Predictions for BTC, DOGE, LUNA, AVAX and 6 Altcoins from Analyst!

According to crypto analyst Rakesh Upadhyay, most major altcoins including Bitcoin and Dogecoin (DOGE) are trying to recover but are likely to face strong resistance at higher levels. The analyst is examining the charts of the top 10 cryptocurrencies to find out if Bitcoin can start a strong recovery and push the crypto market higher after the latest shock. we too cryptocoin.com We have compiled Rakesh Upadhyay’s analysis for our readers.

An overview of the crypto market

Bitcoin (BTC) is trying to extend its recovery by breaking above the psychological level of $50,000, but several popular analysts believe that BTC could remain range-bound for several weeks or even months. Meanwhile, on-chain analytics firm CryptoQuant says Bitcoin whales are still depositing BTC on exchanges. The analyst states that this simply indicates that the whales are ready to react in a short time, depending on which path the price chooses.

The sharp correction of the last few days pushed the Crypto Fear and Greed Index to 16, which indicates the feeling of “extreme fear”. Some believe the current drop is similar to the March 2020 crash. However, CoinCorner CEO Danny Scott says that Bitcoin’s decline is not due to sentimentality, but to the liquidation of positions by gamblers. According to Danny Scott, the sentiment is “still pretty bullish.”

Here are the top 10 cryptocurrencies analysis by crypto analyst Rakesh Upadhyay:

BTC, ETH, BNB, SOL and ADA analysis

Bitcoin (BTC)

Bitcoin dropped below the uptrend line and psychological support at $50,000. This may have caused panic selling by traders. Although the bulls are buying the dip aggressively, they are struggling to push the price above $50,000.

The falling 20-day exponential moving average (EMA) ($55,551) and the relative strength index (RSI) near the oversold zone suggest bears dominate. Sellers will try to turn the uptrend into resistance. If this happens, the bears will again try to drop BTC into the strong support zone between $42,000 and $39,600.

Alternatively, if the bulls push the price above the bullish line, BTC could rise to the 20-day EMA. This is an important level to watch out for, as a break and close above this will be the first sign that the bears have lost control. BTC could later rise to the overhead resistance at $61,000.

Ethereum (ETH)

Ethereum (ETH) fell below the 100-day simple moving average (SMA) ($3,873) on Dec. 4, but the bears were unable to sustain lower levels. This shows that traders are piling up on the dips.

The recovery attempt is facing stiff resistance near $4,250. The bears tried to push the price back below the $3,900 support on Dec. 6, but the long tail on the candlestick indicates that the bulls are holding the level.

If buyers push and sustain the price above the 20-day EMA ($4,315), ETH could rally to the overhead resistance at $4,868. A break and close above this resistance will indicate a resumption of the uptrend. On the contrary, if the price breaks from the 20-day EMA, the bears will make another attempt to break and sustain the pair below the 100-day SMA. If they are successful, ETH could drop to $3,400.

Binance Coin (BNB)

Binance Coin (BNB) broke below the 20-day EMA ($592) on Dec. This was followed by a sharp sell-off on December 4 that drove the price to the 100-day SMA ($496). BNB could be stuck between the moving averages if the price drops from overhead resistance.

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Solana (SOL) returned on December 3 and re-entered the triangle. This could trap the aggressive bulls who bought the exit of the triangle on December 1 and 2. Selling gained momentum after the SOL broke and closed below the 20-day EMA ($209).

Cardano (ADA)

Cardano (ADA) bounced back from the 20-day EMA ($1.63) on Dec. This shows that sentiment is negative and traders are selling on rallies. Selling intensified on Dec. 4 and ADA dropped to $1.18. Although the bulls bought this dip, they failed to sustain the recovery. This indicates that demand is drying up at higher levels.

XRP, DOT, DOGE, LUNA and AVAX analysis

Ripple (XRP)

Ripple (XRP) broke below strong support at $0.85 on Dec. 4 and dropped to an intraday low of $0.60. Aggressive buying at the lower levels aided a strong recovery, as seen by the long tail on the day’s candlestick.

Polkadot (DOT)

Polkadot (DOT) broke below the strong support at $32.21 on Dec. 4 and dropped to the next critical level at $25. Although the bulls defend this support, the weak recovery indicates a lack of aggressive buying at the higher levels.

Dogecoin (DOGE)

Dogecoin (DOGE) fell below the critical support at $0.15 on Dec. 4, but as seen from the long tail on the candlestick, the bulls bought this drop. The failure of buyers to push the price towards the overhead resistance at $0.19 points to a lack of demand at higher levels.

The bears are trying to push the price below $0.15 on Dec. If this support is broken, selling could intensify and the DOGE could drop to $0.13 and then the psychological $0.10 support. Conversely, if the price bounces back from the current level, it indicates that the bulls are aggressively defending the $0.15 support. DOGE could later rise to the overhead resistance at $0.19. A break and close above this level and the 20-day EMA ($0.20) will indicate a possible trend reversal.

Terra (Luna)

Terra (LUNA) was quite volatile on Dec. 4, but the strong close of the day indicates the bulls are on top. However, buyers failed to sustain the momentum and resulted in a profit booking on December 5.

Avalanche (AVAX)

Avalanche (AVAX) fell sharply on December 4 and dropped to strong support at $81. The bulls bought this dip, but the weak bounce indicates a lack of demand at the higher levels.

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