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Bitcoin (Bitcoin) And ether (Ethereum) Has retreated from their respective upper resistance levels, indicating that the bears continue to sell on rallies.
New research in Australia It shows that the Ethereum Improvement Proposal (EIP) 1559 upgrade has turned Ethereum into a better store of value than Bitcoin. The report stated that since EIP-1559, the annual growth rate of Ethereum’s supply was 0.98%, while the growth rate of Bitcoin’s supply was 1.99%.
With the proliferation of irreplaceable tokens, decentralized finance, and Metaverse-related altcoins, the demand for ether has been on the rise.Multiple analysts Still optimistic about ether And it is expected to rebound to the range between US$6,000 and US$10,000.
On-chain analysis company Glassnode said that the derivatives market and the high holdings of long-term holders Selling may prolong Bitcoin’s decline“The leverage of open positions in options and futures reaches or hits record highs” may cause shocks.
Can the Bitcoin correction pull down the entire crypto industry? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin/USD
On November 30 and December 1, the bulls were unable to maintain the price of Bitcoin above the 20-day exponential moving average (EMA) ($57,905). This shows that the bears are vigorously defending the 20-day EMA.
The bears will now try to sink and maintain the price below the 100-day simple moving average (SMA) ($54,485) and the intraday low of $53,256.64 on November 28. If they succeed, the BTC/USDT pair may fall to the critical psychological support level of $50,000.
This is an important support to watch because if it collapses, the sell-off may increase momentum and the currency pair may fall to $40,000. The downward sloping 20-day EMA and the negative zone relative strength index (RSI) indicate that the path of least resistance is to the downside.
Contrary to this assumption, if the price rebounds from the 100-day moving average and rises above the 20-day moving average, it indicates accumulation at a lower level. Then the currency pair may rise to the 50-day moving average (60,750 USD).
Ethereum/USDT
Ether dropped from US$4,778.75 on December 1, indicating that the bears are actively defending the all-time high of US$4,868. The price fell back to the 50-day moving average ($4,319) on December 3.
If the price rebounds from the current level, it indicates that the market sentiment is still optimistic and traders are buying on dips. Then the bulls will try again to push the price above $4,868.
If they succeed, the ETH/USDT currency pair may resume its upward trend, with the next target of 5,796 USD. Conversely, if the price drops below the 50-day moving average, it indicates that traders may be leaving the market in a hurry. The currency pair may then fall to the strong support level of 3,900 USD.
BNB/USDT
The bulls are again trying to push Binance Coin (Bitcoin) Was higher than the upper resistance level of $669.30 on December 1, but failed. This shows that the bears continue to pose serious challenges at a higher level.
The 20-day moving average ($602) is flattening, and the RSI is close to the midpoint, indicating that there may be range fluctuations in the near future.
If the price falls below the 20-day moving average, the BNB/USDT pair may fall to the 50-day moving average ($564). This is an important level for the bulls to defend, as a break below this level may pull the price down to the 100-day moving average ($494).
Conversely, if the price rises from the current level or the 50-day moving average, the bulls will try to push the currency pair above the $669.30 to $691.80 resistance zone.
Sol/USDT
Solana (Sol) Broke and closed above the resistance line of the symmetrical triangle on December 1, but the bulls were unable to maintain a higher level. The bears pulled the price back to the triangle on December 3.
If the price rebounds from the 20-day moving average ($215), the bulls will try again to start the rise by pushing the SOL/USDT pair to the upper resistance level of $243.12.
Contrary to this assumption, if the price falls below the 50-day moving average ($210), it indicates that the recent breakthrough of the resistance line may be a bull trap. The bears will then try to sink the price below the support line of the triangle.
Breaking and closing below the 100-day moving average ($178) may start a deeper correction, which may reach $140.
ADA/USDT
Cardano (Have) Rebounded sharply on December 2, but hit a wall at the 20-day moving average ($1.72). The failure of the bulls to clear overhead obstacles may have attracted a lot of selling from the bears.
