Bitcoin plunged below $95,000 on Monday but did not stay at lower levels for long as large buyers bought the dip. Among the whales who made significant purchases were crypto mining firm MARA Holdings and tech company MicroStrategy.
Despite increased buying activity, BTC hasn’t come close to its all-time high of $99,653. However, analysts remain optimistic that the coin will mirror its last month’s performance and cross $100k before December 31st. 10x Research founder Markus Thielen said yesterday that Bitcoin could rally 28% or more this month as it has done in the previous halving years.
Like other crypto experts, Thielen says retail investors are likely to enter the market after the $100,000 barrier is breached. Similarly, Capriole Investments CEO Charles Edwards claims a retail-driven rally will start after the said barrier is crossed.
So, which key support and resistance areas should investors watch closely this week? Let’s explore the charts to find answers.
Bitcoin Price Analysis
BTC has struggled to reach $99,653, as mentioned. It needs to cross this resistance to hit $100,000. If the bulls can achieve this, a journey to $113,250 and later to $120,000 will start. However, if the bears halt Bitcoin’s recovery rally at $99,653, it could mark the beginning of a massive downtrend. In this case, BTC may go below $95,000 again and head toward the 20-day Exponential Moving Average of $92,479.
Ethereum Price Analysis
While Ethereum buyers have maintained the asset above the downtrend line since November 30th, they have struggled to fuel a move to the $3,890.94 resistance, indicating bears’ existence at higher prices.
ETH is now changing hands for $3,594. If it continues plummeting and hits the $3,500.28 support, we expect the bulls to purchase the dip and cause a surge to $3,890.94 and then to $4,093. On the contrary, a dip below $3,500.28 could give the bears an edge. As such, Ethereum may depreciate to the 20-day Exponential Moving Average of $3,381.23 or even to the $3,000.48 support.
XRP Price Analysis
XRP has trended upwards since breaking the $1.64 barrier on November 29th. We expected $1.96 to act as a tough resistance level, but it was easily broken by the buyers, who have now pushed the digital asset to $2.59, according to data from CoinGecko.
Solid buying could push XRP to $3, where resistance is expected. However, a break above that level could allow the bulls to fuel a rally to $3.83, the all-time high. From a bearish perspective, the sellers could pull the coin to the 20-day Exponential Moving Average of $1.52 if $2 isn’t guarded.
Solana Price Analysis
Solana has now dipped below the 20-day Exponential Moving Average of $230.83, signaling that the bulls find it challenging to maintain their advantage. However, if they can protect the $221.97 support, bullish momentum could pick up, with SOL rallying above the $236.25 resistance and heading toward $265.
Conversely, the bulls’ failure to guard $221.97 could lead to a downward move to the $210.33 breakout level and then to $200.08.
BNB Price Analysis
After successfully defending the $677.32 resistance on November 30th, the bears have dragged BNB to $631.65 as of this writing. With the current price lower than the 20-day Exponential Moving Average of $636.02, the probability of a plunge to the 50-day Simple Moving Average of $608.75 has increased.
However, if the buyers act fast and thrust BNB above $636.02, they could boost their chances of pushing the coin to $677.32 and later to $722.08.
Cardano Price Analysis
While the buyers have kept Cardano above the $1.14 resistance since December 1st, they have struggled to maintain it above $1.26, suggesting that the sellers are booking profits. However, if selling declines, ADA could rally past $1.30 and rise to the $1.63 barrier. On the other hand, the 20-day Exponential Moving Average of $0.92 could be the next stop for Cardano if the bears tug the asset below $1.14.
