As a seasoned crypto enthusiast with years of experience navigating the volatile digital asset market, I find myself intrigued by this analysis. The Form presents a diverse range of projects, each with its unique potential and challenges.
For the past week, Bitcoin (BTC) has seen a decline of about 8%. However, an encouraging sign is that buyers have actively bought at the weekly lows, indicating strong support. Following this recovery, analysts are split on the upcoming trend movement. Some forecast the correction to continue, while others predict the upward trend will carry on.
On December 20, Bitcoin’s recovery did not prompt investors to buy into U.S. spot Bitcoin-based exchange-traded funds (ETFs). Instead, data from Farside Investors indicates that on December 19 and 20, there were outflows totaling $617.9 million and $277 million respectively from these ETFs. This suggests that traders may have been selling off their profits.
Over the coming days, we might see a challenging struggle unfold between Bitcoin’s bulls and bears around the $100,000 mark. If Bitcoin manages to stay above this level, there’s a good chance that the overall crypto market sentiment will brighten, potentially boosting the prices of certain altcoins.
Conversely, if Bitcoin doesn’t surge beyond $100,000 or sustain that level, it might prompt short-term investors to cash out their gains. This could lead to a more significant drop in Bitcoin’s price, causing a chain reaction of selling in certain alternative cryptocurrencies.
Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.
Bitcoin price analysis
On December 20th, Bitcoin briefly touched its 50-day simple moving average ($92,901), but then rebounded. However, this recovery is meeting resistance at the 20-day exponential moving average ($98,758), indicating potential selling pressure.
The BTC/USDT pair might find stability between its moving averages, as both buyers (bulls) and sellers (bears) compete for dominance. If the price surges beyond the 20-day Exponential Moving Average (EMA), it would imply that the downward correction could be ending. Subsequently, the pair may challenge its record high at $108,353. A successful break and closing above this peak could initiate a new phase of growth to $113,331, followed by a potential rise to $125,000.
Instead, if there’s a drop and the price falls below the 50-day Simple Moving Average, it might initiate a more significant correction down to around $85,000. This level is crucial for buyers to maintain as a fall below it could potentially lead to a decline towards $73,777.
As a researcher examining the 4-hour chart, I notice that both moving averages are trending downwards, suggesting a bearish outlook. Additionally, the Relative Strength Index (RSI) is in negative territory, which aligns with the advantage for sellers. If we observe a break and close below the $90,000 support level, it might signal the onset of a correction that could potentially extend to $85,000.
A significant indication of upward momentum could occur when the price surpasses and consolidates above $100,000. Following this, there’s potential for the price to rise to around $105,000, and eventually reach approximately $108,353. Traders are anticipated to vigorously protect this level, as a failure to do so may allow the price to continue its upward trajectory.
Sui price analysis
On December 19, SUI fell below its 20-day Exponential Moving Average (EMA), which was at $4.22, but it failed to breach the supportive level of the 50-day Simple Moving Average (SMA) at $3.61 on December 20.
In simpler terms, when the market is strong and it bounces off the 50-day Simple Moving Average (SMA), it indicates that there are many aggressive buyers stepping in at lower prices. On December 21, the bulls tried to restart the upward trend, but the bears managed to maintain their position. Although the increasing moving averages suggest advantage for the buyers, the negative divergence on the Relative Strength Index (RSI) indicates that the momentum may be decreasing.
If the cost increases beyond its present stage, the buyers might once more strive to reinitiate the upward trajectory. Should the $5 mark be surpassed, the SUI/USDT pair could potentially climb up to $5.50 and subsequently reach $6.50.
Conversely, a drop below the 20-day Exponential Moving Average (EMA) might indicate that buyers are taking their gains. If the 50-day Simple Moving Average (SMA) also weakens, selling pressure could intensify. The currency pair might then fall towards $3.
On the 4-hour chart, the moving averages are trending gradually lower, while the RSI hovers slightly below the midpoint, indicating a potential temporary range for the asset in the near future. If the price continues to drop beneath $4.20, it could potentially fall further to $4 and eventually to $3.50. Traders may aggressively protect the $3.50 mark.
Should purchasers keep the price level higher than the Simple Moving Average (SMA) of 50, there’s potential for the asset value to increase towards $5. This significant barrier at $5 is crucial to monitor, as a surge beyond it might push the asset up to $5.50.
