Price analysis 12/18: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, LINK, SHIB

As a seasoned cryptocurrency investor with years of experience under my belt, I find myself constantly analyzing the market trends and assessing the potential of various coins. Today, let’s delve into the world of Bitcoin and its siblings.

Bitcoin (BTC) has temporarily retreated from its new record high of over $108,000 on Dec. 17, suggesting bears are still active and selling during upward trends. As per BitMEX co-founder Arthur Hayes’ recent blog post titled “Trump Truth,” the cryptocurrency market could experience a decline following the inauguration of U.S. President-elect Donald Trump in January 2025. Hayes believes that the downturn will occur once investors understand it may take around a year for any crypto policy changes to be implemented.

In a different perspective, analysts from Bitfinex anticipate brief dips in Bitcoin’s upward trajectory by 2025. They predict that the price of Bitcoin could soar as high as $145,000 by mid-year 2025, and even reach $200,000 if the market conditions are advantageous.

The accumulated value of Bitcoin ETFs in the U.S., due to continuous purchases by institutional investors, surpassed $129 billion on December 16, slightly exceeding the worth of U.S. gold ETFs, as stated by Vetle Lund, head of research at K33 Research, in a recent post.

In a recent post, Bloomberg ETF analyst Eric Balchunas found it astonishing that Bitcoin ETFs are matching the performance of gold funds, given they have only been around for 11 months.

As a crypto investor, I’m curious about the short-term future of Bitcoin and the altcoins. Will we see a consolidation phase or will the uptrend continue? To get some insights, let’s delve into the charts of the top 10 cryptocurrencies to find out what they might be indicating.

Bitcoin price analysis

As a researcher, I observed an intriguing development with Bitcoin prices. On December 16 and 17, the bullish sentiments propelled the price beyond the upper boundary of the ascending channel pattern we’ve been tracking. However, despite this initial surge, the market was unable to maintain these elevated levels.

As the moving averages climb higher, it points towards a favorable position for sellers. However, the RSI’s downward deviation hints that the upward momentum may be weakening. This could potentially lead to a temporary pause or consolidation in the market.

Keep an eye on the crucial support provided by the 20-day moving average ($99,974). If the price bounces back from this level with vigor, it might boost the chances of a breakthrough above the resistance line. This could potentially drive the BTC/USDT pair up to $113,331 and eventually towards $125,000.

If the price drops and falls below its current support level, this optimistic outlook may prove incorrect within a short period. This decline might potentially lead the price to approach the 50-day simple moving average, currently at approximately $90,839.

Ether price analysis

On December 16th, Ether (ETH) once more failed to break through the resistance at $4,094, suggesting that sellers are actively pushing back against this price point.

Keeping an eye on the ETH/USDT pair is crucial since it has moved back to the 20-day Exponential Moving Average (EMA), which stands at around $3,775 – a key point to monitor. If the price bounces off this 20-day EMA vigorously, it could strengthen the chances of a surge past $4,094. In such a scenario, the pair might even head towards $4,500.

Instead, if there’s a drop and a break beneath the 20-day Exponential Moving Average (EMA), it suggests the bulls are weakening their hold. This could lead the pair to fall towards the downtrend line, where the bulls might find it irresistible to buy strongly.

XRP price analysis

On December 17th, XRP’s (XRP) price surge overcame the short-term barrier at $2.65, yet the supporting forces behind it failed to maintain the elevated positions.

If purchasers hold their ground at the current level, there’s a possibility that the XRP/USDT pair might surge past $2.65 again and confront the significant resistance at $2.91. Overcoming this barrier at $2.91 could pave the way for an upward trend towards $3.50.

If bears want to make a comeback, they will have to quickly tug the price below the 20-day EMA ($2.25). If they do that, the pair could plunge to the 61.8% Fibonacci retracement level of $1.90.

Solana price analysis

On December 16th, Solana (SOL) dropped below its 50-day Simple Moving Average (SMA) at approximately $218. However, on December 17th, the bulls managed to uphold the $210 level as a strong support.

Yet, the bulls couldn’t keep the price above the 20-day Exponential Moving Average ($225), causing the SOL/USDT pair to drop back to $210 once more. Continuous testing of a support level often weakens it. If the $210 support gives way, the pair might fall towards the support line of the downward sloping channel pattern.

If the price increases beyond $210 and surpasses the resistance line of the channel, this pessimistic outlook will be disproven in the short term. Subsequently, there could potentially be an upward trend towards $248 for the pair.

BNB price analysis

The price of BNB (BNB) is holding steady within a narrow band, oscillating between approximately $722 and its moving average over the past 20 days ($700). This suggests that there’s a fierce struggle going on between the buyers (bulls) and sellers (bears).

