Bitcoin (B T c) rose nearly 9% in November, with $38,000 proving a difficult hurdle to overcome. Buyers have repeatedly tried to keep the price above $38,000, but the bears have maintained their hold. Historically, December has been a mixed month. coinglass data It turns out that over the past five years, Bitcoin only rose in 2020, but the extent of the 46.92% increase was impressive. The Bulls will look to repeat at least a portion of that performance this year.
Entering the new year, many analysts are bullish on Bitcoin. In a Nov. 28 research note, Standard Chartered said the possibility of earlier-than-expected approval of spot bitcoin exchange-traded funds could boost prices. Bitcoin to $100,000 before end of 2024,
Galaxy Digital CEO Mike Novogratz also sounded bullish about Bitcoin while speaking to Bloomberg on November 29. He said the marketing teams of asset managers whose ETFs are approved will try to convince people to invest in Bitcoin, which could boost adoption. Additionally, rate cuts by the Federal Reserve could act as another trigger that could send Bitcoin Price near all-time high This time next year.
Can Bitcoin hold above $38,000 and pave the way for a rally to $40,000, or will the bears spoil the game again?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
bitcoin price analysis
Frequent retesting of the resistance level weakens it. After several failed attempts, the bulls pushed the price higher on December 1. This signals the resumption of the bullish trend.
The rally above $37,980 completes an ascending triangle pattern. The BTC/USDT pair may next rise to $40,000, which is likely to act as a strong resistance again. If this level is extended, the pair can reach the pattern target of $41,160. Rising moving averages and the Relative Strength Index (RSI) above 65 indicate that bulls are in control.
This optimistic outlook will be invalidated in the near term if the price turns down and falls below the uptrend line. This could invalidate the bullish setup, causing the price to drop to the solid support level at $34,800. A break below this level would signal that the bears are back in play.
ether price analysis
ether (ETH) bounced off the 20-day EMA ($2,019) on November 30, indicating buyers are passionately defending the level.
The bulls will try to push the price towards the overhead resistance at $2,200. This remains a key level to keep an eye on in the near future. If buyers bullish their way in, the ETH/USDT pair will complete an ascending triangle pattern. The target target for this bullish setup is $3,400.
The 20-day EMA is important support on the downside. A break below this level would be the first sign that bulls are losing grip. The pair could then drop to the 50-day SMA ($1,874).
bnb price analysis
bnb (bnb) has been trading in a tight range between $223 and $239 for the past few days. This reflects the uncertainty between bulls and bears.
The 20-day EMA ($234) and the RSI in the negative zone suggest that the bears are dominant. Any recovery attempt is likely to face selling at the 20-day EMA. If the price falls below this level, the chances of a drop below $223 increase. This could trigger a decline to $203.
Instead, if buyers push the price above the 20-day EMA, the BNB/USDT pair could rise to $239. A break and close of this level could start a rally towards $265.
xrp price analysis
XRP (xrp) has been stuck to the 20-day EMA ($0.61) for the past few days. This shows that every small dip is being bought. This increases the chances of a break above the 20-day EMA.
If this happens, it will indicate that the advantage is tilted in favor of the bulls. The XRP/USDT pair may rise to $0.64 and later to $0.67. This level may act as a minor obstacle, but if overcome, the pair could reach $0.74.
Conversely, if buyers fail to push the price above the 20-day EMA, it will suggest that sellers have turned the level into resistance. The pair may then drop to solid support at $0.56.
solana price analysis
Bears sold the rally to $62 on November 29 and 30, but they could not sustain Solana (Fifth note of musical scale) down from $59. This suggests buying at lower levels.
The 20-day EMA ($55.66) and the RSI in the positive zone suggest that bulls have the upper hand. This improves the chances of a rally above $62.10. If this happens, the SOL/USDT pair could reach $68. Bulls will have to defend this level with all their might as a break above it would pave the way for a rally to $100.
The immediate support to keep an eye on on the downside is the 20-day EMA. If this level is broken, the pair may fall to $51. Bears will have to push the price below this level to initiate a deeper correction.
cardano price analysis
Cardano (ADA) is taking support at the 20-day EMA ($0.37) but bulls are struggling to initiate a strong rally above it. This shows lack of demand at a high level.
The price is squeezed between the 20-day EMA and the overhead resistance at $0.40. The bullish 20-day EMA and RSI above 58 indicate that bulls have the lead. If buyers break the overhead resistance at $0.40, the bullish momentum could increase, and the ADA/USDT pair could bounce to $0.42 and later $0.46.
Conversely, if the price falls below the 20-day EMA, it will suggest profit booking by short-term traders. The pair may then drop to $0.34, where bulls will try to stop the decline.
dogecoin price analysis
Dogecoin (Doge) has remained above $0.08 for the past four days, indicating that bulls are in no rush to book profits.
The rising 20-day EMA ($0.08) and RSI above 62 indicate that bulls remain in control. Buyers will try to push the price to the psychological resistance at $0.10. There is a small hurdle at $0.09 but it is likely to be overcome. Sellers are expected to establish strong defense in the $0.10 to $0.11 area.
The 20-day EMA is important support to keep an eye on on the downside. If this level gives way, the DOGE/USDT pair could fall to the 50-day SMA ($0.07).
Connected: Bitcoin ETF, user experience will drive adoption – eToro CEO
toncoin price analysis
Toncoin (TON) has been holding above the 20-day EMA ($2.38) for the past few days, but is lacking momentum.
The 20-day EMA is slowly moving upward, and the RSI is near 55, indicating that the bulls have a slight lead. Buyers will attempt to push the price above $2.59 and complete an ascending triangle pattern. The target price for this bullish setup is $3.58.
Conversely, a slide below the uptrend line will invalidate the bullish triangle pattern. The failure of the bullish setup is a bearish signal, which could pull the TON/USDT pair towards the next major support at $1.89.
chainlink price analysis
Chainlink (Add) The price has been shrinking between the 20-day EMA ($14.19) and the overhead resistance at $15.40 for the past few days.
The 20-day EMA and RSI moving into the positive zone indicate that the path of least resistance is to the upside. If buyers overcome the $15.40 barrier, the LINK/USDT pair could climb to $16.60 and then head towards $18.30.
The first sign of weakness would be a break and close below the 20-day EMA. This could start a decline towards the 61.8% Fibonacci retracement level at $12.83. This level is likely to attract aggressive buying by the bulls.
avalanche price analysis
Buyers pushed avalanche (Avax) above the $22 resistance on December 1, indicating strong demand at higher levels.
If the price closes above $22, it will increase the chances of a rally to $24.69. Sellers are expected to set up a strong defense at this level as a break above it could open the door for a potential rally to $28.50.
If the bears want to stop the uptrend, they will need to quickly pull the AVAX/USDT pair below the 20-day EMA ($19.80). This may put off many short-term traders, resulting in a drop to $18.90.
This article does not constitute investment advice or recommendations. Every investing and trading move involves risk, and readers should do their own research when making decisions.
