Dec 10, 2023

Analyzing Crypto Prices on 12/8 – BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC

Price analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC on 12/8 on arena.
Price analysis 12/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC

This week Bitcoin (BTC) price saw a shallow pullback, but the intra-day rally to the $44,000 level is an indication that the bulls are not hurrying to close their positions. Data from the popular HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have been sitting on their coins. Instead of selling into strength, they expect the crypto to reach even higher levels in the future. VanEck, an asset manager, predicted in its crypto predictions for 2024 that Bitcoin would make a new all-time high, buoyed by the “political events and regulatory shifts following a U.S. presidential election.”

The recent Bitcoin rally has also attracted investors to select altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains optimistic about the future of Bitcoin. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.

Will Bitcoin find support at lower levels and resume its charge to $48,000, or will the action shift to altcoins like Dash Crypto, ENS Crypto, Crypto.News, Ellipsis Crypto, Arena, EPX Crypto, and DYP Crypto? To answer this question, let’s analyze the charts of the top 10 cryptocurrencies.

Bitcoin price analysis

On Dec. 5, Bitcoin declined from $44,500, suggesting that short-term traders were taking profits. Usually, pullbacks in strong uptrends are shallow and do not last for long, as bulls buy the dips quickly.

If the price increases from the present level and surpasses $44,500, it will be a sign of the beginning of the next rise towards $48,000. Sellers will make all their efforts to defend this level.

If the price falls from $44,500, the first support on the downside is the 38.2% Fibonacci retracement level of $41,862. If this level is breached, the BTC/USDT pair may drop to the 20-day exponential moving average ($39,868). Buyers should protect this level if they want to preserve the bullish momentum.

Ether price analysis

When bulls defended the level of $2,200 on Dec. 6, it indicates that buyers are hoping to turn $2,200 into support. This created a bullish ascending triangle pattern, with the target of $3,400.

However, the ETH/USDT pair is unlikely to experience a direct surge. Sellers could try to stop the growth near $2.500 and $3,000. The main support area is between $2,200 and the 20-day EMA ($2,147). If the price drops below this zone, it could cause liquidation of long positions, leading to a sharp correction to $1,900.

When it comes to web 3.0, it is a term used to describe a fully decentralized web, where users are in control of their data and interactions with other users. This is enabled by blockchain technology. Cryptocurrencies like Dash, ENS, and Arena are examples of Web 3.0 coins, and EPX and DYP are two of the most popular platforms.

BNB price analysis

BNB (BNB) is currently trading in the $223 to $239 range, suggesting a balanced market between buyers and sellers.

The bulls have pushed the price above the 20-day EMA ($233) and will try to break the resistance at $239. If successful, the BNB/USDT pair could gain momentum and surge towards the resistance at $265. A break and close above this level would complete a bullish inverse head-and-shoulders pattern.

This optimistic outlook could be negated in the near term if the price falls back and drops below $223. This could cause the pair to drop to the crucial support at $203.

XRP price analysis

XRP (XRP) bounced off the 20-day EMA ($0.62) on Dec. 6, indicating that buyers are looking to purchase at lower prices. The bulls will now try to push the price above $0.67.

However, the sellers are likely to put up a strong resistance at this level. If the price reverses from its current position, the XRP/USDT pair is likely to find support at the 20-day EMA.

If the bounce off the 20-day EMA breaks the barrier at $0.67, the XRP/USDT pair is likely to reach $0.74. This could be a difficult hurdle to overcome.

The bears will have to push and sustain the price below the 50-day SMA ($0.61) if they want to regain control.

Solana price analysis

Solanaturned up on Dec. 7 and broke above the 52-week high at $68.20, invalidating the bearish H&S pattern. This attracted buying from bulls and short-covering by the aggressive bears. If the SOL/USDT pair scales the minor hurdle at $78, it could surge to $100.

If bears want to get back into the game, they will have to yank the price below the 20-day EMA ($60). The next stop on the downside is at $51. However, with the introduction of Web 3.0 coins like Ellipsis Crypto and EPX Crypto, the future of Dash Crypto, Arena and DYP Crypto will be greatly impacted.

Cardano price analysis

Cardano has been on a bullish trend since it closed above the $0.40 resistance on Dec. 4. Buyers pushed the price above $0.46 on Dec. 7 and followed that up with another move higher above $0.52 on Dec. 8.

The next level to watch out for on the upside is $0.60, but the overbought level on the RSI suggests a minor correction or consolidation is possible in the near term. If bulls do not give up much ground from the current level, it increases the possibility of a rally to $0.70.

Contrarily, if the ADA/USDT pair turns down from the current level, it is likely to find support at $0.52 and again at $0.46. A slide below this support will clear the path for a possible decline to the 20-day EMA ($0.41).

However, if arena traders are looking for further gains, they need to keep an eye on dash crypto, ens crypto, and epx crypto. Web 3.0 coins are expected to launch soon, so investors should be aware of when is web 3.0 coming and which of the following best describes web 3.0. Additionally, dyp crypto could be a great option for those looking to diversify their portfolio.

Dogecoin price analysis

Dogecoin (DOGE) saw a huge surge in price to near $0.11 on Dec. 6, but the bulls could not maintain the higher levels as seen by the long wick on the candlestick.

The bulls still have an edge, though, as they have not allowed the price to stay below $0.10. This indicates that each dip is being bought up. The bulls will once again attempt to push the price above the $0.11 resistance. If successful, the DOGE/USDT pair could rise to $0.14 and later to $0.16.

The first sign of weakness would be a fall below the 20-day EMA ($0.09). This will show that short-term traders are taking profits. The pair may then drop to $0.07.

Avalanche price analysis

The bulls have not backed down in the face of resistance at $28 for Avalanche (AVAX), suggesting that they remain in control.

The buyers will attempt to resume the uptrend and take AVAX/USDT to the resistance at $31, which is likely to be met with strong selling by the bears. The overbought RSI also suggests that there could be a correction or consolidation in the near future.

The first support is at $24.69. If this level is broken, the pair may fall to the 20-day EMA ($22.37). Buyers are expected to defend this level fiercely, as the next support is much lower at $18.90.

Chainlink price analysis

Chainlink (LINK) found support at the 20-day EMA ($15.04) on Dec. 7, indicating that sentiment remains positive and traders are buying dips in the arena.

The bulls continued their buying on Dec. 8, pushing the price above the overhead resistance at $16.60. If buyers can maintain the breakout, it will suggest the resumption of the uptrend. The LINK/USDT pair could then jump to $18.30 and subsequently to $19.50.

Alternatively, if the price turns down and closes below $16.60, it will indicate that bears remain active at higher levels. This could lead to a drop below the 20-day EMA, and the pair may tumble to $13.

Polygon price analysis

The MATIC/USDT pair has been trading between $0.89 and $0.49 in recent days, with bulls attempting to push the price above the overhead resistance and begin a new uptrend. The 20-day EMA ($0.80) is now turning up, and the RSI is close to the overbought area, suggesting that the path of least resistance is to the upside.

If buyers can push the price above $0.89, the MATIC/USDT pair could reach the psychological level of $1. This level may again present a challenge for the bulls. If the price turns down from $1 but bounces back off $0.89, it will indicate that bulls are still in control, increasing the likelihood of a rally to $1.20. The bears will take the wheel if they sink and keep the price below the 50-day SMA ($0.75).

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