By James Davis
BTC has managed to trade above $27,100 since last Saturday. Nonetheless, the coin is down 7.4% in the past seven days. Data from Glassnode indicates that short-term BTC holders who bought the crypto asset less than 150 days ago are still not in profit.
While some traders are worried that BTC could drop to $25,000 in the coming days, Bloomberg Intelligence analysts are already bullish for 2024, predicting that Bitcoin will trade at $55,000 by April next year. Standard Chartered financial analyst Geoff Kendrick has also predicted that BTC will reach $100,000 at the end of 2024.
Now let’s look at the charts of BTC and other coins to find out their important support and resistance levels.
Bitcoin Price Analysis
Bitcoin has been trading at $27,200 and $27,600 over the past three days, signaling a tough battle between the bears and the bulls. While the bulls are attempting to prevent BTC from going below a support level of $27,100, the bears have blocked the price from breaking above the 20-day EMA (exponential moving average) of $28,455. If the buyers emerge victors in the ongoing battle, BTC may hit a resistance level of $31,000. On the contrary, if the selling pressure escalates, the coin will decline further to find first support at $25,300.
Ethereum Price Analysis
Until Monday, the buyers had managed to keep the ETH price above the support level of $1,845 but failed to push it toward the 20-day EMA of $1,910. That gave the bears powers to pull the token down to $1,821 in the last 24 hours. They will now try to drop the price to the second support at $1,790 and then to $1,665.
On the upside, if buying pressure piles up at the second support, ETH could rally toward the 20-day EMA and subsequently to $2,100.
BNB Price Analysis
Buyers are doing everything in their power to push BNB to the first resistance at $339. The token is trading at $331 as of Tuesday evening, above the 20-day EMA of $326. If the bulls can’t sustain the current price, causing BNB to start trending down, the coin may find support at $305 and later decline to $285. On the positive side, if the price crosses $339, BNB may reach the first resistance at $361 and rally further to $405.
XRP Price Analysis
Buyers have defended the support level of $0.45 since Saturday but attempts to push the price above the 20-day EMA of $0.49 have all failed. This means the bears are very active and looking to pull XRP toward the second support at $0.42 and drop the price further to $0.37. To prevent any decline, the bulls must quickly push BNB above the 20-day EMA. If this happens, the token may reach a resistance level of $0.55.
Cardano Price Analysis
The current price of ADA ($0.37) is below the 20-day EMA of $0.41, meaning the bears have the advantage. If the token declines below the support level of $0.36, ADA may plummet to $0.33 and later hit $0.29. However, if buyers stage a recovery to push the price above the 20-day EMA, BNB may rally to $0.47.
Polygon Price Analysis
Every attempt to push the MATIC price above $1, which is the 20-day EMA, has encountered selling pressure from the bears. The token is trading at $0.96. Further sell-off would cause MATIC to slip to $0.94. Buyers are expected to mount recovery at this price, or else the price may decline sharply to $0.68.
Dogecoin Price Analysis
The buyers’ attempts to defend the support level of $0.08 have proven futile, as DOGE is now trading at $0.78. With the bears now having the upper hand, the largest memecoin by market cap may decline to hit support at $0.069. On the contrary, increased buying pressure may drive the price toward the 20-day EMA of $0.09 and further to $0.1.