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Bears continue to sell on rallies as Bitcoin (BTC) and Ether (ETH) have reversed down from their respective overhead resistance levels.
According to new study from Australia, the Ethereum Improvement Proposal (EIP) 1559 update has made Ether a more valuable store of wealth than Bitcoin. According to the data, the yearly rate of growth in Ether supply since EIP-1559 has been 0.98 percent, compared to 1.99 percent for Bitcoin supply.
Demand for Ether has increased as nonfungible tokens, decentralized finance, and Metaverse-related cryptocurrencies have grown in prominence. Several experts remain positive on Ether, predicting a climb to a price range of $6,000 to $10,000.
Performance of the bitcoin market on a daily basis. Coin360 is the source of this information.
High open interest in the futures market, as well as long-term holders selling, according to on-chain analytics company Glassnode, might prolong Bitcoin’s slide. The fact that “open interest leverage in options and futures is at or near an all-time high” might lead to a shakeout.
Is it possible that Bitcoin’s correction will drag the whole crypto industry down with it? Let’s look at the top ten cryptocurrency charts to see what we can learn.
On Nov. 30 and Dec. 1, the bulls were unable to keep Bitcoin’s price above the 20-day exponential moving average (EMA) ($57,905). This indicates that bears are putting up a strong defense of the 20-day EMA.
Daily chart of BTC/USDT. TradingView is the source of this information.
The bears will now try to keep the price below the 100-day simple moving average (SMA) ($54,485) and the intraday low of $53,256.64 set on November 28. If they succeed, the BTC/USDT pair might fall below $50,000, a psychologically important support level.
This is a critical support to watch because if it breaks down, the selling may accelerate and the pair might collapse to $40,000 or below. The 20-day exponential moving average (EMA) is downsloping, and the relative strength index (RSI) is in the negative zone, indicating that the path of least resistance is to the downside.
Contrary to popular belief, if the price bounces off the 100-day SMA and climbs over the 20-day EMA, it indicates lower-level accumulation. After that, the pair may advance to the 50-day SMA ($60,750).
Ether has dropped from $4,778.75 on December 1, showing that bears are defending the all-time high of $4,868 fiercely. On Dec. 3, the price fell to the 50-day SMA ($4,319).
Daily chart of ETH/USDT. TradingView is the source of this information.
If the price rises from its present level, it indicates that traders are buying on dips and sentiment is still optimistic. The bulls will next aim to push the price over $4,868 once again.
If they succeed, the ETH/USDT pair might continue its upward trajectory, with $5,796 being the next target. In contrast, if the price falls below the 50-day SMA, it may suggest that traders are fleeing the market. The pair may then drop below $3,900, which is a solid support level.
On December 1, the bulls pushed but failed to push Binance Coin (BNB) beyond the overhead barrier of $669.30. This indicates that bears continue to be a formidable opponent at higher altitudes.
Daily chart of the BNB/USDT currency pair. TradingView is the source of this information.
The 20-day EMA ($602) has flattened out, and the RSI is nearing the middle, suggesting that price may remain range-bound in the short term.
The BNB/USDT pair might drop to the 50-day SMA ($564) if the price falls below the 20-day EMA. The bulls must defend this level since a breach below it might push the price down to the 100-day SMA ($494).
Bulls will seek to push the pair over the $669.30 to $691.80 resistance zone if the price increases from the present level or the 50-day SMA.
On Dec. 1, Solana (SOL) broke and closed above the symmetrical triangle’s resistance line, but the bulls were unable to maintain the higher levels. On December 3, the bears drew the price back into the triangle.
Daily chart of SOL/USDT. TradingView is the source of this information.
If the price bounces off the 20-day EMA ($215), the bulls will try again to kick-start the uptrend by pushing the SOL/USDT pair over the $243.12 overhead barrier.
In contrast to this idea, a break below the 50-day SMA ($210) would indicate that the recent breakthrough above the resistance line was a bull trap. The bears will next attempt to drive the price below the triangle’s support line.
If the price breaks and closes below the 100-day SMA ($178), a further decline might begin, perhaps reaching $140.
Cardano (ADA) rallied significantly on Dec. 2, but ran into resistance around the 20-day exponential moving average ($1.72). The bears may have reacted strongly to the bulls’ inability to pass the above obstacle.
