Price analysis 12/9: SPX, DXY, BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX

As a seasoned crypto enthusiast with years of experience navigating the volatile waters of the digital currency market, I must say that the current state of these assets is as intriguing as ever. The daily fluctuations and price movements can be a rollercoaster ride, but it’s all part of the thrill for us who are passionate about this space.

As a researcher, I’ve observed a notable dip in Bitcoin (BTC) prices approaching $98,000, suggesting persistent resistance from bearish market players at the $100,000 mark. In a recent post on X, CryptoQuant contributor Maartuun shared insights indicating that long-term holders have offloaded approximately 827,783 Bitcoin since November 8. Additionally, he pointed out several other indicators within the thread, hinting that Bitcoin might be nearing a peak.

Despite obstacles, MicroStrategy, a significant Bitcoin holder among corporations, persists in expanding its Bitcoin reserves. The company reportedly purchased 21,550 Bitcoins between December 2nd and 8th, at an average cost of approximately $98,783 each. Michael Saylor, the firm’s co-founder and former CEO, stated to Yahoo Finance that he plans to keep buying Bitcoin, suggesting a long-term strategy of “buying the peak forever.

In addition to MicroStrategy, it appears that there’s a surge in Bitcoin investments, as evidenced by CoinShares report, which indicates that cryptocurrency investment products amassed an all-time high of $3.85 billion during the trading week from Dec. 2 to Dec. 6.

Could Bitcoin’s stalled rally attract buyers to altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) has developed a ‘rising wedge formation’, a pattern often perceived as a potentially bearish or negative outlook.

If the price rises above the resistance level in the wedge formation, it might negate the bearish outlook. The breaking of a bearish pattern is often followed by a bullish trend. This could potentially push the index up to 6,221 initially, and then further towards 6,500.

If the price decreases from its current position, this could indicate that the sellers are pushing near the resistance level. The index might then fall towards the 20-day exponential moving average (5,996) and eventually reach the support line. If the price breaks and closes below the support line, it would shift the balance in favor of the sellers.

US dollar Index price analysis

currently engaged in a challenging struggle, with both bullish and bearish forces close to the 20-day Exponential Moving Average (EMA) at approximately 105.96 for the US dollar Index (DXY).

If the price drops below 105.42, the index could potentially drop down to its 50-day simple moving average (which is currently at 104.69). The bulls will strive to protect this 50-day SMA because a break and close under it might trigger the significant range of 101 to 108 into action.

Should bulls aim to establish their dominance, they need to drive the price beyond 106.73. If achieved, the index might attempt to challenge the resistance level above at 108. Overcoming this hurdle at 108 may prove difficult for the bulls, but if they succeed, the upward trend could potentially extend up to 114.

Bitcoin price analysis

The continued inability of Bitcoin to stay above the significant threshold of $100,000 could potentially lead to a decline towards its 20-day Moving Average ($95,673).

If the price bounces vigorously from the 20-day Exponential Moving Average (EMA), it indicates that the bulls are still in control, as they’re buying up every minor downturn. This could potentially lead us back to challenging the record high of $104,088. If we manage to break and close above this level, it might initiate a new phase of growth, targeting $113,331 in the short term, and possibly reaching $125,000 later on.

If the price decreases further and falls beneath the 20-day Exponential Moving Average (EMA), this could indicate that the buyers are taking their profits. The BTC/USDT pair might then decrease to around $90,000 and potentially reach the 50-day SMA ($84,719).

Ether price analysis

On December 6th, I observed a decline in Ether’s price from approximately $4,094, suggesting that the market bears have been actively guarding this particular level.

Traders might attempt to push the price towards the 20-day Exponential Moving Average (EMA), currently at $3,633 – a significant level of near-term support that’s worth keeping an eye on. If the price bounces back strongly from this EMA, it suggests a positive market outlook. This could potentially lead to the price breaking above $4,094. In such a scenario, the Ethereum (ETH/USDT) pair could surge towards $4,500.

To halt an increase in price, bears might need to pull the value under their 20-day Exponential Moving Average (EMA). This could entice short-term investors to cash out, leading potentially to a drop that aligns with the downward trendline.