Sellers will now try to push the price down to the strong support zone of US$1.50 to US$1.41. This is an important support that bears need to defend, because if it breaks, the sell-off may accelerate and the ADA/USDT currency pair may begin to fall to the US dollar.
Contrary to this assumption, if the price rises from the support zone, it means buying at a lower level. Then the bulls will try again to push the price above the 20-day moving average. If this happens, the currency pair may rebound to the 50-day moving average ($1.94).
Ripple/USDT
Ripples (Ripple) Failure to break through and maintain above the psychological level of 1 USD indicates that the bears are actively selling during a small rebound. The price has fallen and the bears will now try to pull the price to the strong support level of $0.85.
The downward sloping 20-day EMA ($1.02) and RSI below 37 indicate that sellers are in control. If the bears fall and the price stays below 0.85 USD, the XRP/USDT pair may plunge to the next support level of 0.70 USD.
On the other hand, if the price recovers from the current level or the USD 0.85 support level and breaks the 20-day moving average, it indicates that selling pressure may be easing. Then the currency pair may rise to the 50-day moving average (1.09 USD).
DOT / USDT
Polkadot (DOT) retreated from the breakdown level of the H&S pattern at $38.70 on November 30 and fell below the 100-day moving average ($37). The bears are now trying to pull the price to the strong support level of $32.21.
If this level breaks, selling may intensify, and the DOT/USDT pair may plunge to the next support level of $26. The downward sloping 20-day moving average ($39) and RSI in the negative zone indicate that bears have the upper hand.
Conversely, if the price rebounds from the current level and breaks through the 20-day moving average, it indicates that the market has rejected the lower level. This may trap a few aggressive shorts and lead to short covering. The currency pair may then rise to the 50-day moving average (43 USD), and then to 47.50 USD.
related: Saxo Bank predicts that NFT music platform will disrupt Spotify in 2022
Dogecoin/USDT
The bulls have repeatedly failed to promote Dogecoin (dog) Has been above the 20-day moving average ($0.22) in the past few days, which indicates that market sentiment is still negative and bears are selling at rallies.
The 20-day moving average is sloping downward and the RSI is below 36, indicating that the path of least resistance is downward. If the bears drop the price below $0.19, the DOGE/USDT pair may fall to the key support level of $0.15.
On the other hand, if the price rebounds from the current level or rebounds from $0.19 and breaks the 20-day moving average, it indicates that there is strong accumulation at a lower level. Then the currency pair may rebound to the 50-day moving average ($0.24).
Moon/USDT
Terra’s LUNA token broke through the moving average on November 28 and gained momentum. Strong buying by bulls pushed prices to a record high on November 30, indicating that the upward trend has resumed.
The failure of the bears to stop the rise in the resistance line indicates that the bulls are actively buying. If the price stays above the channel, the LUNA/USDT currency pair may rebound to $85.07.
Conversely, if the price falls and returns to the channel, it indicates that the trader is booking profits at a higher level. Then the currency pair may fall to the 20-day moving average ($51).
If the price rebounds from this level, it indicates that the market sentiment is still optimistic, and a break of the 20-day moving average may pull the price down to the support line of the channel.
AVAX / USDT
Avalanche (AVAX) fell back from the 61.8% Fibonacci retracement level to $129.26 on December 1. This may prompt traders to take profit, thereby pulling the price below the 20-day moving average ($109) on December 2.
The flat 20-day EMA and RSI near the midpoint indicate that supply and demand are in balance.
If the bulls push and maintain the price back above the 20-day moving average, the AVAX/USDT currency pair may rebound to US$129.26. A break and close above this level may open the door for a retest of the all-time high of $147.
Or, if the price fails to maintain above the 20-day moving average, it indicates that traders are selling in a small rebound. The bears will then try to drive the price below the psychological support level of $100. If this happens, the currency pair may fall to the 50-day moving average (87 USD).
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.
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