BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin (Bitcoin) In the first few days of the new year, the price trend stabilized and continued to weaken below the psychological level of $50,000. The Crypto Fear and Greed Index is in the fear zone, and its value is 29/100.

Representation of on-chain analysis resource Ecoinometrics Extreme fear rarely exists In the long run, this means “limited downside space for 30 days.”

Bitcoin continues to gain support from all quarters.Wharton Finance Professor Jeremy Siegel said in an interview with CNBC Bitcoin has replaced gold as an inflation hedge In the minds of millennials.

Daily cryptocurrency market performance. source: Currency 360

Savvy investors have been turning to Bitcoin to protect their investment portfolios from the possible devaluation of fiat currencies.Hungarian-born billionaire Thomas Peterfi advocates putting 2% to 3% of the cryptocurrency portfolio Just in case the fiat currency “goes to hell”.

Can Bitcoin get rid of range fluctuations and start trending? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin/USD

Bitcoin’s failure to break the 20-day exponential moving average (EMA) ($48,449) indicates that the shorts are selling every time they rebound slightly. Both moving averages are sloping downward, and the relative strength index (RSI) is in the negative zone, indicating that bears are dominant.

BTC/USDT daily chart. Source: TradingView

The bears will now try to drive the price below the strong support level of $45,456. If they succeed, they will hint at a continued decline. The BTC/USDT currency pair may first fall to the intraday low of 42,000 USD on December 4th. If this level breaks, the next stop may be 40,000 USD. The longer the price stays below the 20-day moving average, the more likely it is to fall.

Conversely, if the price rises and breaks the 20-day moving average, it indicates that the bulls are trying to make a comeback. The currency pair may then rise to the 50-day simple moving average (SMA) ($51,938), which may become a powerful obstacle. If the bulls push the price above this level, it indicates that the trend may change. Then, the currency pair can start to rise to 60,000 USD.

Ethereum/USDT

Ether (Ethereum) The rebound from US$3,643.73 to US$3,503.68 has reached the 20-day moving average (US$3,899), and bears are facing severe challenges.

ETH/USDT daily chart. Source: TradingView

The gradually downward sloping moving average and negative RSI indicate that bears have the upper hand.

If the price continues to fall, the bears will try again to pull the ETH/USDT pair below the support zone. If they manage to do this, the currency pair may start to fall to $3,270 and then $2,800.

Conversely, if the bulls push the price above the moving average, it indicates that the correction phase may be over.Then the currency pair may rebound to 4,488 USD

BNB/USDT

Binance Coin (Bitcoin) Rebounded from the strong support of US$500 and reached the 20-day moving average (US$536), where recovery faced resistance. Both moving averages are falling and the RSI is in the negative zone, which indicates that the bears have a slight advantage.

Daily chart of BNB/USDT. Source: TradingView

If the bulls push the price above the 20-day moving average, the BNB/USDT pair may rise to the upper resistance at $575. This level may again act as rigid resistance. If the price falls from this level, the currency pair may remain in the range of $500 to $575 for a few more days.

Conversely, if the price drops from the 20-day EMA, the bears will try again to drop the currency pair below $500. If they manage to do this, the sell-off may intensify, and the currency pair may start a new downtrend to $450.

Sol/USDT

Solana (Sol) The past few days have been trading between $167.88 and the 20-day moving average ($180), but this narrow trading is unlikely to last for a long time.

SOL/USDT daily chart. Source: TradingView

Both moving averages are falling, and the RSI is in the negative zone, indicating that the bears are in control. If the seller pulls the price below US$167.88, the SOL/USDT currency pair may fall to US$148.04 and then to US$120.

Conversely, if the bulls push the price above the 20-day moving average, the currency pair may rise to $204.75. This level may act as resistance again, but if the bulls overcome this obstacle, the currency pair may rise to the resistance line of the descending wedge.

ADA/USDT

Cardano (have) The past few days have been close to the 20-day moving average ($1.37), which indicates that there is a deadlock between the bulls and the bears.

