Bitcoin (BTC) is trying to break the psychologically important $ 50,000 mark towards the end of the year. Bitcoin Rise helped Crypto Greed and Fear Index rise from 27 to 45 within a day, suggesting that mood has improved.
BlockFi co-founder Flori Marquez said In a recent interview, the new feature, regulatory clarity and higher prices could lead to FOMO and push crypto adoption in 2022. BTC reward, they don’t sell it for cash. ”
As further positive news that could drive crypto adoption even further, the Opera browser has announced an integration with Polygon (MATIC), which is expected to go live in the first quarter of 2022. Then millions of Opera users will have access to Polygon’s ecosystem.
Can bitcoin and large altcoins extend their recovery into the final days of the year? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.
Bitcoin fell below the 200-day SMA ($ 47,259) on December 17, but the bears failed to build to their advantage and extend the decline further. This shows that sales power has dried up at a lower level.
BTC / USDT daily chart | Source: TradingView
The bulls pushed price back above the 200-day SMA on December 21, but the rebound is facing resistance at the 20-day EMA ($ 49,517). This shows that the bears have not given up and are selling at full speed.
If price moves down from current levels, the bears will try again to push the price below the 200-day SMA and extend the decline to the strong support area at $ 42,000 to $ 39,600.
Conversely, if the bulls push the price above the 20-day EMA, the BTC / USDT pair can soar to $ 52,000. This level could act as a barrier, but if the bulls push the price above it, the rally may hit the next major resistance at $ 60,000.
The bulls are trying to push and hold Ether (ETH) above the descending channel and the 20-day EMA ($ 4,055). If they are successful, it indicates that the correction period may have ended.
ETH / USDT Daily Chart | Source: TradingView
Buyers will then attempt to push the price down to $ 4,488 and above the all-time high of $ 4,868. A breakout and close above this resistance indicates a continuation of the uptrend. After that, the pair can climb to $ 5,859.
Contrary to this assumption, a drop in price from current levels shows that sentiment is still negative. The bears will then attempt to push the price below $ 3,643.73. If so, the ETH / USDT pair can fall to the 200-day SMA ($ 3,302).
Binance Coin (BNB) has held psychological support at USD 500 for the past few days, showing that buyers are aggressively defending this level.
Daily BNB / USDT Chart | Source: TradingView
The BNB / USDT pair can now climb to the downtrend line where the bears can create strong resistance. If the price deviates from this resistance, it shows that sentiment is still negative and traders are selling on a rebound.
A break and close below $ 500 could usher in the next phase of the downside, potentially reaching the 200-day SMA ($ 437).
Also, when the bulls are pushing price above the downtrendline, it indicates that the correction may be over. After that, the pair can rise to $ 617 and above to the $ 669.30 resistance.
Solana (SOL) has been trading near the 20-day EMA ($ 183) for the past few days, suggesting that selling pressures may ease.
Daily SOL / USDT chart | Source: TradingView
The flat 20-day EMA and Relative Strength Index (RSI) just below the middle suggest that the bulls are reversing. A breakout and close above the 20-day EMA can help the price climb to $ 204.10 and above to $ 240.
Conversely, if the price declines from current levels to below $ 167, the bears have absorbed demand. After that, the pair can drop to $ 148.04. If this support is broken, the SOL / USDT pair may fall to the 200-day SMA ($ 121).
The bears’ failure to pull Cardano (ADA) below $ 1.18 led to a rebound to the 20-day EMA ($ 1.35).
Daily ADA / USDT Chart | Source: TradingView
If the price drops down from current levels, sellers will try again to push the ADA / USDT pair below USD 1.18. If they do that, the next stop could be $ 1. The bulls are likely to aggressively defend this support as it has not been breached in months.
On the flip side, if the bulls rise and close above the 20-day EMA, it will signal the start of a sustained rally. The first hurdle is at $ 1.47, but if the bulls push the price above it the pair can hit the overhead resistance at $ 1.87.
Ripple (XRP) broke out and closed above the 20-day EMA ($ 0.87) on December 20, showing that selling pressures are easing. The bulls are currently trying to push the price above the $ 1 psychological level.
XRP / USDT daily chart | Source: TradingView
The 20-day EMA has started rising and the RSI has jumped into positive territory, showing that the bulls have a slight advantage. A break and close above USD 1 could open the door for a rally to USD 1.20 and above to USD 1.41.
Conversely, the XRP / USDT pair can drop to the 20-day EMA if the price drops from $ 1. A strong rebound from this level would show that sentiment has turned positive and traders are buying on the downside. This increases the chance of a breakout above $ 1. However, if the bears pull the price below $ 0.85, the pair can drop to $ 0.75.
Terra (LUNA) broke out and closed above the USD 78.29 resistance on December 20th, indicating a continuation of the uptrend.
Daily LUNA / USDT chart | Source: TradingView
The upward momentum has continued, with the LUNA / USDT pair climbing to $ 98.20 on December 22nd. The strong rally of the past few days has pushed the RSI into the overbought zone and the pair is nearing $ 100 psychological levels. This could lead to a slight correction or consolidation over the next few days.
If price moves down from current levels but rebounds to $ 78.29 it will indicate sentiment remains bullish and traders are buying on the downside. Buyers will then attempt to continue the uptrend with the next target at $ 124.65.
The bears must pull and hold below the 20-day EMA ($ 69.75) to signal a change in the short-term trend.
Avalanche (AVAX) broke above the 20-day EMA ($ 104) on December 20th, indicating that the bulls are buying down. The move higher brought the price to the 61.8% fib retracement level at $ 119.69 on December 21st, showing that the bulls are back in the game.
AVAX / USDT daily chart | Source: TradingView
There is a small resistance at the 78.60% fib retracement level at $ 131.70 which, if cleared, could re-test the all-time high at $ 147 and start the next phase of the uptrend.
The falling 20-day EMA and the RSI in positive territory show that the bulls have the upper hand. This positive view will be invalidated if the price goes down and falls below the 20-day EMA. Such a move can pull the price down to $ 98. If this level drops, the next stop could be $ 75.50.
Polkadot (DOT) has ricocheted off the strong support area at $ 25-22.66, showing that the bulls are aggressively defending this zone.
DOT / USDT daily chart | Source: TradingView
The rebound can reach the 20-day EMA ($ 28.21) where the bears can create a solid barrier. If the price drops from this level, the bears will take one more step to pull the price below the support zone.
When this happens, the DOT / USDT pair can drop to $ 16.81. If the price breaks above the 200-day SMA ($ 28.84) as well, it shows that the downtrend is weakening. The pair can climb to $ 31.49 and climb to $ 39.35.
Dogecoin (DOGE) bounced off strong support at $ 0.15 on December 20, showing that buyers are continuing to vigorously defend this level.
Daily DOGE / USDT Chart | Source: TradingView
The DOGE / USDT pair has hit the 20-day EMA (USD 0.17) which is acting as strong resistance. If the price breaks down from this level, it could hold the pair between the 20-day EMA and $ 0.15 for a few days.
If the trade in this narrow range is broken by the downside, the pair can slide to $ 0.13 and a break below that can lower the price to $ 0.10.
Conversely, if the bulls push and hold the price above the 20-day EMA, the pair can rise to $ 0.19. This level could act as a strong resistance again, but if overcome the pair may rebound to $ 0.22.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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