Price analysis 12/13: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, LINK, SHIB

As a seasoned cryptocurrency investor with years of experience under my belt, I must say that the current market situation presents both challenges and opportunities for potential gains. The recent price movements of various digital assets, such as Bitcoin, Ethereum, Avalanche, Chainlink, Shiba Inu, and others, are indeed intriguing.

As a crypto investor, I’m right in the thick of it with Bitcoin (BTC) hovering around the $100,000 mark. It’s a constant tussle between the bulls and the bears, but luckily, the bulls haven’t backed down much. This stubbornness suggests that we might soon see an upward surge, boosting my hopes for a successful breakout.

Jag Kooner, head of derivatives at Bitfinex, stated that the interest rate reductions by the People’s Bank of China on November 21 and the European Central Bank on December 12 might encourage investment in high-risk markets such as cryptocurrency. An even more positive outlook could develop if the U.S. Federal Reserve decides to lower its rates during their meeting on December 18. This potential move could propel Bitcoin prices to unprecedented heights by the end of the year.

2025 is predicted by some analysts, including Sygnum Bank, a specialized cryptocurrency asset manager, to see Bitcoin’s upward trend continue. This prediction is based on potential “demand surges” caused by increased institutional involvement in Bitcoin, which could drive its value upwards. The report also suggests that other digital currencies, or altcoins, may join this rally, but only if the U.S. government enacts legislation promoting cryptocurrency adoption.

Is it possible that Bitcoin could spark the next phase of growth, leading to increased purchasing of altcoins, or might this recovery stumble instead? To shed light on the situation, let’s examine the graphs of the leading 10 digital currencies to gain insight.

Bitcoin price analysis

On December 12th, Bitcoin surpassed the $101,900 resistance level from above, yet the buyers were unable to sustain the elevated positions.

A rising trend in moving averages suggests an edge for buyers, yet a contradiction on the RSI’s relative strength (RSI) hints at a diminishing bullish energy. For buyers to maintain dominance, they need to push the price above the $104,088 mark. If accomplished, the BTC/USDT pair might surge towards $113,331 and potentially reach $125,000.

If the price should drop and fall beneath the 20-day exponential moving average (at around $96,916), this could indicate that the bulls are beginning to lose control. The pair might then slide down towards $90,000, an area where buyers may become interested. If the bears can pull the price below the 50-day simple moving average ($87,267), it would suggest a short-term shift in favor of the bearish trend.

Ether price analysis

The bears’ inability to drive Ether (ETH) beneath the falling trendline spurred significant purchasing from the bulls.

On December 12th, the value of the ETH/USDT pair nearly hit $4,000. At this point, the bears are predicted to launch a fierce counterattack. If the price drops from its current position but bounces back at the 20-day Exponential Moving Average ($3,686), it would suggest a positive outlook. This optimistic view could increase the chances of the price surpassing $4,094. Subsequently, the pair might rise to $4,500.

If instead the price falls and dips below the 20-day Exponential Moving Average (EMA), it might indicate that the bears are aggressively guarding the $4,094 level. This could potentially limit the pair’s movement within a range of around $4,094 to $3,500 for an extended period.

XRP price analysis

On December 12th, XRP (XRP) deviated from its downward trend line, yet the sellers have found it challenging to drive the cost below the 20-day Moving Average ($2.11).

As I, the researcher, analyze the current market trends, I’ve noticed that the bulls have re-entered the market during this minor dip, attempting to drive the price of XRP/USDT above the prevailing downtrend line. If they succeed in this endeavor, we could potentially see the pair reaching $2.65. This level might present a significant challenge, but if surmounted, the uptrend could extend to $2.91. The bears are expected to put up a strong resistance at $2.91, as a break above this level would clear the way for a potential rally towards $3.50.

It’s quite possible that the 20-day Exponential Moving Average (EMA) and the 61.8% Fibonacci retracement level at approximately $1.90 will offer strong resistance if the price decreases.

Solana price analysis

On December 12th, Solana (SOL) surpassed its 20-day Exponential Moving Average ($228), however, the extended shadow on the candle indicates that there was significant selling activity as it approached the resistance level within the downward-sloping channel pattern.

In simpler terms, neither buyers nor sellers seem to have a definitive edge based on the slightly flat 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) hovering around its midpoint. If the price continues to stay below the 20-day EMA, sellers might attempt to push the Solana/USD Tether (SOL/USDT) pair towards the support level. A break and closing below this support line would indicate a potential short-term peak in the price.

