Price analysis 12/27: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin (BTC), and many major altcoins, have bounced from their immediate support levels. This indicates that sentiment is improving and traders will buy on minor dips.

Ricardo Salinas Pliego, Mexico’s third-richest man and billionaire, said in his Christmas and new year message that he would not recommend people invest in fiat money.

Peter Brandt, a veteran trader, warned that chart pattern breakouts should not be taken lightly during the holiday period in December’s last half.

Everyday cryptocurrency market performance. Source: Coin360

For 2022, analysts remain bullish. DecodeJar, a crypto analyst and pseudonymous user on Twitter, believes Bitcoin could surpass $100,000 to reach the conservative price target of $190,000.

Is Bitcoin likely to continue its recovery and push altcoins higher in the coming days? Let’s look at the charts for the top 10 cryptocurrency coins to find out.

BTC/USDT

Bitcoin has held the 20-day exponentially moving average (EMA), ($50,033) over the past three trading days. This indicates that bulls are buying dips. This will likely attract more buying from bulls.

Daily chart of BTC/USDT Source: TradingView

The 20-day EMA is starting to rise and the relative strength indicator (RSI) has risen to the positive zone. This indicates that bulls are in a strong position.

The chances of buyers pushing the price higher than the 38.2% Fibonacci level at $52,314, and a rally to the strong overhead resistance at $60,000, increase. This level is likely to be defended by the bears.

If the price falls below the overhead resistance or current level, this bullish view could be negated. This could push the BTC/USDT pairing to $45,456 as strong support.

ETH/USDT

Although Ether (ETH), broke above the 20-day EMA ($4,065) Dec. 23, the bulls have not been able build on this advantage. This indicates that the bears are still selling rallies and have not given up.

Daily chart of ETH/USDT Source: TradingView

The balance between supply/demand is indicated by the RSI at the midpoint and the flat 20-day EMA. Bulls can propel the price higher than the $4,200 overhead resistance. This could increase the bullish momentum. This could open the way for a rally to $4.488, which would be followed by a retest at the all-time high of $4.868.

Contrarily, if the price falls below the current level, it will indicate that bears have the upper hand. This could bring the ETH/USDT exchange rate to $3,643.73, and then to the SMA (200-day simple moving average) ($3,339).

BNB/USDT

Binance Coin (BNB), after trading near the 20-day EMA ($549) over the past three days has risen above the resistance on December 27.

Daily chart BNB/USDT TradingView

The 20-day EMA remains flat while the RSI hovers just above the midpoint. This suggests that there is an equilibrium between bulls and bears. If the price remains above the 20-day EMA it will signify that the bulls have prevailed over the bears.

The BNB/USDT pairing could rally to $575, then climb to $617. The bears could pull the pair down to $500 if the price falls below the current level. This is an important support that the bulls must defend as a fall could reach the 200-day SMA ($442).

SOL/USDT

Solana (SOL), broke and closed above its 20-day EMA ($187), on December 23, indicating that the correction might be over. Although the bears attempted to push the price below the 20-day EMA, the bulls refused to relent.

Daily chart of SOL/USDT Source: TradingView

This could have attracted traders to buy more. The SOL/USDT could now reach resistance at the falling wedge pattern, where bears will likely mount strong resistance.

If the price falls below the resistance line, but bounces off the 20-day EMA it will indicate that bulls are buying every minor dip. This will increase the likelihood of a break above this wedge, opening up the door to a retest at $259.90.

The pair could fall to $167.88 if it falls below the 20-day EMA. A dip below this support could send the pair to the 200 day SMA ($125).

DA/USDT

For the past three days, the bulls have successfully defended $1.39 for the 20-day EMA ($1.39). This shows that sentiment is positive and traders are buying dips. Cardano (ADA), which began its recovery on December 27, has resumed.

Daily chart ADA/USDT Source: TradingView

The RSI is above 58, and the 20-day EMA is starting to rise. This indicates that bulls are trying to make a comeback. The ADA/USDT pairing could reach $1.76 before reaching the overhead resistance of $1.87.