Daily chart of the ADA/USDT currency pair. TradingView is the source of this information.
The sellers will now try to push the price down to $1.50 to $1.41, which is a solid support zone. This is a crucial support for the bears to hold because if it breaks, the selling might pick up and the ADA/USDT pair could begin its descent below $1.
Contrary to popular belief, if the price rises from the support zone, it indicates that purchasing at lower levels is possible. The bulls will next seek to push the price over the 20-day EMA once again. The pair might rise to the 50-day SMA ($1.94) if this occurs.
Bears are actively selling on modest rallies, as seen by Ripple’s (XRP) inability to breach and maintain above the psychological barrier of $1. The price has dropped, and the bears will now aim to bring it down below $0.85, which is a solid support level.
Daily chart of XRP/USDT. TradingView is the source of this information.
The 20-day EMA ($1.02) is downsloping, and the RSI is below 37, indicating that sellers are in command. The XRP/USDT pair might plunge to the next support level at $0.70 if bears dive and hold the price below $0.85.
If the price rises above the 20-day EMA and breaks above the present level or the $0.85 support, it indicates that the selling pressure may be easing. After that, the pair may advance to the 50-day SMA ($1.09).
Polkadot (DOT) dropped below the 100-day SMA ($37) on Nov. 30 after turning down from the H&S pattern’s breakdown level of $38.70. The bears will now try to drive the market down to $32.21, which is a solid support level.
Daily DOT/USDT chart. TradingView is the source of this information.
If this level breaks, selling might get more intense, and the DOT/USDT pair could fall to the next level of support at $26. Bears have the upper hand, as seen by the downsloping 20-day EMA ($39) and the RSI in negative territory.
If, on the other hand, the price rises from its present level and breaks above the 20-day EMA, it means that the markets have rejected the lower levels. It’s possible that this may catch many angry bears, resulting in a brief covering. After that, the pair may move to the 50-day SMA ($43) and then to $47.50.
Saxo Bank expects that NFT music services will challenge Spotify in 2022.
In recent days, the bulls have failed to take Dogecoin (DOGE) above the 20-day EMA ($0.22), indicating that sentiment is negative and bears are selling on rallies.
Daily chart of DOGE/USDT. TradingView is the source of this information.
The RSI is below 36 and the 20-day EMA is trending down, suggesting that the path of least resistance is to the downside. The DOGE/USDT pair might tumble to the important support level of $0.15 if bears plunge the price below $0.19.
If the price rises from its present level or recovers from $0.19 and breaks above the 20-day EMA, it indicates substantial accumulation at lower levels. After that, the pair may rise to the 50-day SMA ($0.24).
On Nov. 28, Terra’s LUNA token broke above the moving averages and gained traction. On Nov. 30, strong bullish purchasing lifted the price to a new all-time high, signaling a return of the uptrend.
Daily chart of the LUNA/USDT pair. TradingView is the source of this information.
The bulls’ strong purchasing shows that the bears failed to block the up-move at the resistance line. The LUNA/USDT pair might surge to $85.07 if the price stays above the channel.
If, on the other hand, the price falls back into the channel, it indicates that traders are taking gains at higher levels. The pair may next drop below the 20-day exponential moving average ($51).
If the price bounces back off this level, it indicates that sentiment is still bullish, however a break below the 20-day EMA might push the price down to the channel’s support line.
On Dec. 1, Avalanche (AVAX) fell below the 61.8 percent Fibonacci retracement level of $129.26. Profit-booking by traders may have driven the price to fall below the 20-day EMA ($109) on December 2.
Daily chart of AVAX/USDT. TradingView is the source of this information.
The 20-day EMA is flattening, and the RSI is nearing the midway, indicating that supply and demand are in balance.
The AVAX/USDT pair might climb to $129.26 if bulls get the price back above the 20-day EMA. A break and closing above this level might pave the way for a retest of the $147 all-time high.
Alternatively, if the price does not hold above the 20-day EMA, it may indicate that traders are selling tiny rallies. The bears will next try to push the stock below $100, which is psychological support. If this occurs, the pair may fall under the 50-day SMA ($87).
The author’s thoughts and opinions are purely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading decision has some level of risk. When making a choice, you should do your own research.
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