Price analysis 12/27: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, DOT, MATIC
Bitcoin ( BTC ) has been hanging on to the gains made in early December, indicating that every minor dip is being purchased. CoinShares data shows that Bitcoin funds witnessed an inflow of $87.6 million in the week ending Dec. 22.
Separately, data from exchange-traded funds (ETFs) research firm ETFGI shows $1.31 billion of inflows into crypto ETFs and exchange-traded products (ETPs) in November, bringing the total inflows for the year to $1.60 billion .
Investors seem to be accumulating Bitcoin before the anticipated approval of a spot Bitcoin ETF in January. Business Intelligence firm MicroStrategy added 14,620 Bitcoin to increase its total stockpile to 189,150 Bitcoin. The latest acquisition was made at $42,110 per Bitcoin, taking its total average purchase price to about $31,168.
Will Bitcoin and altcoins continue their northward journey in the last few days of the year? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been stuck between the 20-day exponential moving average ($42,513) and the overhead resistance at $44,700.
The price action of the past few days has formed an ascending triangle pattern that will complete on a break and close above $44,700. The BTC/USDT pair could then start the next leg of the uptrend toward the pattern target of $49,178.
Contrarily, if the price turns down and breaks below the triangle, it will invalidate the positive setup. That may trigger the stops of several traders, pulling the price to the 50-day simple moving average ($40,022) and later to $37,980.
Ether price analysis
Ether ( ETH ) had been trading inside a descending channel pattern for the past few days, but a positive sign is that the bulls did not allow the price to sustain below $2,200.
Solid buying on Dec. 27 propelled the price above the descending channel. If bulls maintain the price above the channel, the possibility of a break above $2,403 increases. The ETH/USDT pair could then ascend to $3,000.
Conversely, if the price re-enters the channel, it will signal that higher levels continue to attract sellers. The break below $2,200 could sink the pair to the support line of the channel. This remains the key level for the bulls to protect because a drop below the channel may start a deeper correction to $1,900 and then $1,750.
Solana price analysis
Solana ( SOL ) has been in a strong uptrend for the past several days. The bulls easily cleared the psychological resistance of $100 on Dec. 23 and pushed the price to $126 on Dec. 25.
Profit booking started a pullback on Dec. 26, but the long tail on the day’s candlestick shows strong buying at the 38.2% Fibonacci retracement level of $103. The price has turned down on Dec. 27, indicating that the bears are in no mood to give up.
If the price drops below $103, the SOL/USDT pair could decline to the 20-day EMA ($89), near the 61.8% Fibonacci retracement level. A break below the 20-day EMA will suggest a change in the short-term trend. The bulls will regain control if they catapult the price above $126.
BNB price analysis
BNB ( BNB ) turned up from the 20-day EMA ($262) on Dec. 25 and soared above the neckline on Dec. 26, completing a bullish inverse head-and-shoulders pattern.
The bears tried to pull the price down toward the neckline on Dec. 27, but the long tail on the candlestick shows aggressive buying on dips. Buyers will try to maintain the momentum and shove the price to the pattern target of $333 and eventually to $350.
Meanwhile, the bears are likely to have other plans. They will try to stall the up move near $317 and start a correction. Sellers will have to tug the BNB/USDT pair below the neckline to make a comeback.
XRP price analysis
XRP ( XRP ) has been range-bound between $0.56 and $0.67 for the past few days, signaling a balance between buyers and sellers.
Both moving averages have flattened out, and the RSI is near the midpoint, suggesting that the range-bound action may continue for a while longer. The first sign of strength will be a break and close above $0.67. The XRP/USDT pair may then rise to $0.74, where the bears are expected to mount a strong defense.
On the downside, the bears will have to sink and keep the price below $0.56 to seize control. The pair could then slide to the solid support at $0.46.
Cardano price analysis
Cardano ( ADA ) has been consolidating in an uptrend. The price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
The upsloping moving averages and the RSI in the positive territory signal advantage to buyers. A break and close above the triangle will suggest that the bulls have absorbed the supply. That could propel the price to $0.69 and later to the pattern target of $0.80.
On the contrary, if the price turns down and breaks below the triangle, it will suggest that the bears remain active at higher levels. The ADA/USDT pair could then collapse to the strong support at $0.46.
Avalanche price analysis
Avalanche ( AVAX ) turned down from $49.96 on Dec. 24, indicating that the traders booked profits near the psychological level of $50.
The selling picked up on Dec. 26, pulling the price to the 20-day EMA ($40.31). The long tail on the day’s candlestick shows that the bulls continue to view the dips as a buying opportunity. Buyers will have to push the price above $50 to resume the uptrend.
The risk to the bullish view is that the RSI is showing signs of forming a bearish divergence. This suggests that the positive momentum may be weakening. That signals a minor correction or consolidation in the near term. The selling could pick up if the AVAX/USDT pair skids below the 20-day EMA. The pair may then slump to $34.
Related: Solana is up 95% in December — But why are AVAX, INJ, NEAR surging even higher?
Dogecoin price analysis
The bears pulled Dogecoin ( DOGE ) below the 20-day EMA ($0.09) on Dec. 26, but the long tail on the candlestick shows strong buying at the 50-day SMA ($0.09).
The flattish 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. This equilibrium could shift in favor of the bears if they sink and sustain the price below the 50-day SMA. The pair may then tumble to $0.07.
If buyers want to gain the upper hand, they will have to drive the price above the $0.10 to $0.11 resistance zone. If they manage to do that, the DOGE/USDT pair could start the next leg of the uptrend to $0.16.
Polkadot price analysis
Polkadot ( DOT ) is correcting in an uptrend. The price turned down from $9.59 on Dec. 26, indicating that the bears are defending the overhead resistance at $10.
The DOT/USDT pair is likely to correct to the breakout level of $7.90. If the price rebounds off this support, it will imply that the sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to clear the obstacle at $10 and start the journey to $12.
The risk to the upside is that the RSI is forming a negative divergence. This suggests that the bullish momentum could be slowing. The pair may spend some time inside the range between $7.90 and $9.59 in the short term.
Polygon price analysis
Polygon ( MATIC ) bounced off the 20-day EMA ($0.87) on Dec. 25 and rose above the stiff overhead resistance of $1 on Dec. 26.
Buyers are trying to extend the up move on Dec. 27 but may face selling near $1.20. If the price turns down the overhead resistance, the MATIC/USDT pair could drop to $1. If bulls flip this level into support, it will signal strength. The bulls will then try to overcome the barrier at $1.20 and push the price to $1.50.
Instead, if bears pull the price below $1, it may trap the aggressive bulls. That could accelerate selling and pull the pair to the $0.89 support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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