Price analysis 12/11: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, TON, SHIB

As a seasoned crypto enthusiast who has weathered numerous market cycles, I can say with confidence that the current state of the market presents both challenges and opportunities for those willing to navigate it wisely.

On December 10th, Bitcoin (BTC) experienced support close to $94,000 and subsequently, the bulls successfully rebounded on December 11th. The price surged again above the psychologically significant barrier of $100,000 following November’s inflation report, which matched economists’ expectations. As per the FedWatch Tool, the likelihood of a minor rate cut (25-basis point) in the upcoming meeting is now over 96%, potentially being favorable for riskier assets.

According to Bitwise Investments’ leaders Matt Hougan and Ryan Rasmussen, it’s projected that Bitcoin could reach a price of around $200,000 by the year 2025. Moreover, they are optimistic about Ether (ETH) and Solana (SOL), anticipating these digital assets to increase to approximately $7,000 for Ether and $750 for Solana each.

As a crypto investor, I’m bracing myself for some turbulence ahead as Bitcoin’s surge seems poised to encounter significant resistance close to its peak of $104,088. If Bitcoin fails to surpass this barrier, it might trigger another wave of selling from short-term bulls. This volatility could potentially lead to the forced liquidation of highly leveraged positions in the near future.

Will Bitcoin continue to maintain prices over $100,000 (or more) before encouraging sellers to enter the market? Can alternative cryptocurrencies bounce back after their recent downturn? To gain insights, let’s examine the graphs of the leading 10 digital currencies.

Bitcoin price analysis

Bitcoin experienced a notable surge after touching the 20-day exponential moving average ($96,133), suggesting that the upward trend is still strong and continuing.

If the BTC/USDT pair manages to break through the resistance level between $101,351 and $104,088, it may indicate a resumption of the upward trend. This could potentially lead the pair towards $113,331, with further potential for reaching $125,000.

Instead of thinking it’ll continue rising based on current assumptions, if the price drops and falls beneath the 20-day Exponential Moving Average (EMA), this could indicate that buyers are taking profits. The pair might then drop towards $90,000, a significant support level worth monitoring closely.

Ether price analysis

On December 10th, Ether rebounded from its descending trendline, suggesting that the previous resistance level has now been turned into a point of support by the buyers.

Attempting to drive the cost up towards $4,000, the bulls might encounter sellers at higher levels. If the price falls from this resistance level, it may indicate the formation of a short-term range. The ETH/USDT pair could find itself stuck around $4,000 and the downward trend line for some time.

If the price surpasses $4,000 and then rises above it, this could initiate the next phase of upward movement. The pair might potentially reach $4,500. However, if the price reverses and falls below its current downward trendline, this optimistic outlook will be challenged in the short term.

XRP price analysis

XRP, or Ripple, appears to be adjusting within its upward trend. Notably, it’s currently holding steady near the 61.8% Fibonacci retracement support point at approximately $1.90.

The robust bounce back from lower prices indicates bulls are actively buying. The XRP/USDT pair might rise to $2.65 and potentially $2.91, but bears could attempt to halt this recovery at those levels. If the price falls sharply after encountering resistance above, it may enter a brief period of sideways movement (consolidation).

As a crypto investor, I’m closely watching the price action around the levels of $2.91 and $1.90. A break above $2.91 could potentially ignite a rally towards $3.50. Conversely, if we dip below $1.90, the pair might slide down to the 78.6% retracement level at approximately $1.63.

Solana price analysis

Solana’s price movement appears to be correcting within a downward sloping channel structure, indicating that upward surges may be met with selling pressure.

The SOL/USDT pair has rebounded from the support level within its channel, indicating strong buying activity during price dips. This upward trend might encounter selling pressure at the 20-day Exponential Moving Average ($229) and subsequently at the resistance line. If the price reverses at this upper resistance, it could stay within the channel for an extended period.

In simple terms, if the price breaks through either above or below its current range (channel), it’s predicted that this will mark the start of a new trend. If the price is pushed upwards beyond the current resistance level by buyers, the value of the pair might jump to approximately $248 initially, and potentially even reach $264 later on.

BNB price analysis

On December 9th, the price of BNB (BNB) dropped below the key resistance level of $722 and the 20-day Exponential Moving Average (EMA), which was at $682, suggesting a strong wave of profit-taking from buyers.