ADA/USDT daily chart. Source: TradingView

If the bulls push the price above the 20-day moving average, the ADA/USDT pair may rise to the upper resistance at $1.59. Breaking and closing above this level may push the currency pair to the resistance line of the descending channel.

The bulls will have to push the price higher and maintain it above the channel to indicate that the downtrend may end. Conversely, if the price falls from the current level, the bears will try again to pull the currency pair below $1.18 and retest the key support level of $1.

Ripple/USDT

Ripple (Ripple) Rebounded from $0.80, but the bulls are trying to push the price above the 20-day moving average ($0.87). This shows that market sentiment is still negative and traders are selling on rallies.

XRP/USDT daily chart. Source: TradingView

If the price continues to fall, the bears will try to pull the XRP/USDT pair to the strong support level of $0.75. If this level breaks, the currency pair may start the next downtrend to $0.60.

Conversely, if the price rises above the moving average, the currency pair may rebound to $1. This level may become a strong resistance, and if the price falls from this level, the currency pair may remain range-bound for a few days.

A break and close above 1 USD may indicate that the downtrend may end. Then the currency pair may start to march towards 1.41 USD.

Moon/USDT

Terra’s Luna The token is on an upward trend. Both moving averages are sloping upwards and the RSI is in the positive zone, indicating that the bulls have the upper hand.

LUNA/USDT daily chart. Source: TradingView

The bulls are trying to push the price above the small resistance level of $93.81. If the price stays above this level, the LUNA/USDT currency pair may retest the all-time high of 103.60 USD. A break and close above this level may herald the resumption of the uptrend.

The currency pair may first rebound to 135.26 US dollars and then reach 150 US dollars. Contrary to this assumption, if the price falls from the current level and breaks below the 20-day moving average ($83), it may herald the beginning of a deeper correction to the 50-day moving average ($66).

related: As the U.S. dollar soared dampening the price performance of BTC, Bitcoin fell below $47,000

AVAX / USDT

Avalanche (AVAX) Rebounded from the $98 support level and rose above the moving average on December 31, but the bulls failed to break the downtrend line. This shows that the bears are vigorously defending this level.

AVAX/USDT daily chart. Source: TradingView

If the bears pull the price below the moving average, the AVAX/USDT currency pair may fall to 98 US dollars. A break below this level may open the door to a possible fall to $75.50.

Conversely, if the price rebounds from the moving average, it indicates that market sentiment has turned positive and traders are buying on dips. This will improve the prospects of breaking the downtrend line.

Then the currency pair may rise to $128. Breaking and closing above this level can complete the reverse head and shoulders pattern, with a target of $177.50.

DOT / USDT

polka dot(point) Rose above the 20-day moving average ($28) on January 2. The bulls will now try to clear the upper resistance zone of $31.49 to $32.78.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA is flat and the RSI has jumped to the positive zone, indicating that buyers are trying to make a comeback. If the bulls push the price above US$32.78, the DOT/USDT pair may rise to US$40.

If the price drops from the upper zone, it indicates that the currency pair may consolidate between $22.66 and $31.49 for a few days. The bears must pull the price down and maintain it below $22.66 to start the next downtrend.

Dogecoin/USDT

Dogecoin (dog) Rebounded to the 20-day moving average (US$0.17) and is facing strong resistance from the bears. The moving average continues to slope downward, and the RSI is in the negative zone, indicating that the bears are in control.

DOGE/USDT daily chart. Source: TradingView

The seller will now try to lower the price to $0.15. If the price rebounds from this level, the bulls will try again to push the DOGE/USDT pair above the 20-day moving average. If they do, the currency pair may rise to the overhead resistance of $0.19.

A break and close above $0.19 will be the first sign that the bulls are returning to the game. The currency pair may first rebound to US$0.22 and then to US$0.24.

Or, if the price plunges below $0.15, the downward trend may resume. The currency pair may fall to US$0.13 and then to the psychological level of US$0.10.

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Market data by Bitcoin exchange.