December 30th Technical Analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
The S&P 500 is trading near an all-time high, but Bitcoin (BTC) is down about 30% from its all-time high of $ 69,000. However, Bitcoin is still up 63% so far, outperforming the S&P 500, which is up around 30% in 2021.
Gold, used as an inflation hedge, is down about 7% this year. Arcane research said in report Bitcoin’s superior performance in a high inflation environment shows that “Bitcoin has proven to be an excellent inflation hedge.”
Real Vision CEO Raoul Pal said in an interview with Vlad that the recent Bitcoin sale could possibly be due to institutional investors posting profits, but he believes the sale may be coming to an end.
The experienced dealer Peter Brandt suppose i think Panic selling has yet to take place, which usually signals a low point for BTC.
Can Bitcoin prolong the decline or will it make a strong rebound above $ 50,000 in the next few days? Let’s check out the top 10 cryptocurrency charts to find out.
BTC technical analysis
Bitcoin rose above the resistance at $ 51,936.33 on December 27, but the long wick on the candle shows that traders were actively selling on that rally. Selling continued on December 28th, breaking below the 20-day EMA ($ 49,558).
BTC / USDT daily chart | Source: TradingView
The price then broke below the 200-day SMA ($ 47,755) on December 29, but the candle’s long tail shows that the bulls are trying to capture the downside momentum. If the price rises and holds above the 200-day SMA, the bulls will try again to push the BTC / USDT pair towards the USD 51.936 resistance.
Conversely, if the price stays below the 200-day EMA, sales could pick up. The 20-day EMA is starting to fall and the Relative Strength Index (RSI) is below 42, showing that the bears are in control. If the $ 45.456 support is broken, the pair may fall into the strong support area at $ 42,000 to $ 40,000.
Technical analysis of the ETH
Ether (ETH) ‘s failure to hold above the 20-day EMA ($ 4,011) could have resulted in sales from long-term traders. The price fell sharply on December 28, falling near the strong support at $ 3,643.73.
ETH / USDT Daily Chart | Source: TradingView
If price bounces off support, the bulls will take another step to push the ETH / USDT pair above the 20-day EMA. A breakout and a close above $ 4,200 could signal the corrective phase is over. The pair can rally to $ 4,488 first and then challenge the all-time high of $ 4,868.
However, the falling 20-day EMA and the negative RSI suggest that the path of least resistance is on the downside. If the $ 3,643.73 support is broken, the pair may fall to the 200-day SMA ($ 3,353). This level could act as strong support, but if it breaks the pair may fall to $ 2,800.
BNB. Technical analysis
Binance Coin (BNB) surged above the 20-day EMA ($ 546) on December 27, but the bulls were unable to hold the higher levels. The price turned down and broke below the 20-day EMA on December 28th.
BNB / USDT daily chart | Source: TradingView
Now the bears will seek to break the price below the strong support at $ 500 and if successful it could trigger a downward move to the 200-day SMA ($ 444) where the bulls are likely to be defending a positive path.
Contrary to this assumption, if price rises from current levels or strong support at $ 500, it shows that the bulls continue to buy in the decline. A breakout and a close above $ 575 signals that the correction may be over. First, the pair can rise to $ 617 and then to the resistance area between $ 669.30 and $ 691.80.
SOL. technical analysis
The Solana (SOL) rally stalled at $ 204.75 on December 27, and the price collapsed below the 20-day EMA ($ 185) on December 28. This shows that the bull bears will continue to sell during the recovery.
Daily SOL / USDT chart | Source: TradingView
Now the bears will try to take their advantage and push the price below $ 167.88. If this support is broken, the SOL / USDT pair may fall to $ 148.04. The 20-day EMA is flat but the RSI has fallen below 44, showing that the bears are trying to get the upper hand.
A rebound from current levels and a move above $ 204.75 will invalidate this negative view. That should pave the way for a rally to the falling wedge resistance line. A break above the wedge signals that the bulls are regaining control.
Technical analysis of the ADA
Cardano (ADA) moved down from $ 1.59 on December 27, and the price fell to the 20-day EMA ($ 1.39). When price rebounds from current levels, the bulls will attempt to push price to the resistance level of the descending channel.