To keep their upper hand, purchasers must strive to maintain the price level over the resistance threshold. This action should pave the way for an upward trend towards $248 initially, followed by potential further progression up to $264.

BNB price analysis

As an analyst, I’ve noticed that BNB’s (Binance Coin) relief rally is encountering resistance at the $722 level. However, a small positive point is that the bulls have managed to prevent the price from falling back below the 20-day Exponential Moving Average (EMA), which currently stands at $689. This suggests some buying pressure at this support level.

If the BNB/USDT pair’s price surpasses $722, it could potentially climb as high as $761. However, sellers might put up a significant fight in the range of $761 to $794. If the buyers manage to break through this resistance, the pair could soar to reach $861.

Instead of holding this belief, consider that if the price falls beneath the 20-day Exponential Moving Average (EMA), the pair might move towards the 50-day Simple Moving Average ($637). This level is crucial for the bulls to maintain as a breakdown could lead to a decline down to $520.

Dogecoin price analysis

On December 11th, Dogecoin (DOGE) returned to its trading range, however, the buyers have been finding it challenging to keep the coin’s price above the 20-day Exponential Moving Average (EMA), which stands at approximately $0.40.

If the price falls and stays under the 20-day Exponential Moving Average, the Dogecoin/Tether pair might slide down to approximately $0.36. A drop below $0.36 with a subsequent closing could push the pair towards the 50-day Simple Moving Average ($0.32), where traders anticipate the bulls will make their move.

From a positive perspective, if the bulls manage to drive and keep the price above $0.43, it could indicate that the drop below the channel might have been a false signal (a bear trap). Subsequently, the pair may aim for an uptrend towards $0.48.

Cardano price analysis

Cardano’s (ADA) relief rally is facing selling near the 61.8% Fibonacci retracement level of $1.16.

If the market dips, the nearest protection is at the 20-day Exponential Moving Average (EMA) at $1.05. Should the price bounce back from this point, the buyers will attempt to push the ADA/USDT pair past the $1.16 level again. If they manage to do so, the pair could aim for breaking through the resistance at $1.33.

Instead, if there’s a drop and a break under the 20-day Exponential Moving Average (EMA), it could boost the likelihood of a sideways trend formation. The pair might then fluctuate between approximately $1.16 and $0.91 for several days. A fall below $0.91 would favor the bears.

Avalanche price analysis

On December 9th, Avalanche (AVAX) saw a strong rebound from the $40.40 mark, suggesting that investors were actively purchasing at lower prices.

If the bulls can hold the price above $56, there’s a higher chance of a price surge. The potential levels for the AVAX/USDT pair are $60 and then potentially even $65, if it manages to maintain its position above $51.

Conversely, if the price falls below $51, it might indicate that demand decreases at higher prices. The pair could potentially drop towards the 20-day Exponential Moving Average (EMA), currently at $47.07, a crucial level to keep an eye on. If this 20-day EMA is breached, the pair could possibly descend to the 50-day Simple Moving Average (SMA) of $37.22.

Chainlink price analysis

On December 11, Chainlink (LINK) noticeably increased from its 20-day Exponential Moving Average ($22.56). Subsequently, it surpassed the previous resistance level at $27.41 on December 12. Yet, the upward trend is currently confronting selling pressure around $30.94.

With ascending moving averages and RSI in a positive zone, it seems that buyers hold an advantage. If the price rebounded from $27.41, this could imply that the bulls are trying to change that level into support. This makes a move above $30.94 more likely. The LINK/USDT pair might then reach $34.50 and possibly even $38.30.

If the price falls and dips beneath $27.41, it could signal a potential decrease that might lead to approaching the 20-day Exponential Moving Average (EMA).

Shiba Inu price analysis

On December 12th, Shiba Inu’s (SHIB) rebound encountered a barrier at the $0.000030 ceiling, suggesting that sellers are active during price increases.

It appears that the 20-day Exponential Moving Average (EMA), currently at $0.000028, is leveling off, and the Relative Strength Index (RSI) is close to the middle, indicating a roughly equal distribution of supply and demand for the SHIB/USDT pair. This situation might cause the pair to move within a range, potentially being contained by the 50-day Simple Moving Average ($0.000024) on one side, and a strong resistance level at $0.000033 above it.

If buyers manage to push the price beyond $0.000033, they’ll have an edge. The price might even climb to $0.000039 and eventually reach $0.000046. However, if bears drive the pair below its 50-day Simple Moving Average (SMA), the advantage will shift towards them.

2024-12-13 22:01