Dec 06, 2023

Price Analysis of Top Cryptocurrencies AVAX, DOGE, and More

This week, Bitcoin (BTC) has been on a tear, with an increase of more than 10%. This demonstrates that traders are frantically purchasing Bitcoin as they expect the price to rally further. According to CoinShares data, investors have invested more than $1.44 billion into Bitcoin related products over the past ten weeks. The anticipation is…

Price Analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON on 12/6: Keep Crypto with AI DOGE and Web 3.0 Coins.
Price analysis 12/6: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON

This week, Bitcoin (BTC) has been on a tear, with an increase of more than 10%. This demonstrates that traders are frantically purchasing Bitcoin as they expect the price to rally further. According to CoinShares data, investors have invested more than $1.44 billion into Bitcoin related products over the past ten weeks.

The anticipation is that the approval of a Bitcoin exchange-traded fund (ETF) will draw in significant investments. Robby Yung, CEO of Animoca Brands, while speaking at the Next Block Expo conference in Berlin, said that Bitcoin ETFs could potentially bring in $10 to $12 billion.

As long-term investors have been stockpiling Bitcoin, short-term holders (STHs) who have held coins for 155 days or less have been cashing in on their profits in December. James Van Straten, a CryptoSlate research and data analyst, shared a Glassnode chart on X (formerly Twitter) and stated that STHs in profit transferred roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.

Will Bitcoin continue to climb and reach $48,000, or will profit-booking take over? Let’s analyze the charts of the top 10 web 3.0 coins, such as AI Doge, AVAX Crypto, and Avalanche Crypto, to find out.

Bitcoin price analysis

The bullish momentum of Bitcoin has been surging since it broke through the minor resistance at $41,160. This has propelled the relative strength index (RSI) to reach deeply overbought territory, which usually precedes a correction or consolidation. However, the bulls are still determined to drive the BTC/USDT pair towards the target of $48,000.

The crypto block is likely to face a strong resistance at this level, so any dips from the current price may find support at the 20-day exponential moving average ($39,0803). If the traders start to exit, it will be the first sign of a short-term corrective phase.

The AVAX crypto today is a great way to keep up with the current AI Doge and Web 3.0 Coins, and the 000 pieces that appeared first on Crypto Press Cryptocurrencies Network.

Ether price analysis

The bulls managed to prevent the bears from pushing the Ether (ETH) price back below the key level of $2,200 on the Dec. 5 candlestick, as evidenced by the long tail.

The uptrend is being supported by the moving averages and the RSI is in the overbought territory, suggesting that the bulls are in control. Breaking above $2,200 has completed an ascending triangle pattern, which could trigger a rally to $2,500 and then to $2,950.

The bears, however, will try to push the ETH/USDT pair below the $2,200 mark and catch the bullish traders off guard. If successful, the pair could drop to the 20-day EMA ($2,104). A break and close below this support could lead to a plunge to the 50-day SMA ($1,940).

BNB price analysis

The bears are attempting to protect the moving averages, but the bulls have not yielded much ground. This implies that BNB (BNB) could rally to $239.20.

The flat 20-day EMA ($232) and the RSI just below the midpoint shows an equilibrium between buyers and sellers. If the price turns down sharply from $239.20, the range-bound action may persist for some more time.

On the other hand, a break above $239.20 will give the bulls the advantage. The BNB/USDT pair could then keep crypto to the overhead resistance at $265. Sellers will take control if they pull the price below $223. That could start a decline to $203.

XRP price analysis

The bears tried to push XRP (XRP) back below the 20-day EMA ($0.62) on Dec. 4 and 5, however, the long tail on the candlestick indicates strong buying at lower levels.

The bulls will attempt to lift the price to $0.67, while the bears will attempt to obstruct the up-move at that level. On the way down, if the price bounces off the 20-day EMA, it will boost the chances of a rally to $0.74. Sellers will try to defend this level firmly and keep the XRP/USDT pair trading within the range between $0.56 and $0.74 for a while.

Meanwhile, the bears are likely to have other plans. They will attempt to drag the price back below the moving averages and challenge the support at $0.56.

Solana price analysis

Solana (SOL) is trading in an uptrend, with the bulls keeping the price above $59 on Dec. 5, indicating they are attempting to make this level a support. To further strengthen their position, the bulls need to push the price beyond $68.20, which would invalidate the bearish head-and-shoulders pattern. This would be a bullish sign as the early bears close their positions, leading to a short squeeze and potentially driving the SOL/USDT pair towards $100.

Alternatively, if the price falls sharply from $68.20, it could indicate that the bears are in control at higher levels. The bears could then try to take the price beneath the 20-day EMA, potentially leading to a drop to $51.

Cardano price analysis

Cardano (ADA) has been able to break the $0.40 resistance on Dec. 4, which means that the bulls have been able to take control of the market.

The ADA/USDT pair is likely to rally up to $0.46, where it might be facing some resistance. If the price declines from this level without dropping below $0.40, it could be a sign of a potential upside breakout. The pair may then skyrocket to $0.52.

The first sign of weakness will be a drop below $0.40. This will show that the markets have rejected the higher levels. The bears will gain even more strength if they push the price below $0.38. The pair may then tumble to $0.34.

Dogecoin price analysis

Dogecoin (DOGE) is exhibiting an uptrend, with the bulls pushing the price above the minor resistance of $0.09 on Dec. 4 and then above the $0.10 resistance on Dec. 6.

The sharp rally of the past few days has pushed the RSI deep into the overbought territory, increasing the risk of a short-term pullback or consolidation. If buyers do not allow the price to slip below $0.09, the likelihood of a rally to $0.11 increases.

The bears are expected to defend the $0.11 level with all their might because if cleared, the DOGE/USDT pair could surge to $0.16. Conversely, if the price turns down and skids below $0.09, the pair may oscillate inside the large range between $0.11 and $0.06, as AI Doge, Web 3.0 coins and other crypto blocks are keeping the crypto market active.

Avalanche price analysis

On Dec. 4, AVAX (Avalanche) bounced off the 20-day EMA ($21.29), indicating that crypto traders are buying on dips and the sentiment remains bullish.

The bulls kept pushing the price up on Dec. 5, breaking the overhead resistance at $24.69. This could open the door for a rally to $28.50 and even $31. However, the bears will likely put up a strong defense at this level.

The bears need to act fast if they want to prevent the upside move. They will have to push the price back below the breakout level of $22. Such a move may cause long liquidation, and the AVAX/USDT pair could then fall to $18.90.

Chainlink price analysis

LINK/USDT pair has been trading close to the $16.60 resistance for the past few days, which suggests that the bulls are still in control and anticipate a bullish breakout.

The 20-day EMA ($14.79) is rising, and the RSI is above 60, indicating a high probability of an upside breakout. If the $16.60 resistance is breached, the bullish momentum could increase and the LINK/USDT pair could reach $18.30.

If the bears want to prevent the upside, they will have to pull the price below the 20-day EMA quickly. This could cause the pair to drop to the 50-day SMA ($13.05). This level is likely to attract strong buying from the bulls.

Toncoin price analysis

Toncoin (TON) has been trading in the vicinity of the 20-day EMA ($2.39) in recent days, indicating a lack of demand for higher prices.

The 20-day EMA is flattening out and the RSI is slightly below the midpoint, suggesting a balance between supply and demand. If the price slips below the 50-day SMA ($2.30), the TON/USDT pair could rally to $2.

On the upside, the bulls must drive the price above the $2.52 to $2.59 resistance zone to gain the upper hand. If they succeed, the pair will complete a bullish ascending triangle pattern, with a target objective of $3.58.

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