For the buyers, there’s a small relief as the BNB/USDT pair bounced back from the 50-day simple moving average ($631) and surpassed the 20-day EMA again. The bulls aim to drive the price up towards $722, a point where the bears are likely to put up a fierce resistance.

In simpler terms, the 20-day Exponential Moving Average (EMA) has flattened out, and the Relative Strength Index (RSI) is slightly above the halfway mark, indicating that the market may be in a holding pattern for some time. This could mean that the pair’s price might oscillate between approximately $722 and $635 over the coming days before making its next significant move.

Dogecoin price analysis

On December 10th, Dogecoin (DOGE) fell and ended its day beneath the trendline of its uptrending channel, however, the sellers have found it challenging to maintain the coin’s price at lower levels.

As an analyst, I’m observing a persistent attempt by bulls to reclaim the price within the established channel. Should they be successful, it would hint at the possibility that the recent downtrend might have been a deceptive bear trap. If so, the Dogecoin (DOGE) price against Tether (USDT) could potentially surge towards $0.42, and subsequently, reach $0.48.

If the price decreases and falls below $0.36, this optimistic outlook will be contradicted in the short term. This could potentially lead to a decrease down to the 50-day Simple Moving Average (SMA) at $0.31, a crucial point for the bulls to safeguard.

Cardano price analysis

The pace of Cardano’s (ADA) sales picked up speed when its price fell beneath the temporary support level of approximately $1.11 on December 9th.

On December 10th, the ADA/USDT pair rebounded from approximately $0.91, but it’s anticipated that this upward trend might encounter selling at around $1.16 – which is roughly the 61.8% Fibonacci retracement level. If the price suddenly drops and falls below the 20-day moving average at $1.16, it could suggest a formation of a trading range.

If the price exceeds $1.16, it becomes more probable that we’ll see a surge towards $1.24 and eventually $1.33. On the other hand, if the price falls below the $0.90 support level, the bears will regain control of the market trend.

Avalanche price analysis

On December 9th, Avalanche (AVAX) noticeably dropped and fell beneath its 20-day Exponential Moving Average (EMA), which is at $45.69. However, the bearish trendsetters have been finding it tough to maintain the lower prices.

In simpler terms, the price has been driven up beyond its 20-day moving average by the bulls, suggesting a strong market trend. As long as buyers keep the price above this 20-day moving average, it’s possible for the AVAX/USDT pair to advance towards the resistance zone between $51 and $56.

Conversely, if the price doesn’t hold above its 20-day Exponential Moving Average (EMA), it would imply that the bears are selling during uptrends. This could potentially lead to a drop towards the 50-day Simple Moving Average (SMA) at $36.15. Such a fall might suggest that the rise above $51 was a false breakout, or in other words, a trap set by the bears.

Toncoin price analysis

On December 9th, Toncoin (TON) experienced a significant drop, approaching the range of $4.72 to $4.44, which suggests that the bulls are taking profits from their positions.

The 20-day Exponential Moving Average (EMA) is now moving downwards at approximately $6.28, and the Relative Strength Index (RSI) is close to its midpoint, indicating that bears might have a slight upper hand. If the price declines from the 20-day EMA, there’s a higher chance of a drop below the 50-day Simple Moving Average (SMA), currently around $5.64.

Instead, if there’s a breakthrough and an upward move surpassing the 20-day Exponential Moving Average (EMA), it suggests strong demand at lower price points. The TON/USDT pair might then increase towards $7.20, a level where sellers could potentially re-enter the market.

Shiba Inu price analysis

On December 8, the price of Shiba Inu (SHIB) dropped from $0.000033, and by the following day, it had fallen beneath its 20-day Exponential Moving Average (EMA), which is at $0.000028.

The bulls are making an effort to drive the price of SHIB/USDT over its 20-day Exponential Moving Average (EMA), but they might face strong opposition from the bears. If the price drops from the 20-day EMA, the bears will attempt to pull the pair down below the 50-day Simple Moving Average (SMA) again. In such a scenario, the pair could potentially drop to $0.000020.

To avoid a drop in value, bulls need to act quickly and raise the price beyond $0.000028. If successful, the price might escalate towards $0.000033, a level that’s anticipated to present significant resistance.

2024-12-12 00:23