The growing investors’ risk appetite has continued to push Bitcoin to levels it last saw in April 2022. BTC closed 2023 with massive gains of 157%. The coin has started this year on a high, crossing above $45,000 on Monday. Two events set to happen in the near future will determine whether Bitcoin will continue its upward momentum or start trending downward.
The first event is the ruling on Bitcoin spot ETF by the United States Securities and Exchange Commission before January 10th, and the second one is Bitcoin halving, which is expected in April.
We now study the price charts to determine key support and resistance levels to watch over the coming days.
Bitcoin Price Analysis
BTC bounced off the support line near $41,674 on December 30th to rally to $45,467 as of this writing. With the $44,792 resistance level successfully overcome, the bulls will now target $49,189. Crossing this barrier makes $51,986 an easy reach because there is no major resistance in between.
On the other hand, if the support line crumbles due to bulls’ failure to guard it, Bitcoin will likely head to $40,102. If there is no significant buying activity at this level, we anticipate a drop to the support at $37,982.
Ethereum Price Analysis
Although the bears pulled Ethereum inside a descending channel on December 29th, they could not sustain the token below $2,300 due to intense buying pressure from the buyers. ETH is currently valued at $2,401.33. If it continues growing and crosses above $2,445.89, a surge to $3,002.13 could happen.
Contrary to this positive assumption, we are looking at a drop to $2,001.80 if the 20-day Exponential Moving Average of $2,273.17 and the 50-day Simple Moving Average of $2,176.40 crack.
BNB Price Analysis
BNB is experiencing a price correction after reaching $333.28 on December 28th. The crypto asset is now priced at $317.87. We are likely to witness the bulls’ comeback if BNB reaches $300.20. If buyers purchase the dip at that price, the token might head to $338.08 or even $350.54 after defeating the sellers at $333.28.
Conversely, if no buying activity happens at $300.20, the bears will be happy to pull BNB to the 20-day Exponential Moving Average of $283.95.
XRP Price Analysis
After trading between the moving average for nearly two weeks, XRP has crossed above the 20-day Exponential Moving Average of $0.6306217 to change hands for $0.6313850 as of this writing. However, the Relative Strength Index (55.32) indicates that there is still no significant advantage to the bulls. They will have to push XRP above $0.6720835 to gain complete control of the market.
From a negative point of view, XRP might plunge to $0.5633284 if the 50-Simple Moving Average of $0.6200541 fails to hold.
Solana Price Analysis
SOL is once again trading above $110.45 after breaking below that level to reach $98.71 on December 28th. If Solana bulls overcome resistance at $126.23, an upward move to $155.90 may happen. Conversely, If the support at $98.71 and the 20-day Exponential Moving Average of $94.89 crack, SOL could correct to the 50-day Simple Moving Average of $74.34.
Cardano Price Analysis
ADA is still inside the walls of the symmetrical triangle, suggesting a balance between supply and demand. When a token trades inside such a triangle, it is usually difficult to predict whether a breakout will happen on the upper or lower side. So, it is advisable to wait for a breakout to occur before opening positions.
If the breakout happens above the symmetrical triangle, Cardano could grow to $0.6800927. Meanwhile, a break below the triangle could give the bears an advantage to push the crypto asset to $0.5117036.
Avalanche Price Analysis
After successfully guarding the $39.03 support level, the bulls have pushed Avalanche to $42.54 at press time. They are looking to propel the digital currency to the $45.57 resistance. Conversely, if AVAX reverses and drops below $39.03, a dip to the 50-day Simple Moving Average of $31.98 becomes likely.
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