Levels to Note for DOGE, BNB, BTC and These 5 Altcoins! – Cryptokoin.com

The crypto market exploded as the US CPI came in below expectations. However, crypto analyst Rakesh Upadhyay warns that a sharp rise in volatility is possible due to the Federal Reserve’s rate hike and Fed chairman Jerome Powell’s speech. Is a Santa Claus rally possible for risky assets? The analyst studies the charts of the largest cryptocurrencies, including Bitcoin and DOGE, to find out.

An overview of the cryptocurrency market

US Consumer Price Index (CPI) data came in below expectations. As a result, there was a festive mood in the market. However, ahead of us stands the Federal Reserve meeting. The outcome of this is likely to affect the cryptocurrency markets in the near term.

Daily cryptocurrency market performance / Source: Coin360

cryptocoin.comAs you follow, some analysts say that Bitcoin (BTC) will fall further before bottoming out. But Arthur Hayes, former CEO of crypto derivatives platform BitMEX, argues that Bitcoin has probably passed the worst phase for this cycle. Hayes says he believes the “biggest most unreliable assets” have largely abandoned their Bitcoins and that “almost anyone who can go bankrupt is bankrupt.” Accordingly, Hayes expects Bitcoin to recover sometime in 2023. Now it’s time for analysis…

BTC, ETH, BNB and XRP analysis

Bitcoin (BTC)

Bitcoin has been stuck between $16,678 and $17,424 for the past few days. This indicates that the bears are holding the overhead resistance at $17,622 and the bulls are buying the minor dips.

Usually narrow gaps are followed by an increase in volatility. However, the direction of the breakout is difficult to predict. Therefore, it is better to wait for the price to drop above resistance or below support before placing directional bets. If the price breaks and rises above the 50-day SMA of $17,911, the advantage shifts in favor of the buyers. It is possible that this could pave the way for a possible rally to the bearish trend line. On the contrary, if the price declines and dips below $16,678, it is possible that a few buyers will have to close their positions. This will likely pull BTC to $15,476.

Ethereum (ETH)

ETH has been oscillating near the 20-day EMA of $1,255 for the past few days. This shows the indecision between the bulls and bears.

DOGE

The horizontal moving averages and relative strength index (RSI) near the midpoint give neither the bulls nor the bears a clear advantage. ETH is likely to trade between $1,218 and $1,309 for a while. The first sign of strength will be a breakout and a close above the 50-day $1,326 SMA. It is possible that this will open the doors for a possible rally to the resistance line of the descending channel. Instead, if the price dips below $1,218, a drop to $1,151 is likely. It is then likely to retest the important support at $1,073.

Binance Coin (BNB)

The bulls have repeatedly failed to push and sustain BNB’s price above the 20-day EMA of $288 over the past few days. The bears have seized this opportunity and are trying to lower the price.

The 20-day EMA has started to decline. Also, the RSI has dropped below 42, suggesting bears dominate. There is a minor support at $275. However, if this level drops, it is possible for BNB to drop to the vital support at $250. Buyers are expected to defend this level and hold the pair between $250 and $300 for a while. The bulls will need to push and sustain the price above $300 to gain the upper hand. BNB is likely to try to rise to $338 later.

Ripple (XRP)

XRP has been trading below the 20-day EMA ($0.39) since Dec. This shows that the bears are holding the level strongly. The price dropped to the close support at $0.37 on Dec. 12.

The 20-day EMA has started to drop gradually and the RSI is approaching 42. This shows that the bears have the advantage. If the $0.37 support is broken, it is possible for the selling to intensify and XRP to drop to $0.33. Another possibility is for the price to bounce off the support at $0.37. If this happens, XRP is likely to rise to the 20-day EMA. If the price breaks down from this resistance once again, the probability of a break below $0.37 increases. However, if the 20-day EMA scales, it is possible for XRP to rise to $0.41.

DOGE, ADA, MATIC and DOT analysis

Dogecoin (DOGE)

DOGE bounced back and broke below the 50-day SMA of $0.09 on Dec. This indicates that the bulls are losing control.

DOGE could drop to $0.08, which could act as a minor support. If DOGE price bounces off this level but fails to rise above the 20-day EMA, it will increase the likelihood of a drop to the critical support at $0.07. On the upside, buyers will have to push DOGE price above the psychological $0.10 level to gain the upper hand. DOGE could rally to $0.11 later. If the buyers break this hurdle, the DOGE could gain momentum and it could rise to the 61.8% Fibonacci retracement level of $0.13.

Cardano (ADA)

ADA continued its downward move and it is close to the vital support at $0.29. The RSI is showing a positive divergence. However, the bulls failed to push the price above the 20-day EMA ($0.31). This suggests that sentiment remains negative and bears are not willing to give up their advantage.

DOGE

If the price breaks below the $0.29 support, it is possible for ADA to start the next leg of the downtrend. It is possible that ADA will fall to the support line later on. This is likely to attract buyers as the price bounced off this level in the previous two occasions. Contrary to this assumption, if the price rebounds from $0.29, the bulls will attempt to push the ADA above the 20-day EMA and the overhead resistance at $0.33. If they manage to do so, it is possible for ADA to rise to the downtrend line.

Polygon (MATIC)

MATIC slipped below the 20-day EMA of $0.90 on Dec. Also, it reached the uptrend line on December 12. Buyers will try to stop the pullback at this level. It will also start a relief rally.

DOGE

If the price bounces back from the current level, the bulls will again attempt to push the MATIC above the overhead resistance of $0.97. If they do, MATIC is likely to rise to $1.05, where the bears will make a strong defense. Conversely, if the price breaks below the uptrend line, a drop to $0.80 and then to $0.76 is possible for MATIC. This is likely to keep MATIC between the key levels of $0.69 and $1.05 for a while.

Polkadot (DOT)

DOT rebounded from the uptrend line on Dec. However, the bulls failed to push the price above the 20-day EMA of $5.40. This shows that sentiment remains negative and traders are selling on rallies.

DOGE

The price declined and broke below the uptrend line on Dec. The bears tried to push the DOT below the critical support, i.e. $5, on Dec. 12. However, the long tail on the candlestick indicates that the bulls are trying to defend the uptrend. If the relief rally breaks above the 20-day EMA, the recovery is likely to accelerate. Thus, DOT is likely to rise to the 50-day SMA of $5.82. However, if the price breaks from the 20-day EMA, the probability of a break below $5 increases. The DOT is likely to drop to $4 later.

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