Cardano

Solana

Bitcoin

Spot

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 <p class=""><strong>Bitcoin may encounter strong resistance around the $45,000 price point, although the potential for a significant rally beyond this crucial level remains quite promising.</strong></p>
 <p class="">Bitcoin is positioned close to the $44,700 resistance level, showing a modest challenge from bearish forces. Nonetheless, the downside appears to have a protective buffer, as market participants anticipate the regulatory approval of one or more spot Bitcoin exchange-traded funds (ETFs) in January. This development is poised to inject considerable momentum into the cryptocurrency market.</p>
 <p class="">Should the approval of the spot Bitcoin ETFs materialise, it will likely trigger an initial, reactionary surge. However, subsequent attention from traders is expected to centre around the actual demand for these ETFs. In its market update, QCP Capital, a prominent trading firm, expressed that the “initial demand for the BTC Spot ETF may not meet market expectations,” which could prompt traders to secure profits, initiating a potential retracement.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">It is always tricky to predict the short-term market reaction to pivotal events, but there is a tendency for speculators to book profits. Sometimes, the profit booking happens just after the event and, on other occasions, after a spike. But after the initial pullback, the prevailing trend generally resumes.</p>
 <p class="">Will Bitcoin and altcoins break above their recent local highs and extend their uptrend, or will profit-booking lower prices? Let’s’ analyse the charts of the top 10 cryptocurrencies.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-price-analysis">Bitcoin (BTC) price analysis</h2>
 <p class="">Bitcoin has reached the overhead resistance of $44,700, where bears pose a tough challenge. A minor advantage in favour of the bulls is that they have not ceded much ground to the bears.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">Although the upsloping moving averages indicate an advantage to buyers, the negative divergence on the relative strength index (RSI) warrants caution. The first sign of weakness will be a close below the 20-day exponential moving average ($42,103). The BTC/USDT pair could then collapse to $37,980.</p>
 <p class="">Conversely, if the price turns up from the current level or the 20-day EMA and rises above $44,700, it will indicate the start of the next leg of the uptrend. The pair could rally to $48,000 and eventually to $50,000.</p>
 <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) price analysis</h2>
 <p class="">The bulls pushed Ether&nbsp;back above the 20-day EMA ($2,221) on Dec. 21, indicating that the correction may have ended.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">If the price maintains above $2,332, the next stop will likely be the 52-week high at $2,403. This is an essential zone for the bears to protect because a break and close above it could start the next leg of the uptrend. The ETH/USDT pair may then ascend to $3,000.</p>
 <p class="">On the contrary, if the price turns down from the overhead resistance, the pair could retest the vital support at $2,200. The bears must pull and sustain the price below $2,200 to weaken the bulls.</p>
 <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) price analysis</h2>
 <p class="">Solana turned up from the 20-day EMA ($74) on Dec. 18 and soared to $100 on Dec. 22, indicating aggressive bull buying.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The SOL/USDT pair is likely to witness selling near $100, but if bulls do not give up much ground, the prospects of the continuation of the uptrend remain high. If buyers drive the price above $100, the pair could start its journey toward $143.</p>
 <p class="">Although the recent rise has invalidated the negative divergence, the RSI remains overbought. This suggests the rally is overheated in the near term and could result in a minor correction or consolidation. The first support on the downside is $80, and then the 20-day EMA. A slide below this level will suggest that the bulls are losing their grip.</p>
 <h2 class="wp-block-heading" id="bnb-price-analysis">BNB price analysis</h2>
 <p class="">BNB&nbsp;<a target="_blank" rel="noreferrer noopener">pierced the overhead resistance of $260 on Dec. 20, signalling that the bulls are in the driver’s seat.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls continued their purchase and pushed the price to the neckline of the inverse head-and-shoulders pattern on Dec. 21. This level is likely to witness strong selling by the bears, but if the bulls prevail and propel the price above the neckline, the BNB/USDT pair will complete the inverse H&amp;S pattern. This bullish setup has a target objective of $333.</p> <p class="">The nearest support on the downside is $260, and then the 20-day EMA ($248). The bears must drag the price below the 20-day EMA to weaken the bullish momentum.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been swinging between $0.56 and $0.74, indicating indecision between the bulls and the bears.