Striking Predictions for Bitcoin, AVAX and These 8 Altcoins Have Arrived!

Crypto analyst Rakesh Upadhyay notes that most major altcoins, such as Bitcoin and AVAX, are trying to recover from strong support levels, indicating that traders continue to buy on the dips. Can Bitcoin lead to a strong recovery in crypto markets in the new year? The analyst examines the charts of the top 10 cryptocurrencies to find out. We also present Rakesh Upadhyay’s analysis of cryptocurrencies in his own words. cryptocoin.com compiled for our readers.

An overview of the crypto market

Data from Coinglass shows that 9,925 Bitcoins left Coinbase Pro, Coinbase’s professional trading arm, on Dec. 30, a possible sign of an institutional buyout. This contrasts sharply with the strong entries seen on Binance and OKEx. A few analysts believe institutional buying could rally in January. Economist and trader Alex Krüger expects a Bitcoin rally in early January based on funds flows. He also highlights that January produced positive results for Bitcoin between 2018 and 2021, with gains ranging from 7% to 36%.

MicroStrategy continued to accumulate Bitcoin on the dips as investors debated about the next possible direction of the crypto markets. According to a filing with the U.S. Securities and Exchange Commission, the business intelligence firm purchased 1,914 Bitcoins between December 9 and December 29. The latest acquisition increased the company’s holdings to 124,391 Bitcoin.

BTC, ETH, BNB, SOL and ADA analysis

Bitcoin (BTC)

Bitcoin bounced off the $45,456 support and climbed above the 200-day simple moving average (SMA) ($47,826). However, the bulls are likely to face a strong challenge at the 20-day exponential moving average (EMA) ($49,096).

If the price drops from the current level or the 20-day EMA, it will indicate that the bears are selling on every minor rally. This will increase the likelihood of a break below $45,456. If this happens, BTC could drop into the strong support zone between $42,000 and $40,000. The relative strength index (RSI) is forming a possible positive divergence, suggesting that selling pressure may ease. If the bulls push the price above the 20-day EMA, BTC could rally to $51,936.33. A break and close above this resistance could start an upward move towards the 50% Fibonacci retracement level from the $55,000 low and then the 61.8% retracement level from the $58,686 low.

Ethereum (ETH)

Ethereum bounced from the strong support zone at $3,643.73 to $3,503.68. The bulls will now try to push the price towards the 20-day EMA ($3,952) which is an important level to watch out for.

If the price drops from the 20-day EMA, it will indicate that the sentiment remains negative and traders are selling in rallies. The bears will then make another attempt to push the price below the support zone. A break and close below the 200-day SMA ($3,365) could indicate the start of a deeper correction to $2,800. This negative view will be rejected if the price breaks and stays above $4,200. ETH could rally to $4,488 later and $4,868 later.

Binance Coin (BNB)

Binance Coin is trying to bounce off strong support at $500. The recovery will likely face selling at the 20-day EMA ($540). If the price drops from this level, it will indicate that the sentiment will remain negative and that traders are selling in the rallies.

The downward sloping 20-day EMA and RSI in the negative zone suggest bears dominate. A break and close below $500 could intensify the sale and BNB could drop to the 200-day SMA ($445). Contrary to this assumption, if the price rises above the 20-day EMA, the bulls will try to push BNB above $575. If they are successful, BNB could rally to $617 and then to the overhead resistance zone from $669.30 to $691.80.

Left (LEFT)

Solana is trying to bounce off $167.88. The relief rally is likely to face strong selling at the 20-day EMA ($182). The RSI is in the negative territory and the 20-day EMA is gradually falling, indicating that the bears are taking advantage.

If the price declines and dips below the $167.88 support, the SOL could retreat to $148.04. The bulls can try to defend this level, but if the support is broken, the SOL can start its downward journey towards the 200-day SMA ($128). This negative view will be invalidated if the bulls rise above the 20-day EMA and the overhead resistance at $204.75. The LEFT can then rise to the resistance line of the falling wedge pattern. A break and close above this level could clear the way for a retest of $259.90 ATH.

Cardano (ADA)

Cardano broke and closed below the 20-day EMA ($1.38) on Dec. 29, but the buyers haven’t given up yet. They are trying to push the price above the 20-day EMA.

If they are successful, ADA could rise to the resistance line of the descending channel. The bears are likely to defend this level aggressively. If the price drops below the resistance line, the pair could extend its stay inside the channel for a few more days. A break and close above the channel will be the first indication of a possible change in trend. Conversely, ADA could drop to $1.18 if the price drops from the current level. This is an important level to watch out for because if it breaks, ADA could drop to $1.

XRP, LUNA, AVAX, DOT and DOGE analysis

Ripple (XRP)

Ripple is tied in a range between $1 and $0.75. The price bounced off $0.80 on Dec. 30 and the bulls will now try to push the price above the 20-day EMA ($0.88).

Terra (Luna)

LUNA bounced off the 20-day EMA ($81) on Dec. 30, indicating that sentiment is positive and traders are buying on the dips.

Avalanche (AVAX)

AVAX bounced off the minor support at $98 on Dec. 30 and the bulls are now trying to push the price above the 20-day EMA ($107).

If successful, AVAX could rally to the downtrend line where the bears might be facing stiff resistance. A break and close above this level will be the first sign that the correction may be over. AVAX could then rise to $128. If the bulls push the price above this resistance, it will complete the reversal head and shoulders pattern. AVAX could retest its ATH of $147 first and then attempt a rally to its pattern target at $177.50. Conversely, if the price breaks from the 20-day EMA and pulls below $98, AVAX could slide back to $75.50.

Polkadot (DOT)

Polkadot broke below the 20-day EMA ($28) on Dec. 28 and the bears successfully fend off attempts by the bulls to push the price back above the moving averages.

Dogecoin (DOGE)

Dogecoin fell below the 20-day EMA ($0.17) on Dec. 28, but the bears failed to challenge the main support at $0.15. This indicates that sales are drying up at lower levels.

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