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

The Bitcoin (BTC) rally has been taking a breather over the past few days, but a strong rally in 2023 has not been in sight. A survey of U.S. financial services companies conducted by cryptocurrency company Paxos found that 99% of companies are focusing more on cryptocurrency projects this year compared to the previous year.

Analysts are increasingly optimistic about Bitcoin and the cryptocurrency market in 2024. Bitwise senior research analyst Ryan Rasmussen made 10 predictions for the cryptocurrency industry in 2024 in a December 13 X (formerly Twitter) post. He believes Bitcoin will soar to $80,000 in 2024. And he said, “You can make more payments using stablecoins than you can using Visa.”

Along with cryptocurrency-related issues, expectations of a Federal Reserve interest rate cut in 2024 are adding to the optimistic mood. Arthur Hayes, former CEO of cryptocurrency exchange BitMEX, reiterated his optimistic views on cryptocurrencies in an X post on December 14. He said fiat currency is “dirty trash” and there is no reason not to hold a long position in cryptocurrencies.

What are the critical support levels that can stop Bitcoin and altcoins from falling? Let’s analyze the top 10 cryptocurrencies chart to find out.

Bitcoin Price Analysis

Bitcoin has been stuck between the downtrend line and the 20-day exponential moving average ($41,221) for the past few days. This tightening of price action suggests a range breakout is possible in the near term.

If the price declines and falls below the 20-day EMA, it is a sign that the bulls are aggressively taking profits. This could push the BTC/USDT pair down towards the 50-day simple moving average ($38,050). Buyers are expected to fiercely defend these levels.

Alternatively, if the price bounces off the 20-day EMA and breaks the downtrend line, this is a sign that the bulls are still in control. The pair could rise to a 52-week high of $44,700, and if this level is broken, the next stop will likely be at $48,000.

Ether Price Analysis

Ethereum (ETH) rebounded from the $2,200 support level on December 13, but the relief rally is facing a sell-off near $2,332. This suggests that bears are selling at the rally.

A negative divergence in RSI suggests that the bullish momentum is slowing. The seller will try to strengthen his position by lowering the price below $2,200. If that happens, the ETH/USDT pair could fall to the 50-day SMA ($2,049) and later to solid support at $1,900.

Conversely, if the price bounces back from $2,200, it means that the uptrend has turned into support. That would increase the chances of a rally to $3,000.

BNB price analysis

The bulls are struggling to push BNB (BNB) above the overhead resistance of $260, but one slightly positive note is that they have not given ground to the bears.

A gradually rising 20-day EMA ($240) and RSI in positive territory indicate an advantage for buyers. If the price rises from current levels or bounces off the 20-day EMA, bulls will again attempt to pull the price up to the neckline of the inverse head and shoulders pattern.

Instead, if the price falls below the moving average, it means the bulls are losing control. The pair could then decline towards the strong support level at $223, which would indicate a move in the range between $223 and $260.

XRP Price Analysis

XRP (XRP) is witnessing a fierce battle between bulls and bears on the moving averages.

The 20-day EMA ($0.63) and the RSI near its midpoint suggest a balance in supply and demand. If the price closes below the moving average, the XRP/USDT pair may fall to $0.56. This is an important level for bulls to defend, as a break below this level could send the price down to $0.46.

If the price bounces off the moving average, the pair will attempt to rally above $0.67 again. If that happens, the pair could surge to $0.74. The Bears are expected to play strong defense at this level.

Solana Price Analysis

Solana (SOL) bounced from the 20-day EMA ($66) on December 13th and broke above the $78 overhead resistance on December 15th.

If buyers sustain the breakout, the SOL/USDT pair is likely to jump to the psychological level of $100. Rising moving averages are a favorable sign for the bulls, but negative divergences in the RSI warn that bullish momentum may be weakening.

An important support level to watch during a downtrend is the 20-day EMA. A break and close below the 20-day EMA could cause several short-term traders to be stopped. This could initiate a decline towards the 50-day SMA ($55).

Cardano Price Analysis

Cardano (ADA) rose above the 50% Fibonacci retracement level of $0.51 on December 11th and surged above $0.65 on December 13th.

If buyers keep the price above $0.65, the ADA/USDT pair could reach $0.70 and then $0.78. However, since RSI has been trading in overbought territory for the past few days, the risk of a correction has increased.

The first sign of weakness would be a drop below $0.61. This could start a decline towards the 20-day EMA ($0.51). A break below this level could indicate a near-term trend change, so it remains a key level to watch.

Dogecoin price analysis

Dogecoin (DOGE) has rebounded from the 20-day EMA ($0.09) on December 13, but bulls are having trouble pushing the price above the $0.10 level.

Bears will try to pull the price below the 20-day EMA. That could intensify the selling and push the DOGE/USDT pair down to the 50-day SMA ($0.08). This level could act as support, but if it breaks, the pair could fall to $0.07.

Both moving averages are rising and the RSI is in positive territory, indicating that buyers have the upper hand. If the price bounces off the 20-day EMA, it means bulls will continue to buy dips. That increases the likelihood of a rally to $0.11.

Related: The U.S. dollar hit a four-month low as Bitcoin traders predicted a 10% decline in the coming days.

Avalanche Price Analysis

Avalanche (AVAX) has plummeted from the 38.2% Fibonacci retracement level of $34.36 on December 13, indicating that buyers are not waiting for a deeper buying correction.

The bulls are trying to push the price above the indirect resistance of $42.89. If it can pull this off, the AVAX/USDT pair could begin the next leg of its uptrend. The next target on the upside is $50 and then $70.

The upside risk is that RSI is trading at very overbought levels. This means that the currency pair is vulnerable to corrections or consolidation in the short term. A decline in the price from $42.89 could push the pair towards the 20-day EMA ($30.40).

Polkadot price analysis

Bulls again tried to push Polkadot (DOT) above the overhead resistance of $7.90 on December 14th, but bears held it there.

The bulls’ repeated failure to clear the overhead hurdle may have tempted short-term traders to book profits. The bulls bought the dip on December 14 but failed to hold it higher. A renewed selloff on December 15th risks taking the DOT/USDT pair lower to the 20-day EMA ($6.43).

A strong bounce in the 20-day EMA suggests sentiment remains positive. The bulls will then try to push the pair back up to $7.90. The short-term trend will turn bearish if it falls below the 20-day EMA.

Polygon Price Analysis

Polygon (MATIC) has been trading near $0.89 since December 12, but bulls have failed to push the price above the resistance level. This suggests that the bears are aggressively defending their level.

The 20-day EMA ($0.84) is an important support level to watch. When the price bounces off the 20-day EMA, it indicates buying is taking place at lower levels. This would improve the prospects of a rally above $0.89. If this resistance is overcome, the MATIC/USDT pair could soar to $1.

On the other hand, if the price falls below the 20-day EMA, it means that the bullish trend has been abandoned in the short term. It could start to fall towards the 50-day SMA ($0.78) and then find solid support at $0.70.