Price analysis 12/6: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, TON, SHIB

As a seasoned crypto enthusiast with years of experience under my belt, I find myself constantly intrigued by the ever-evolving landscape of digital assets. Today, I want to share my thoughts on the current state of these coins and tokens that have caught my attention.

On December 5th, Bitcoin (BTC) achieved a significant landmark by surpassing the symbolically important figure of $100,000. However, bears managed to momentarily pull the price down towards $90,000. But swift actions by bulls who seized the opportunity during the dip resulted in Bitcoin’s price climbing above $100,000 again on December 6th.

As an analyst, I’m frequently asked whether Bitcoin has peaked temporarily or if each dip presents another buying opportunity. This is indeed a question that ignites curiosity among traders.

According to a post on platform X, ARK Invest’s founder and CEO Cathie Wood asserts that Bitcoin has only just begun its game (implying it’s still in the early stages) despite surpassing $100,000. Furthermore, she emphasizes that her company views Bitcoin as a far more substantial concept than gold.

Even though many experts maintain a positive outlook for Bitcoin over the long haul, some are becoming more cautious in the short term. As stated by IG market analyst Tony Sycamore, the significant decrease in Bitcoin’s price does not necessarily signal the end of the bull run; instead, it may lead to a period of “slow growth or stability in the coming days/weeks.

Instead of breaking the $104,088 barrier, could Bitcoin instead move within a limited range for a while? And as for other cryptocurrencies, might we see a focus on altcoins in the near future? Let’s examine the charts of the leading 10 digital currencies to determine the answer.

Bitcoin price analysis

On December 5th, Bitcoin’s candle had a prolonged wick and tail, indicating that there was more selling at higher prices and more buying at lower prices. This pattern suggests that investors were taking profits at higher levels and then buying back in when the price dropped. The significant difference between the day’s intraday high and low means that if the price breaks through either of these levels, it could trigger a sharp market movement.

If Bitcoin’s price remains at around $100,000, it may attempt to surpass its previous record high of $104,088 in the BTC/USDT market. Strong resistance is anticipated at this level, as sellers aim to hold their ground. Conversely, if the price drops significantly from $104,088, the bears might strive to drive the pair down towards $90,500, potentially setting up a new price range.

Should buyers successfully break through the $104,088 barrier, I anticipate that the pair may surge towards $113,331 and potentially reach $125,000. Conversely, if sellers manage to pull the price down below $90,000, they will regain control of the situation.

Ether price analysis

Ether (ETH) is steadily approaching the resistance area between $4,000 and $4,094, a region where sellers may present significant obstacles.

As a crypto investor, I’m keeping a close eye on the 20-day exponential moving average (currently at $3,523). If the price bounces back from this level with vigor, it’s a sign that sentiment remains optimistic and traders see these dips as opportunities to buy. This could potentially trigger a surge past $4,094. If things go as hoped, the ETH/USDT pair might even reach $4,500.

If the price decreases and falls below its 20-day Exponential Moving Average, this optimistic perspective could prove untrue in the short term.

XRP price analysis

XRP (XRP) has pulled back in a strong uptrend, indicating profit booking by the bulls near $3.

In simpler terms, when the price is falling, it’s finding a halt between the $2.28 (which is 38.2% Fibonacci retracement level) and $2.09 (50% Fibonacci retracement level). The optimistic buyers (bulls) aim to raise the price to $2.91, but they might encounter strong resistance from the pessimistic sellers (bears).

As I analyze the current market trends, if the price of XRP/USDT drops significantly and breaches the $2.09 mark, it may signal the commencement of a sharp correction. This dip might push the pair down towards the 20-day Exponential Moving Average (EMA) at around $1.79. Post this potential deep pullback, we could witness a phase of consolidation where both bulls and bears take time to regroup before initiating the next decisive move in the trend.

Solana price analysis

In simpler terms, the bullish investors are making an effort to drive Solana’s price over its immediate barrier at $248, but the bearish ones are holding their ground firmly.

The somewhat flat 20-day Exponential Moving Average (EMA) at around $231 and the Relative Strength Index (RSI) being in the positive zone suggest a harmonious interplay between supply and demand. If buyers manage to push the price above $248, the SOL/USDT pair might witness a significant increase towards $264, and potentially even reach $300.

