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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

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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.

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James Davis

By James Davis

James Davis is a prominent crypto writer and analyst at Herald Sheets, recognized for his well-researched articles and thorough analysis of the dynamic digital currency market. Holding a degree in Economics from Harvard University, James combines his academic background with a keen interest in cryptocurrency to provide readers with the latest industry insights and trends.