XRP price analysis

The upward momentum for XRP (XRP) paused at $2.64 on December 8th, suggesting that bears are taking advantage of brief market recoveries to sell their holdings.

The bears aim to solidify their standing by tugging the price towards the 20-day Exponential Moving Average ($1.99). If the price bounces back strongly from the 20-day EMA, the bulls might once more strive to drive the XRP/USDT pair upwards towards $2.91.

In my analysis, if we observe a break and close beneath the 20-day Exponential Moving Average (EMA), it indicates that the bulls are starting to exit the market. This could potentially mean that the pair has reached its peak in the short term. If this happens, the pair might drop to $1.90 initially, and later potentially fall further down to $1.68.

Solana price analysis

Initially, Solana (SOL) encountered resistance at the level of $248 and subsequently dropped beneath its 20-day Moving Average, which is currently at $232.

As a crypto investor, I’m noticing a potential trend: The 20-day Exponential Moving Average (EMA) is flattening out, and the Relative Strength Index (RSI) is hovering around its midpoint. This could indicate a possible price range formation in the near future for the SOL/USDT pair. If the price dips to around $210, I expect buyers to jump in. If the price recovers from that point, it might push the pair up towards $248. For some time, it seems like the pair will oscillate between these two levels.

To take charge, buyers must push the price beyond the $248 to $264 range, which serves as their resistance area. Conversely, if the price drops and conclusively breaks below $210, it might indicate a resurgence of bearish sentiment.

BNB price analysis

Bulls are struggling to keep Binance Coin (BNB) price above the significant threshold of $722, suggesting that sellers are active during uptrends.

If the BNB/USDT price stays under $722, there’s a possibility it could drop down to the 20-day Exponential Moving Average (EMA) at approximately $685. Investors are likely to put up a strong fight to keep this level intact, as a fall below it might lessen the current bullish trend. The pair might then slide towards the 50-day Simple Moving Average (SMA), which is around $629.

Conversely, if the price increases from its current position or surpasses the 20-day Exponential Moving Average, it would suggest that demand exists at lower prices. In such a case, the bulls could try to push the price above the $794 mark once more. If this hurdle is overcome, the pair might soar as high as $861.

Dogecoin price analysis

The bulls tried to push Dogecoin (DOGE) above $0.48 on Dec. 8, but the bears held their ground.

The 20-day Exponential Moving Average (EMA) is trending upward at $0.41 and the Relative Strength Index (RSI) is in a positive region, suggesting that it’s more likely for the price to rise rather than fall. If buyers push the price above $0.48, the chances of a price surge beyond the resistance line within the channel become higher. The Dogecoin-Tether pair may potentially reach $0.60.

As a crypto investor, I’m optimistic about my current holdings, but I must admit that this positive outlook could quickly change if the price takes a downturn and drops below its current trendline. Such a move might trigger a wave of selling, potentially pushing the price down to around $0.33.

Cardano price analysis

On December 9th, the extended end of Cardano’s (ADA) price chart suggests that buyers are making an effort to maintain the value near the 50% Fibonacci retracement point at approximately $1.10.

To continue the upward trend, purchasers must push the ADA/USDT pair beyond the resistance area between $1.25 and $1.33. If successful, the pair may soar towards the predicted resistance level of $1.64, where it is expected to face strong opposition.

If sellers lower their prices below the 20-day Exponential Moving Average ($1.05), they might take control, potentially causing a steep drop in value. This decline could lead to a price point as low as $0.87. Such a significant decrease may postpone the commencement of the next phase of the upward trend.

Avalanche price analysis

On December 8th, Avalanche (AVAX) attempted to continue its upward trend, but the selling pressure managed to drag the price down again, dropping it below the crucial $51 breakout point on December 9th.

If the sellers keep the AVAX/USDT price below $51, it’s likely that the pair could fall towards the 20-day Exponential Moving Average (EMA) at approximately $46.18. A robust rebound from this 20-day EMA indicates buyers are taking advantage of the dip. After such a bounce, the bulls might make another effort to drive the pair above $56. If they succeed, the pair could rise to $60 and potentially even to $65.

Instead, if there’s a pause or drop below the 20-day Moving Average, it could indicate that the bulls are starting to lose control. In such a case, the currency pair might fall towards $38.

2024-12-09 21:41