Key Insights
- Bitcoin is consolidating between $90,000 and $100,000, with its future direction heavily influenced by whether it breaks above $100,000 or falls below $90,000
- Ethereum currently trades around $3,400 and is retesting a key trendline. A rebound could drive it upward, but a break below $3,000 may lead to a further decline.
- XRP is trading in a bullish pennant on the 4-hour chart and could break toward $5.
- Coins like Solana, BNB, and Cardano are poised for rebounds. Solana is targeting $260, BNB is aiming for $1,000, and Cardano is looking to reclaim the $1 mark.
- Memecoins like Shiba Inu and Dogecoin rely on broader market sentiment but are the most poised for new ATHs
The crypto market is currently in a consolidation phase, with Bitcoin trying to maintain its position between $90,000 and $100,000 .
Naturally, the rest of the market has followed suit, with prices ranging as Bitcoin struggles to find its footing.
Here are some insights as to what some of the biggest cryptocurrencies on the market have been up to lately, including Bitcoin, Ethereum, XRP, and much more:
Bitcoin
According to the charts, Bitcoin is overall bullish in the long term, with a price around the $95,000 mark as of writing.
The cryptocurrency has been consolidating since hitting its $108,300 high in mid-December.
Bitcoin trades above its short-term moving averages, including the 7 and 9-day indicators.
However, as shown above, the $90,000 mark remains a crucial point for the cryptocurrency.
If the bears successfully pull the cryptocurrency below this price level and cause a price closure underneath, Bitcoin could enter a freefall and possibly retest its 200-day moving average of around $71,000.
However, a break above the $100,000 mark could invalidate this outlook, causing another stretch toward the next resistance point around $125,000.
Ethereum
Ethereum is trading at the $3,400 price level at the time of writing after declining from as high as the $4,100 zone.
The cryptocurrency reached this high after breaking out of the descending channel pictured below.
What is happening now with Ethereum is a retest of this formation’s upper trendline.
According to the charts, Ethereum has a good chance of rebounding from this price level and rocketing upwards soon.
However, the bears win if they successfully cause a break below the closest support around the $3,000 mark, which held Ethereum up between 14 and 20 November.
XRP
XRP is forming a bullish pennant in the 4-hour timeframe and could be on its way to another price explosion.
The cryptocurrency’s initial price explosion towards the $2.9 price level came after a breakout above the $0.55 price.
The only downside to XRP’s current price action is that there are no indications of when the breakout is expected to happen.
However, when it does happen, it is bound to push XRP towards the upside and cause a break towards the $5 mark at least.
Solana
According to the charts, Solana is consolidating around the $175 – $200 price level, with the bulls trying to prevent a complete break below.
The cryptocurrency should finish consolidating around this range on the lower time frames soon and kick off a rebound towards the $260 zone.
This zone happens to be Solana’s previous all-time high and could be the key to a $300 pricing in the first quarter of 2025.
Investors must watch out for what happens around the $175 price level, though. A break below would result in a retest of the cryptocurrency’s 200-day SMA around $168 or even lower.
BNB
BNB is trading in a very clear ascending triangle, as illustrated below.
The cryptocurrency appears poised to break above its primary resistance around the $725 price level soon.
Of course, this could result in a rally targeting the next psychological resistance for the cryptocurrency around $1,000.
According to the RSI on the daily chart, BNB currently trades on neutral ground, which means that neither bulls or bears are notably stronger than the other at the moment.
However, investors should watch out for the $725 resistance and possible breaks and closes above.
If the bears successfully bring BNB below the $618 price level, however, a retest of its 200-day SMA around $588 will inevitably occur.
Dogecoin (DOGE)
According to the charts, Dogecoin broke below a symmetric triangle on the 4-hour chart, with Bitcoin’s decline further below the $100,000 mark.
This indicates that the bears were especially strong in the final week of December 2024.
However, the cryptocurrency appears to be in the process of recovery and is making its way back upwards, preventing a break below the $0.3 price level.
The cryptocurrency currently trades at around $0.32 at the time of writing, but it must avoid breaking below the $0.26 price level, which happened to be its low in the last dip.
The cryptocurrency now appears to be targeting its 200-day EMA around the $0.38 price level, which could usher in another rally toward $0.45 or higher.
Cardano
Cardano is doing very well for itself above the $0.8891 price level, as illustrated below.
Like most of the others on this list, the cryptocurrency is trading underneath its 200-day SMA.
This means that the bulls have a clear-cut target, the psychological $1 mark.
As long as Cardano remains above the $0.76 mark in the future, the cryptocurrency is expected to rebound and retake the $1 mark before targeting the $1.5 mark again.
Avalanche
Avalanche crashed alongside the rest of the market on 20 December but quickly recovered once again.
This recovery has been so strong that the cryptocurrency is already forming a small ascending trendline on the 4-hour chart.
This trend also aligns well with the cryptocurrency’s 200-period SMA in the 4-hour timeframe.
In essence, the Avalanche is considering a possible rebound from its slump, with this SMA around $45 being its first hurdle.
If this rebound comes into full gear, Avalanche could surpass its previous local high of $55 and target the $75 price level.
Chainlink
Chainlink bears many similarities to Cardano in terms of price action, but it is also trading atop an ascending trendline, as illustrated.
The cryptocurrency is now attempting to establish itself above the $22 price level and, if successful, could be on its way to a rebound.
This means that Chainlink will likely reattempt a retest and break above the psychological $30 zone soon.
However, the cryptocurrency appears dependent on general market conditions and could need a slight push from Bitcoin to force this rebound.
Shiba Inu
Shiba Inu is trading nicely atop an ascending trendline and is supported conveniently by the 200-day SMA, as shown.
Shiba Inu, being a memecoin, depends mainly on general market sentiment to effect a rebound from this trendline, as shown.
However, the cryptocurrency remains one of the most poised (alongside Dogecoin) to create a new all-time high if market conditions align perfectly.
Investors only need to watch and make sure that any breaks below the $0.00001853 zone do not occur.
⚠️ Disclaimer:
Crypto Land is an impartial marketing and educational platform, not a financial advice service. Therefore any content provided, hosted, or expressed by Crypto Land does not constitute financial advice or recommendation, and as such Crypto Land will not be liable for any losses incurred during trading or investing.
This article aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
Leave a Reply