24/12 evening technical analysis: BTC, ETH, ADA, AVAX

After the crypto market traded in the red yesterday, the bulls are back today and are pushing the price positively above the market at the time of going to press.

Bitcoin

Trading volume was below average yesterday and buyers were unable to continue the rebound in Bitcoin price. In the afternoon, the sellers had a slight market advantage and were able to bring prices back into the middle range. Since this morning, Bitcoin price has tested the two-hour EMA55 and stopped the retracement movement.

BTC price chart | Source: TradingView

In the daily timeframe, the lines of the Stoch RSI indicator are in the overbought area. Perhaps once the psychological level is restored to $ 50,000, the price will begin to decline. The Stoch RSI is expected to return to the neutral zone by the end of the week.

If the bearish scenario comes to fruition, the initial strong support could be at $ 42.447.

At the time of writing, Bitcoin is trading at $ 51,447.

ETH

Yesterday, buyers couldn’t break the POC indicator line ($ 4,070). Sellers dominated the market causing a retreat below the psychological $ 4,000 mark.

ETH price chart | Source: TradingView

In the afternoon, the decline stopped at the two-hour EMA55 but was penetrated by bears in the evening. Right now, it is more likely that such a weak support zone cannot handle the onslaught of sellers today.

If ETH can hold its average price and stop falling, traders can expect a rebound towards the $ 4,200 region.

ETH is trading at $ 4,123 at press time.

ADA

ADA is up slightly since yesterday, trading at a daily high of $ 1.49. At the time of writing, the price has fallen to $ 1.47 but is still up 9% over the past 24 hours.

ADA price chart | Source: TradingView

Technically, ADA may have amassed enough strength to rebound the price. This is evidenced by increasing trading volume, which means the bulls are ready to fuel the price hike even further. If so, it is more likely that ADA will hit the all-important $ 1.5 mark by the end of the month.

AVAX

After yesterday’s downward movement, AVAX is up nearly 5% in 24 hours.

AVAX / USD chart | Source: TradingView

AVAX is currently in a broad channel between the USD 101 support and the USD 147 resistance. Low volume means traders haven’t built up enough momentum to take a critical move. However, if the price approaches the resistance and breaks out, the altcoin will hit a new high at around USD 160.

AVAX is trading at $ 123.17 at press time.

You can see the coin prices here.

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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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