If the price falls beneath the 20-day Exponential Moving Average (EMA), it could hint that the pair might trade within a range of $210 to $248 temporarily. However, if the bears manage to pull the pair under the 50-day Simple Moving Average ($205), the trend would lean in their favor.

BNB price analysis

On December 3rd, BNB (BNB) surpassed its resistance at $722, yet the buying force failed to sustain the elevated positions.

On December 4, the price dropped from $794, signaling that short-term investors were cashing in their profits. This caused the price to reach the critical breaking point of $722, a level where both bullish and bearish investors are fiercely competing for dominance.

If the price continues to stay above $722, the bulls may attempt to push the BNB/USDT pair upward towards its projected target of $810. However, if the price falls below the 20-day moving average ($665), it could give the bears an opportunity to re-enter the market.

Dogecoin price analysis

As a dedicated crypto investor, I’m observing that Dogecoin (DOGE) is currently moving within an ascending channel, a technical pattern that often favors the bullish side. This suggests potential growth for DOGE in the near future.

At approximately $0.46, there’s a small obstacle, but if it’s surpassed, the Dogecoin/Tether pair might ascend towards the channel’s upper limit around $0.52. Sellers are likely to put up a significant fight at that resistance level.

If the price falls and drops below the support level of the channel, it might indicate that the bulls are starting to lose control, potentially leading to a decline towards the level of $0.33.

Cardano price analysis

On December 3rd, the price of Cardano (ADA) dropped from the potential resistance level of $1.33, suggesting that some traders were taking profits, possibly due to a desire for immediate returns.

The price action shows that the $1.10 mark is proving to be a strong support for ADA/USDT, being the halfway point (50% Fibonacci retracement) of the recent upward trend. Investors are hoping to push the pair past $1.33 again. If they manage to do so, there’s potential for the pair to climb as high as $1.50.

If the price falls below $1.10 and drops significantly, this might indicate that traders are hurriedly selling off their positions. This decline could potentially push the pair down towards the 20-day Exponential Moving Average (EMA) at $1. However, this level may attract buyers due to its support.

Avalanche price analysis

The price of Avalanche (AVAX) has seen intense competition between buyers and sellers around the $51 mark.

The rising 20-day Exponential Moving Average (EMA) at around $44.09 and the Relative Strength Index (RSI) being in the overbought territory suggest that the bulls are currently leading the market. If buyers manage to drive the price beyond $56, it’s possible for the AVAX/USDT pair to potentially rise towards $60, with a further target at $65.

If the price dips and falls beneath the 20-day Exponential Moving Average (EMA), it could indicate a potential weakness. Such a move might imply that the rise above $51 was possibly a deceptive ‘bull trap’, leading the pair to potentially slide down to $38.

Toncoin price analysis

Despite struggling to keep Toncoin (TON) above the $7 mark as resistance, an encouraging indication is that the price continues to stay above its 20-day Exponential Moving Average ($6.29).

If buyers continue to exert pressure and keep prices above $7, the TON/USDT pair might advance towards $7.65. This level might pose a temporary challenge, but it’s expected to be overcome. The pair could potentially reach its upper limit at $8.29.

Instead of expecting a rise, should the price decrease and drop beneath the 20-day Exponential Moving Average (EMA), this would suggest insufficient demand at higher prices. The pair could potentially fall to the 50-day Simple Moving Average (SMA) at $5.53.

Shiba Inu price analysis

On December 5th, buyers attempted to drive the price of Shiba Inu (SHIB) beyond its previous resistance level of $0.000033, but the selling forces managed to maintain control.

The 20-day Exponential Moving Average (EMA) is increasing at $0.000027 and the Relative Strength Index (RSI) is in a positive zone, suggesting an advantage for buyers. If the price recovers around $0.000030, the bulls may attempt to drive the SHIB/USDT pair over the $0.000033 resistance level again. If they succeed, the pair could potentially surge towards $0.000039.

Instead of holding steady, the price might slide down towards the 20-day Exponential Moving Average (EMA) if the support at $0.000030 fails to maintain its position. Traders are likely to put up a strong resistance at the 20-day EMA because a drop below it could lead to a potential decline, reaching the 50-day Simple Moving Average ($0.000023).

2024-12-06 21:42