Bitcoin (BTC) is up about 9% in November, with $38,000 proving to be a difficult hurdle to clear. Buyers repeatedly tried to keep the price above $38,000, but the downward trend remained firm. Historically, December has been a mixed month. Over the past five years, Bitcoin has risen only in 2020, but its gain of 46.92% has been impressive, according to Coin Glass data. The Bulls will try to replicate at least some of that performance this year.
Entering the new year, several analysts were bullish on Bitcoin. Standard Chartered said in a research note on November 28 that the price of Bitcoin could rise to $100,000 before the end of 2024 if a Bitcoin spot exchange-traded fund is likely to be approved earlier than expected.
Galaxy Digital CEO Mike Novogratz also expressed optimism about Bitcoin in an interview with Bloomberg on November 29. He said the ETF’s marketing team of approved asset managers will increase adoption by persuading people to invest in Bitcoin. Additionally, a rate cut by the Federal Reserve could act as an additional trigger that could push the price of Bitcoin closer to all-time highs by this time next year.
Can Bitcoin sustain above $38,000 and pave the way for a rise to $40,000? Or will the bears play spoilsport again?
Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Retesting a resistance level repeatedly tends to weaken it. After several failed attempts, the bulls pushed the price higher on December 1st. This signals a resumption of the upward trend.
A rally above $37,980 completes an ascending triangle pattern. The BTC/USDT pair could rise to $40,000 next, which is likely to act as strong resistance once again. An extension of this level could lead the pair to reach the pattern target of $41,160. Rising moving averages and the Relative Strength Index (RSI) above 65 indicate that the uptrend is under control.
This optimistic outlook is invalidated in the short term if the price declines and falls below the rising trend line. This could invalidate the bullish setup and push the price down to solid support at $34,800. A drop below this level is a sign that the bears are back in the game.
Ether Price Analysis
Ethereum (ETH) rebounded from the 20-day EMA ($2,019) on November 30, indicating that buyers are actively defending the level.
The bulls will try to push the price up to the overhead resistance of $2,200. This remains a key level to watch in the near term. As buyers push, the ETH/USDT pair completes an ascending triangle pattern. The target price for this bullish setup is $3,400.
The 20-day EMA is an important support level for the bears. A decline below this level would be the first sign that the bulls are losing steam. The pair could then fall to its 50-day SMA ($1,874).
BNB price analysis
BNB (BNB) has been trading within a narrow range between $223 and $239 over the past few days. This shows the uncertainty between bulls and bears.
The bearish 20-day EMA ($234) and RSI in negative territory indicate a bearish trend. Any recovery attempt is likely to result in selling off the 20-day EMA. If the price declines from this level, a drop below $223 becomes more likely. Then a decline to $203 could begin.
Instead, the BNB/USDT pair could rise to $239 if buyers push the price above the 20-day EMA. A close above this level could begin an uptrend towards $265.
XRP Price Analysis
XRP (XRP) has been holding on to the 20-day EMA ($0.61) for the past few days. This means every little dip is being bought. This increases the chances of a break above the 20-day EMA.
If that happens, it would suggest that the advantage is tilted towards the bulls. The XRP/USDT pair may rise to $0.64 and later to $0.67. This level could act as a minor hurdle, but if overcome, the pair could reach $0.74.
Conversely, if buyers fail to push the price above the 20-day EMA, it means that sellers have moved into the resistance level. The pair could then move down to solid support at $0.56.
Solana Price Analysis
The bears sold off the rally to $62 on November 29th and 30th, but were unable to keep Solana (SOL) below $59. This means buying at low levels.
The rising 20-day EMA ($55.66) and the RSI in positive territory indicate that the bulls have the upper hand. This improves the prospects for a rally above $62.10. If that happens, the SOL/USDT pair could reach $68. The bulls will have to defend this level with all their might as a break above this level opens the way for a rise to $100.
The immediate support level to observe a downtrend is the 20-day EMA. If this level is broken, the pair could fall to $51. Bears would need to push the price below this level to initiate a deeper correction.
Cardano Price Analysis
Cardano (ADA) has found support at the 20-day EMA ($0.37), but bulls are struggling to mount a strong rally. This means there is a lack of demand at higher levels.
The price was squeezed between the 20-day EMA and overhead resistance at $0.40. A gradually rising 20-day EMA and RSI above 58 indicate that the bulls have the upper hand. If buyers break the $0.40 overhead resistance, the bullish momentum could strengthen and the ADA/USDT pair could surge to $0.42 and then $0.46.
Conversely, if the price falls below the 20-day EMA, it suggests profit booking for short-term traders. The pair could then fall 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 record profits.
The rising 20-day EMA ($0.08) and RSI above 62 indicate that the bulls still have the upper hand. Buyers will try to push the price up to the psychological resistance of $0.10. There is a small hurdle at $0.09, but it is likely to be overcome. Sellers are expected to build strong defenses in the $0.10-$0.11 area.
The 20-day EMA is an important support level to watch out for on the downside. If this level is broken, the DOGE/USDT pair may fall towards the 50-day SMA ($0.07).
Related: 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 the bulls are lacking momentum.
The 20-day EMA continues to gradually rise and the RSI is close to 55, indicating that the bulls have a slight advantage. Buyers will try to push the price above $2.59 and complete the ascending triangle pattern. The target price for this bullish setup is $3.58.
Conversely, a slide below the uptrend line invalidates the bullish triangle pattern. Failure of the bullish setup is a bearish signal, which could drag the TON/USDT pair towards the next major support level at $1.89.
Chainlink Price Analysis
The price of Chainlink (LINK) is under pressure between the 20-day EMA ($14.19) and the overhead resistance of the past few days at $15.40.
A rising 20-day EMA and RSI in positive territory indicate that the path of least resistance is to the upside. If buyers overcome the $15.40 barrier, the LINK/USDT pair could rise to $16.60 and then surge to $18.30.
The first sign of weakness would be a breakout and close below the 20-day EMA. A decline could then begin towards the 61.8% Fibonacci retracement level of $12.83. This level is likely to induce aggressive buying by the bulls.
Avalanche Price Analysis
Buyers pushed Avalanche (AVAX) above the $22 resistance level on December 1, indicating strong demand at higher levels.
If the price closes above $22, the likelihood of a rally increases to $24.69. Sellers are expected to put up a strong defense at this level, as a break above this level could open the door for a rally up to $28.50.
If we want to stop the downtrend, we need to quickly pull the AVAX/USDT pair below the 20-day EMA ($19.80). This could cause several short-term traders to stop and push the price down to $18.90.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.