Bitget Token price analysis
On December 19th, Bitget Token (BGB) decreased from $4.90, and by December 20th, it had approached the 20-day Exponential Moving Average ($3.29), but the extended tail on the day’s candle indicates strong buying activity at lower prices.
Following the recent market turbulence, it’s possible that the BGB/USDT exchange rate might stabilize within a range of around $4.90 and its 20-day Exponential Moving Average (EMA) for a while. If buyers manage to push the price above $4.90, the pair could potentially surge towards $5.38, with further potential movement up to $6.00 in the future.
As an analyst, if the price dips beneath $4.05, I anticipate it could potentially slide down to $3.83 and then approach the 20-day Exponential Moving Average (EMA). Given this scenario, buyers are likely to attempt to safeguard the 20-day EMA as a drop below it might imply that the pair has peaked temporarily in the short term.
In simpler terms, the bulls are making an effort to push the price above the 20-Exponential Moving Average (EMA), suggesting that demand is higher at lower prices. The pair could potentially reach the downward trendline, which might serve as a significant barrier. If the bulls manage to break through this trendline, the pair may increase towards $4.90.
Unfortunately, if the bears manage to push the price below the Simple Moving Average (SMA), it might indicate a more significant decline is starting, potentially causing the price to fall to around $3.38 initially, and then possibly dropping further to $2.90.
Ethena price analysis
On December 19th, Ethena (ENA) dipped below its 20-day Exponential Moving Average (EMA) at $1.00. However, by the next day, December 20th, the bulls managed to push the price back up to that level again.
With a gradually rising 20-day Exponential Moving Average (EMA) and Relative Strength Index (RSI) slightly above its midpoint, there seems to be a slight edge for the buyers. The bulls aim to drive the price towards $1.23 initially, followed by an attempt at $1.33. However, sellers are likely to put up strong resistance in this region. If the bulls manage to overcome this hurdle, the ENACoin/USD pair could potentially surge towards $1.52.
If the price drops and falls beneath the 20-day Exponential Moving Average (EMA), this optimistic perspective could quickly be disproven, potentially causing the pair to plummet towards the 50-day Simple Moving Average (SMA) at around $0.76.
As a researcher, when I observe that the moving averages are smoothing out and the Relative Strength Index (RSI) hovers around the midpoint on my 4-hour chart, it appears to indicate an equilibrium between supply and demand. This situation might lead to a period of back-and-forth price action for the pair, potentially ranging from $1.23 to $1 over time.
If buyers want to take control again, they’ll need to push the price beyond $1.23. It’s possible that the price could reach $1.33, and then potentially even climb up to $1.52.
Instead, if a slide occurs just above $1, it might push the pair down to $0.84. This level is significant as it serves as strong support for the near future. A fall through this level could indicate a shift in the short-term trend.
Virtuals Protocol price analysis
In simpler terms, the Virtuals Protocol (VIRTUAL) is showing signs of improvement and is moving upwards. However, a small positive point to note is that it’s currently holding steady near its 20-day Exponential Moving Average (EMA), which stands at approximately $2.14.
As an analyst, I’m observing a positive trend in the market. The 20-day Exponential Moving Average (EMA) is ascending, and the Relative Strength Index (RSI) is positioned within the positive zone. This suggests that buyers currently hold the upper hand. If the price surpasses $2.85, the VIRTUAL/USDT pair could potentially surge towards $3.32. Should a breakthrough and close above this resistance level occur, it might propel the pair further to $4.
Instead of holding this belief, if the price keeps decreasing and falls beneath the 20-day Exponential Moving Average (EMA), it indicates that buyers are taking profits. There is also another strong support level at $2, but if this level weakens, the pair could experience a more significant pullback to $1.50.
The duo has dropped beneath its average values, yet it’s proving challenging for sellers to drive the cost down to $2. This hints at diminishing selling activity at lower thresholds. Traders may strive to push the price above the averages, paving the way for a surge towards $3, and eventually $3.32.
Instead, when the price falls below the moving averages, it suggests that the sellers are capitalizing on uptrends (bears). This descent might push the pair towards a robust support level at $2. If this support weakens, the pair could potentially plummet to $1.50.
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2024-12-23 00:10