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12/29/2023

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Price Analysis December 29th – BTC, SOL, ETH, BNB, XRP, and ADA - Herald Sheets

Bitcoin has continued to hang on to the gains it recorded at the start of the month, suggesting that the bulls are buying every dip. Further, investors have kept channeling money into Bitcoin funds in December, according to data from CoinShares, which shows that $87 million worth of inflows was posted last week.

Price Analysis December 29th – BTC, SOL, ETH, BNB, XRP, and ADA - Herald Sheets
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Bitcoin has continued to hang on to the gains it recorded at the start of the month, suggesting that the bulls are buying every dip. Further, investors have kept channeling money into Bitcoin funds in December, according to data from CoinShares, which shows that $87 million worth of inflows was posted last week.

The data also shows that investors have injected $1.3 billion into cryptocurrency ETFs and ETPs this month and in November. The total inflows made in these investment products this year now stand at $1.65 billion.

Meanwhile, investors are still accumulating BTC ahead of the anticipated approval of Bitcoin spot ETF next month. Earlier this week, Business Intelligence company MicroStrategy bought 14,620 BTC at $42,100 per coin, raising its Bitcoin holding to 189,150.

That said, it is time to explore the charts of leading crypto assets to determine which direction looks more likely for their prices to head toward in the next few days.

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Bitcoin Price Analysis

BTC is still trading between the 20-day EMA (Exponential Moving Average) of $42,516 and the $44,781 resistance level. However, the bulls appear to be building momentum for the next leg of the Bitcoin rally, given that an ascending triangle pattern has been formed on the price chart, indicating an uptrend. If Bitcoin crosses above $44,781, it may rally to $49,079.

Conversely, if BTC’s price plummets below $42,516, the bears could pull the coin to the 50-day SMA (Simple Moving Average) of $40,101 and then to the support at $37,982.

Ethereum Price Analysis

Ethereum bulls have kept the token above the breakout level of $2,202.78 over the past seven days. This is a positive sign, which shows that the bullish momentum is still alive. ETH is now changing hands for $2,371.89. This price means the token has yet to break above the descending channel visible on the price chart. If the buyers thrust Ethereum above that channel, the crypto asset could grow toward the $2,401.73 resistance level. A price above this mark makes a rally to $3,001.78 possible.

On the other hand, if Ethereum’s price gets dragged below $2,202.78, we may witness a deep correction to the support at $1,981.72.

Solana Price Analysis

Solana has seen a massive uptrend over the past few days, with the bulls easily clearing the resistance at $100. They managed to push the crypto asset to $126.09 on Christmas day before it fell to $109.32 as of this writing. SOL has been under selling pressure in the past three days, but the bulls have protected the support at $103.87 with all their might. If they push Solana above $126.09, it may rise to retest the $150.28 resistance level.

BNB bounced off from the 20-day Exponential Moving Average of $262.19 on December 25 and has continued to rally ever since, reaching $320 at press time. Let’s now watch what happens at $333.29. If the bulls clear this hurdle, BNB bulls will target $350.54. However, in the case the crypto asset reaches $333.29 and reverses, we anticipate a correction to $292.98. If the bulls don’t protect this level, a dip to $262.19 will be likely.

XRP Price Analysis

XRP has yet to break out of the $0.5609296 and the $0.6738907 range, suggesting a balance in demand and supply. And with the Relative Strength Index at midpoint, it is likely that XRP will be stuck in the current range for a while. But if the token breaks above $0.6738907, it might rise to $0.7430086, where strong resistance is expected. On the downside, XRP could find support at $0.4790894 if it breaks below $0.5609296.

Cardano Price Analysis

Like XRP, ADA is also consolidating. However, the Relative Strength Index (59.70) suggests bulls have the upper hand. If they propel Cardano above $0.6390272, the token might rise to $0.6927870 and then to $0.8012737. Conversely, a break below $0.6023336 would mean the bears are still active in the market. ADA could then collapse to the $0.4792702 support level.

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