If the price falls below the 20-day EMA, this bullish view will be invalidated. This would indicate that bears are selling rallies. The bears will attempt to lower the pair to $1.18. The pair could then drop to $1 if they succeed.

XRP/USDT

The psychological resistance of $1 at Dec. 24 was broken by Ripple (XRP), which indicates that bears remain active at higher levels. Although the sellers pulled the price below the $20-day EMA ($0.90), it is positive that bulls have maintained this level for three days.

Daily chart of XRP/USDT Source: TradingView

The current price is stuck between moving averages. The XRP/USDT currency pair could rise to $1 if buyers push it above the 200-day SMA ($0.94). If the price breaks above the SMA, it could create an inverse head-and-shoulders pattern that could lead to a rally to $1.25.

The opposite is true. If the price breaks below the 20-day EMA and continues to fall, the pair could plummet to $0.85. The critical support of $0.75 could be broken if the price falls below this level. For a few days, a strong rebound from this level could keep the pair within the range of $0.75 to $1.

LUNA/USDT

In the last three days, the bulls have repeatedly pushed Terra’s LUNA symbol above the $100 resistance but they have not been able sustain higher levels. This indicates that the bears are continuing to defend this level.

Daily chart of LUNA/USDT Source: TradingView

The LUNA/USDT pairing could correct to the 38.2% Fibonacci retracement levels at $83.83 then to the 50% retracement levels at $77.72. This area is expected to provide strong support.

If the price bounces off of this zone, it will indicate that the trend is bullish and traders continue to buy on dips. The bulls will attempt to push it above $103.60, which is the highest price ever recorded.

The pair could rise to $124.65, and then to $150 if they can do so. If the price falls below the $71.61 Fibonacci retracement level of 61.8%, this positive outlook will be invalidated.

Related: Bitcoin rises to $51K, as the dollar muscles against the euro

VAX/USDT

Avalanche (AVAX), bounced off the 20 day EMA ($109), on Dec. 26, indicating that bulls have been buying dips. Bulls are in control of the market thanks to the rising 20-day EMA, and the RSI at 57.

Daily chart of AVAX/USDT Source: TradingView

If the price remains above the 20-day EMA the bulls will attempt clearing the overhead resistance zone at $119.69, which is the 61.8% Fibonacci retracement and $131.70 respectively. The AVAX/USDT pairing could reach an all-time high of $147 if they succeed.

Contrarily, if the price drops below the overhead zone or current level and falls below the 20-day EMA it will indicate that traders are making higher profits. This could lead to the pair dropping to $98, where buyers might attempt to stop the decline.

DOT/USDT

On Dec. 24, and 25, the bulls successfully defended 20-day EMA ($28.91), indicating that sentiment is turning positive and traders are buying dips. Polkadot’s (DOT) continued buying lifted it above the overhead resistance of $31.49 on December 27.

Daily chart of DOT/USDT Source: TradingView

The 20-day EMA is slowly rising and the RSI is in the positive territory. This indicates that bulls are on top.

The bullish momentum could continue to pick up if buyers can hold the price above $31.49 and the USDT/DOT pair could begin a new up-move. If the price reaches $39.35, then the next target is $43.56.

Contrary to what you might think, if the price drops below the moving averages, it could cause the pair to drop to the strong support zone of $25 to $22.66.

DOGE/USDT

Dogecoin (DOGE), has traded between the 20-day EMA ($0.18) & the overhead resistance $0.19 over the past three trading days. Both bulls and bears seem to be playing safe and not placing large bets.

Daily chart of DOGE/USDT Source: TradingView

If bulls break above $0.19, it will indicate that they have taken in the supply. This could signal a rebound to $0.22. If this level is reached, the DOGE/USDT price pair could reach its 200-day SMA ($0.23).

To signal a sustained upward move, the bulls must clear this hurdle. Bears will also be favored if the price falls below the 20-day EMA. The pair could slide to $0.15 as strong support.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

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https://cointelegraph.com/news/price-analysis-12-27-btc-eth-bnb-sol-ada-xrp-luna-avax-dot-doge

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.