Bitcoin price remains rangebound, altcoins experience profit-booking
In the latest cryptocurrency price analysis, Bitcoin (BTC) remains rangebound while several altcoins that experienced sharp rallies are now witnessing profit-booking. Here is a closer look at the price movements of some prominent cryptocurrencies:
Ethereum (ETH)
Ethereum has been consolidating near its all-time high, and even though it has failed to break above the resistance, it has not given up much ground. The bulls are attempting to push the price above $4,140, which could signal the resumption of the uptrend. If successful, the next target on the upside could be $4,600. On the downside, the first support is at $3,800, followed by the 20-day exponential moving average (EMA) at $3,550.
Binance Coin (BNB)
Binance Coin has corrected sharply from its all-time high, reaching the 20-day EMA. The bulls are currently attempting to defend this support level. If they succeed in pushing the price above $380, the BNB/USDT pair could resume its uptrend and aim for $430. However, if the bears sink the price below the 20-day EMA, the pair could drop to $320.
Solana (SOL)
Solana has been trading inside a large range for the past few days. Although the bulls attempted to push the price above the upper range on December 27, they could not sustain the higher levels. The altcoin remains rangebound between $160 and $135. A breakout or breakdown from this range could determine the next directional move.
Ripple (XRP)
Ripple is currently witnessing profit-booking after its sharp rally. The bulls are attempting to defend the 20-day EMA, which is an important level to watch. If the XRP/USDT pair rebounds off this support, the bulls may make another attempt to retest the $0.80 resistance. A breakout and close above this level could signal the start of a new uptrend.
Cardano (ADA)
Cardano has been trading near the $1.26 resistance for the past few days. The bears are currently attempting to take control and push the price below the 20-day EMA. If successful, the ADA/USDT pair could drop to the support line of the ascending triangle. Conversely, if the bulls push the price above $1.30, the pair could rally to $1.50 and then to the all-time high at $1.60.
Avalanche (AVAX)
Avalanche has witnessed a sharp correction after reaching the $110 level. The altcoin is currently trading near the 20-day EMA, which is acting as a support. If AVAX/USDT rebounds off this level, the bulls may make another attempt to resume the uptrend. On the other hand, if the bears sink the price below the 20-day EMA, the pair could drop to the support line of the ascending channel.
Dogecoin (DOGE)
Dogecoin has been trading in a large range between $0.16 and $0.25 for the past few days. The bulls are currently attempting to push the price above the resistance line. If they succeed, the DOGE/USDT pair could rally to $0.35. However, if the bulls fail to push the price above the resistance line, the pair could drop to $0.16.
Polkadot (DOT)
Polkadot has been trading inside a descending channel for the past few days, which suggests that bears are in control. The altcoin has corrected to the 20-day EMA and is currently attempting to rebound off this support. If DOT/USDT rebounds and rises above the channel, it could signal the start of a new uptrend. On the downside, if the bears sink the price below the 20-day EMA, it could result in a drop to $24.
Polygon (MATIC)
Polygon has been trading inside an ascending channel, but the bulls have failed to sustain the price above the $1.10 level. The altcoin has corrected to the 20-day EMA, which currently is acting as a support. If MATIC/USDT rebounds off this support, it could make another attempt to resume the uptrend. Conversely, a break below the channel could lead to a drop to the $0.85 support level.
- Ethereum remains near its all-time high, with potential upside targets at $4,140 and $4,600
- Binance Coin corrects sharply from its all-time high and finds support at the 20-day EMA
- Solana trades inside a range between $160 and $135
- Ripple witnesses profit-booking after a sharp rally, finds support at the 20-day EMA
- Cardano struggles to break the $1.26 resistance level and faces potential bearish pressure
- Avalanche corrects after reaching $110, finds support at the 20-day EMA
- Dogecoin trades in a range between $0.16 and $0.25, with potential upside at $0.35
- Polkadot trades in a descending channel, currently finding support at the 20-day EMA
- Polygon corrects from $1.10, finds support at the 20-day EMA