By James Davis
Bitcoin is struggling to stay above the $38,000 key resistance level, suggesting that the sellers are still active in the market. The coin crossed above $37,000 on Tuesday when the United States Securities and Exchange Commission caused more excitement among crypto investors after postponing its decision regarding ETF applications of Hashdex and Franklin Templeton.
According to Bloomberg ETF guru James Seyffart, the Commission is likely to approve some of the Bitcoin spot ETF applications before the January 10 deadline.
Meanwhile, founder of Pershing Square Capital Management Bill Ackman told a Bloomberg journalist earlier this week that the United States Federal Reserve would cut rates in the first quarter rather than in mid-2024 as many expect.
Are top cryptocurrencies likely to experience price correction over the next few days, or will they continue trending upwards? Let’s find out by exploring the price charts.
Bitcoin Price Analysis
Bitcoin’s price has remained above $37,500 since Tuesday. However, as mentioned earlier, the resistance at $38,000 has been tough to overcome, indicating that the bears are defending this level fiercely. But as long as BTC stays above the 20-day EMA (Exponential Moving Average) of $36,975, there is a likelihood that the bears would soon give in to buying pressure and let go of $38,000. If this happens, Bitcoin could grow to $40,026, where the bulls will encounter another hurdle.
Conversely, if BTC drops below $37,500 and buyers fail to guard $36,957, the coin may correct to $34.886 or even $32,980.
Ethereum Price Analysis
On November 28, Ethereum dropped to $1,998.43, where it found solid support that attracted the buyers to purchase the dip, pushing the token to $2,031.87 as of this writing. If ETH’s price continues growing, it’s likely to face tough resistance at $2,138. But if the bulls succeed in causing this level to crumble, a rally to $2,207.09 becomes possible. Sustaining Ethereum above $2,207.09 opens doors for a further price appreciation. The token may hit $3,389.95.
On the other hand, if $1,998.43 does not hold, we anticipate ETH to experience a sharp price fall to the 50-day Simple Moving Average of $1,856.34.
BNB Price Analysis
BNB has bounced off from the $224.02 support twice this week, suggesting the bulls are unwilling to let that level crack. BNB is valued at $227.47 as of this writing. The buyers will try to push the crypto asset above the 20-day Exponential Moving Average of $234.77 to increase the chances of a rally to $264.42, where massive selling pressure is anticipated.
However, this rally might not happen if BNB reaches $234.77 and reverses. That’s because a fall to $203 will look more likely than an upward move.
XRP Price Analysis
XRP continues to trade between the 50-day Simple Moving Average ($0.5897352) and the 20-day Exponential Moving Average ($0.6189003), suggesting indecision between sellers and buyers. Moreover, the Relative Strength Index (49.73) shows no advantage to either the bears or the bulls.
However, if XRP crosses above $0.6189003, it may surge to $0.6790240. On the other hand, we are looking at a deep decline to $0.5250341 if $0.5897352 crumbles.
Solana Price Analysis
The bulls have guarded the support at the 20-day EMA of $54.68 this week, suggesting that investor sentiments around Solana are still positive. However, the bears appear to be active at the $62.09 resistance level. They have denied SOL from crossing above this price twice over the last two days. But if the bears are eventually defeated, and the bulls thrust Solana above $62.09, a rally to $68.16 might be possible.
On the contrary, if $54.68 doesn’t hold, the sixth-largest cryptocurrency by market cap could experience a price correction to the 50-day Simple Moving Average of $43.02.
Toncoin Price Analysis
TON has traded above the $2.36 support since the start of the week. The bulls are looking to push the cryptocurrency to the $2.57 resistance level. However, if Toncoin reverses and plummets below $2.36, the bears may build a solid downward momentum, dragging the token to $2.