If the price decreases and falls beneath its 20-day Exponential Moving Average (EMA), it might indicate an upper hand for the sellers or “bears.” The Binance Coin (BNB) paired with Tether (USDT) could potentially drop to the 50-day Simple Moving Average ($649), a level that may entice buyers.

Instead of expecting otherwise, if the bulls manage to push the price beyond the $722 barrier and hold it there, this would indicate a favorable outlook. The pair could then advance towards $761, followed by potentially reaching $794.

Dogecoin price analysis

On December 16th, the bears prevented Dogecoin (DOGE) from staying above its 20-day Exponential Moving Average ($0.40), possibly enticing short-term investors to cash out their gains.

The DOGE/USDT pair has been influenced to approach the 50-day Simple Moving Average ($0.35), which serves as a significant short-term support level. Anticipated buyers are poised to aggressively protect this 50-day SMA, however, any potential rebound may encounter robust selling at the 20-day Exponential Moving Average.

If the cost decreases from the 20-day Exponential Moving Average (EMA), this could indicate that bears are taking advantage of rallies by selling. This increased bearish activity may lead to a fall below the 50-day Simple Moving Average (SMA). In such a scenario, the pair might slide down towards $0.30. However, if bulls aim to halt this decline, they’ll need to exert pressure and keep the price above $0.43.

Cardano price analysis

Cardano (ADA) has dropped beneath its 20-day Exponential Moving Average (EMA) at $1.05, suggesting a hasty retreat by the bulls.

In simpler terms, the 20-day Exponential Moving Average (EMA) is becoming less steep, and the Relative Strength Index (RSI) is hovering around its midpoint, hinting at potential price fluctuations within a specific range in the short term. Buyers and sellers might struggle for control, with sellers attempting to push the price towards $0.90, a level expected to provide robust support.

As an analyst, I foresee that I will regain control of the situation once we manage to push and sustain the price above $1.20 with the ADA/USDT pair. This upward momentum could potentially drive the price up to $1.24, and if all goes well, even towards $1.33. However, at $1.33, I anticipate that the bears will launch a formidable counterattack.

Avalanche price analysis

As a researcher, I’ve observed that Avalanche (AVAX) has dipped below its 20-day Exponential Moving Average (EMA), currently standing at $47.71. This suggests that there might be less appetite among bullish investors to drive the price upwards, which could potentially signal a bearish trend.

If the price continues to stay beneath the 20-day Exponential Moving Average (EMA), there’s a possibility that the Avalanche (AVAX) and Tether (USDT) pair might fall towards the 50-day Simple Moving Average (SMA) at approximately $39.52. This level is vital for the buyers to uphold as a dip below it could imply that the surge above $51 might have been a deceptive breakout, also known as a “bull trap.

Conversely, should the price increase and surpass its 20-day Exponential Moving Average (EMA), this could indicate a purchase opportunity at lower levels. The bulls will attempt to bolster their stance by driving the price past $51 and subsequently $56. If they succeed in doing so, the pair might head towards $65.

Chainlink price analysis

In a simple term, Chainlink (LINK) is experiencing a correction within an upward trend, which implies that some short-term investors are taking advantage of profit-taking opportunities.

The RSI’s decrease indicates that the strength behind the upward trend might be diminishing. If the price continues to stay below $27.41, there’s a possibility it could drop towards the 20-day EMA at $24.85. This level is critical for buyers to hold because if it breaks, the pair might plummet to its breakout point at $23.

If the price increases and stays above $27.41, this could indicate strong buying activity during price drops. The pair might then attempt to challenge the resistance level at $31 again.

Shiba Inu price analysis

On December 16th, the bulls were unable to drive the price of Shiba Inu (SHIB) above its 20-day Exponential Moving Average (EMA) at $0.000027, which led the bears to start selling.

The price is currently approaching the 50-day Simple Moving Average (SMA) at $0.000025, a significant level to watch. Meanwhile, the 20-day Exponential Moving Average (EMA) is showing signs of decline, and the Relative Strength Index (RSI) has dipped into negative values, suggesting that the bulls may be losing control. If the 50-day SMA weakens, the Shiba Inu/Tether (SHIB/USDT) pair might fall to $0.000022 initially, with potential further drops towards $0.000020 in the future.

If the price strongly bounces back from its 50-day Simple Moving Average (SMA), this would indicate increased demand at lower levels. In such a case, the bulls would attempt to drive the price over the 20-day Exponential Moving Average (EMA), potentially paving the way for an upward trend towards $0.000030.

2024-12-18 20:45