponential Moving Average ($0.000026) in the short term, it could indicate that the rise above $0.000030 was potentially a false signal or trap set by bears (those who predict a decline).

2024-12-04 22:06