Daily ADA / USDT Chart | Source: TradingView
The flat 20-day EMA and the RSI near the middle point to a balance between supply and demand. A breakout and close above the channel indicate that the downtrend is over. The bulls will then attempt to push the price towards the hard resistance at $ 2.47.
On the other hand, if the price stays below the 20-day EMA, it will show that the bears will continue to sell during the rebound. Thereafter, the ADA / USDT pair may dip into the strong support area at USD 1.18. If this support breaks, the pair can drop to $ 1.
Technical XRP analysis
The bulls’ failure to push Ripple (XRP) back above the 50-day SMA ($ 0.94) on December 27th may have led short-term traders to sell. This pulled the price below the 20-day EMA ($ 0.89) and the support at $ 0.85.
XRP / USDT daily chart | Source: TradingView
The 20-day EMA is sloping down and the RSI has broken into negative territory, showing that the bears have a slight advantage. If the price stays below $ 0.85, the XRP / USDT pair may fall to the strong support at $ 0.74.
Conversely, if the price rises from current levels and breaks above the moving averages, it indicates that the lower levels are attracting strong buying from the bulls. The pair can then rebound to $ 1, a breakout and close above that level can complete an inverse head and shoulders pattern that has a target of $ 1.25.
Technical analysis by LUNA
Terra (LUNA) moved down from $ 103.60 on December 27 and fell to the 38.2% fib retracement level at $ 83.83. The bulls are likely to prevent a correction in the zone between $ 83.83 and the 20-day EMA ($ 80).
Daily LUNA / USDT chart | Source: TradingView
A strong rebound from this zone will show sentiment remains bullish and traders are not waiting for a deep correction to buy.
The bulls will then try to push the price down to $ 103.60. A breakout and close above this resistance could indicate a continuation of the uptrend. The first upside target is USD 135.26 and above USD 150.
This positive view will be invalidated if the price goes down and falls below the 20-day EMA. This may pull the price to the 61.8% fib retracement level at $ 71.61.
Technical analysis by AVAX
The avalanche (AVAX) rebound from the 20-day EMA ($ 108) on December 26th stalled on December 27th at $ 120.96 resistance. This shows that bears continue to sell out at higher levels.
AVAX / USDT daily chart | Source: TradingView
The AVAX / USDT pair turned down and broke below the 20-day EMA door on December 28 for a decline to $ 75.50.
Conversely, if the bulls push price back above the 20-day EMA, the pair can rise to the downtrend line. A break and a close above this resistance indicates the correction is over. First, the pair can soar to $ 130 and then retest the all-time high of $ 147.
Technical DOT analysis
The bulls pushed polkadot (DOT) above the USD 31.49 resistance on December 27, but the long wick on the candle bar shows strong selling pressure at higher levels.
DOT / USDT daily chart | Source: TradingView
The failed breakout can act like a bull trap, knocking down aggressive cops. This can lead to the liquidation of long positions and pull the price below the moving averages.
Both moving averages are flat and the RSI is just below the middle, indicating a balance between supply and demand.
If the bulls push the price back above the moving averages, the pair may rise to $ 31.49. A breakout and a close above this level could signal an advantage to buyers. After that, the pair can climb to $ 39.35 and higher to $ 43.56.
On the other hand, a break and close below the $ 25 to $ 22.66 support area will show the bears are in control.
DOGE technical analysis
Dogecoin (DOGE) moved down from the overhead resistance at $ 0.19 and fell back below the 20-day EMA ($ 0.18) on December 28th. This shows that the bears continue to defend overhead resistance.
Daily DOGE / USDT Chart | Source: TradingView
The DOGE / USDT pair may now drop to $ 0.15, which is an important level for the bulls to defend. If the price recovers from this support, the pair is likely to hover between $ 0.15 and $ 0.19 for the next few days.
The bulls need to push and hold the price above $ 0.19 to signal the start of a strong rally.
Conversely, if the bears turn down and hold the price below $ 0.15, it shows that the downtrend has resumed. After that, the pair can drop to $ 0.13 and below the psychological support at $ 0.10.
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