Analyst Rakesh Upadhyay’s current forecasts for BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT and DOGE cryptocoin.com‘in. Bitcoin and most major altcoins have risen above immediate resistance levels, raising the possibility of a short-term rally. Bitcoin is back above the psychological $50,000 level. Is the current recovery in crypto markets the start of a new uptrend? Let’s take a look at the top 10 cryptocurrency predictions to find out.
DOGE, BTC AVAX and others
BTC/USDT. Bitcoin broke and closed above the 20-day exponential moving average (EMA) ($49,720) on Dec. This indicates that sellers may lose control. The flattening of the 20-day EMA and the relative strength index (RSI) near the midpoint indicate a possible change in the short-term trend. The recovery could extend to the 38.2% Fibonacci retracement level from the $52,314 low and then the 50% retracement level from the $55,560 high. The bears are likely to build strong resistance in this area. According to the analyst, if buyers push the price above $55,560, the BTC/USDT pair could rally to the 61.8% Fibonacci retracement level at $58,686.
ETH/USDT. Ether broke above the descending channel and the 20-day EMA ($4,060) on Dec. 23 and closed; this is the first indication that the correction may be coming to an end. If buyers sustain the price above the 20-day EMA, the bullish momentum could increase and the ETH/USDT pair could rally to $4,488. This level could act as a strong resistance again, but if the bulls push the price above it, the pair could retest the all-time high of $4,868. The 20-day EMA is flattening and the RSI is near the midpoint, indicating that the bulls are attempting a reversal. However, if the price drops and returns to the channel, it will indicate that the current breakout is a bull trap. The pair could decline to $3,643.73 later.
BNB/USDT. Binance Coin (BNB) has recovered to the downtrend line which could act as a strong resistance. If the price drops from the current level, it will indicate that traders continue to sell in the rallies. The bears will now try to push the price into the strong support zone from $500 to $489.20. If this zone breaks down, the decline could extend to the 200-day SMA ($439), where buyers can step in and provide support. Buyers will then look to continue the bullish move that could face resistance at $575 and then $617.
SOL/USDT. After trading close to the 20-day EMA ($184) for the past few days, Solana (SOL) broke resistance and closed on Dec. The 20-day EMA has flattened out and the RSI is near the midpoint, suggesting a balance between supply and demand. This balance will turn in favor of the bulls if the price continues above the 20-day EMA. According to the analyst, the SOL/USDT pair could rally to $204.10 and then to $240. Conversely, if the price declines and dips below $168.49, it indicates that the bears are continuing to sell on rallies.
ADA/USDT. Cardano (ADA) broke above the 20-day EMA ($1.37) on Dec. 23, indicating that buyers are attempting to bounce back. According to the analyst, the bears are unlikely to give up easily and will try to push the price below the 20-day EMA. If they are successful, it will show that the mood will remain negative and traders are selling in the rallies. The ADA/USDT pair could decline to strong support at $1.18 later. A break and close below this level could bring the pair down to $1. The bulls will then try to push the price towards the overhead resistance at $1.87.
XRP/USDT. Ripple (XRP) broke and closed above the 200-day SMA ($0.94) on Dec. 22, indicating that sellers may be losing control. The bears are currently trying to stop the recovery near the psychological mark at $1. If the bulls are not allowing the price to drop below the moving average, it will indicate that the traders are buying the dips. This will increase the probability of a break above $1. If this happens, the XRP/USDT pair could rally to $1.20 and then reach the hard overhead resistance at $1.41.
LUNA/USDT. Terra’s LUNA token dropped from $98.20 on Dec. 22, suggesting that the bears are holding the psychological resistance at $100. However, the bulls had other plans as they bought the dip and continued the upward move on December 23. The ascending 20-day EMA ($74) and the RSI in the overbought zone show the buyers advantage. If the bulls sustain the price above $100, the LUNA/USDT pair could start the next leg of the uptrend. According to the analyst, selling could intensify if the price drops below the 20-day EMA. The pair could drop to $50 later.
Will the AVAX storm last?
AVAX/USDT. Avalanche (AVAX) is facing resistance in the region between the 61.8% Fibonacci retracement level at $119.69 and the 78.6% retracement level at $131.70. The ascending 20-day EMA ($107) and the RSI in the positive zone suggest the path of least resistance to the upside. According to the analyst, if the bulls push the price above $131.70, the AVAX/USDT pair could retest its all-time high at $147.
DOT/USDT. Polkadot (DOT) rose from the strong support zone to $22.66 on Dec. 20 and the bulls pushed the price above the moving averages on Dec. 23. If buyers sustain the price above the moving averages, the DOT/USDT pair could rally to $31.49, where the bears could face stiff resistance. If the price drops from this level but bounces back from the moving averages, it will suggest a change in sentiment from selling on rallies to buying on dips. This could open the doors for a possible rally to $39.35. This could open the doors for a possible rally to $39.35.
DOGE/USDT. Dogecoin (DOGE)’s recovery from strong support at $0.15 broke above the 20-day EMA ($0.18). This suggests that bears may lose their grip. Buyers will now try to push the price above the overhead resistance at $0.19. If successful, the DOGE/USDT pair could rally to $0.22 and then the 200-day SMA ($0.23). The bears are likely to strongly defend this area. On the other hand, if the price drops from $0.19, the pair could drop back to $0.15 and stay on the border between these two levels for a few more days.
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