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">Both moving averages have flattened out, and the RSI is near the midpoint, suggesting that the range-bound action may extend for a few more days. If the bulls push the price above the moving averages, the pair may rally to $0.67 and then to $0.74. The bears are likely to defend this level with vigour.</p> <p class="">Contrarily, if the price turns down from the moving averages, it will suggest that bears sell on minor rallies. The XRP/USDT pair could decline to the crucial support at $0.56.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Cardano </a><a target="_blank" rel="noreferrer noopener">rose above the minor resistance of $0.62 on Dec. 21. Buyers will next try to push the price above the 52-week high of $0.68.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">However, the bears have not yet given up. They are trying to stall the recovery at $0.65. Sellers must pull the price below the 20-day EMA ($0.55) to signal a potential trend change. The ADA/USDT pair could then slump to $0.50.</p> <p class="">Contrary to this assumption, if the price turns up from the current level or rebounds off the 20-day EMA, it will suggest that bulls remain in control. A break above $0.68 will open the doors for a possible rally to $0.78.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">rose above the resistance at $45.33 on Dec. 16, indicating the start of the next leg of the uptrend.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The up-move is likely to face a minor hurdle at $50. If the price turns down from this level but does not fall below $38, it will indicate that the sentiment remains positive and traders are buying the dips. That will improve the prospects of a rally above $50. If that happens, the AVAX/USDT pair could climb to $70.</p> <p class="">The overbought level on the RSI suggests that the rally is overheated soon, and a consolidation or correction is possible. The bears must pull the price below $38 to seize control.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Dogecoin&nbsp;</a><a target="_blank" rel="noreferrer noopener">has witnessed a tough battle between the bulls and the bears near the 20-day EMA ($0.09).</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls pushed the price above the 20-day EMA on Dec. 21 but are struggling to sustain the higher levels. If bears tug the price below the 20-day EMA, the DOGE/USDT pair could drop to the 50-day SMA ($0.08) and subsequently to $0.07.</p> <p class="">To gain the upper hand, buyers must propel and maintain the price above the $0.10 to $0.11 resistance zone. The pair will likely pick up momentum above $0.11 and surge toward $0.16.</p> <h2 class="wp-block-heading" id="polkadot-dot-price-analysis">Polkadot (DOT) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Polkadot&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned up from the 20-day EMA ($6.89) on Dec. 20 and soared above the $7.90 resistance on Dec. 21, indicating a continuation of the up move.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>DOT/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bears are unlikely to give up easily and will try to pull the price back below $7.90 and trap the aggressive bulls. If they manage to do that, the DOT/USDT pair could witness long liquidation. The pair may then drop to the 20-day EMA.</p> <p class="">Alternatively, if the price rebounds off $7.90, it will suggest that the bulls have flipped the level into support. That increases the possibility of a rally to $10, where the bulls will likely face strong selling by the bears.</p> <h2 class="wp-block-heading" id="chainlink-link-price-analysis">Chainlink (LINK) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Chainlink&nbsp;</a><a target="_blank" rel="noreferrer noopener">rose and closed above the 20-day EMA ($14.87) on Dec. 21 after repeated failed attempts, indicating that the bulls are on a comeback.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><sub><strong>LINK/USDT daily chart. Source:&nbsp;</strong></sub></em><sub><strong><em>TradingView</em></strong></sub>
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  </div> <p class="">The LINK/USDT pair could rise to $16.60 and retest the 52-week high at $17.32. If bulls overcome this resistance, the pair will resume the uptrend. The next target on the upside is at $20.35.</p> <p class="">Instead, if the price turns down sharply from the overhead resistance, it will indicate that bears remain sellers on rallies. The pair could then extend its stay inside the extensive range between $12.85 and $17.32 for a few more days.</p> <h4 class="wp-block-heading">Source – Rakesh Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-22nd-dec-btc-eth-sol-bnb-xrp-ada-avax-doge-dot-link-tbt74582.html">https://thebittimes.com/latest-market-overview-22nd-dec-btc-eth-sol-bnb-xrp-ada-avax-doge-dot-link-tbt74582.html</a></p>

Latest Market Overview 22nd Dec: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, DOT, LINK

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