By Frank Martin (MoneyAmped.com)
Bitcoin has struggled to cross $100,000 after falling below that level last week following Fed Chair Jerome Powell’s bearish comments. Data from CoinGecko shows that the largest digital currency by market valuation has been trading between $93,397 and $99,142 over the past few days, suggesting that the bulls are not in a hurry to purchase the dip aggressively and also don’t intend to allow the bears to pull Bitcoin to lower levels.
However, popular analyst on X, Rekt Capital, said earlier this week that BTC may plummet below the $90,104 support soon if it breaks below $94,000 again.
So, which levels do we need to monitor when Bitcoin breaks out of the current trading range? Let’s find out by analyzing the charts.
Bitcoin Price Analysis
BTC fell below the $94,000 support to reach the second support at $93,347 on December 23rd. However, increased dip-buying at lower prices pushed the coin to $99,142 on December 26th, but that level was tough for the bulls to maintain. As of this writing, Bitcoin has plunged to $95,739, below the 20-day Exponential Moving Average of $98,197.
The relative Strength Index (41.29) suggests an advantage for the bears. So, if Bitcoin witnesses further price correction, it may break below $93,397 and head toward $90,000, then to $85,503. On the bullish side, BTC’s price could grow to $108,300 if the bulls sustain it above $99,142.
Ethereum Price Analysis
The bulls have failed to maintain ETH above $3,431, the 50-day Simple Moving Average, signaling that the bears haven’t stopped applying pressure. If the downtrend persists, Ethereum could drop to $3,000.28 and later to $2,852.69, where buying is expected to get more aggressive.
Meanwhile, if ETH, the second-largest digital currency by market valuation, crosses $3,431 and the bulls maintain momentum, a surge to the 20-day Exponential Moving Average of $3,593.21 is likely.
XRP Price Analysis
After a tough fight between the bears and bulls at the 20-day Exponential Moving Average of $2.24, XRP has fallen to $2.17, giving the bears the upper hand. Furthermore, the Relative Strength Index (39.84) signals the possibility of a continued downtrend. If that’s the case, XRP could move to the $2.02 support. Minimal buying activity there may lead to a plunge to the 50-day Simple Moving Average of $1.61.
From a bullish point of view, a price reversal from $2.02 could put $2.24 at risk of crumbling, with the bulls looking to push XRP to the $2.91 resistance.
Solana Price Analysis
Solana can’t seem to go past the barrier at $200, indicating bears’ determination to keep the digital asset at lower levels. The good news for the bulls is that the support at the uptrend line hasn’t broken. But if it eventually breaks, SOL may plummet to $154 and even head to $133.87.
On the other hand, if SOL crosses and stays above $200, it may rise to the 20-day Exponential Moving Average of $208.78 and later to the 20-day Exponential Moving Average of $220.31.
Dogecoin Price Analysis
Bulls’ attempts to launch a recovery rally on December 21st were halted at $0.35 as the bears continue to do everything in their power to guard the 50-day Simple Moving Average of $0.36. That said, if Dogecoin’s price keeps plummeting, it could hit the $0.27 support or even $0.24.
From a positive perspective, if the meme coin crosses $0.36 and bullish momentum is maintained, a journey to the 20-day Exponential Moving Average of $0.38 could begin.
Cardano Price Analysis
ADA’s recovery rally met resistance at the 20-day Exponential Moving Average of $0.98 last week, with the bears dragging the coin to $0.86 as of this writing. Cardano is currently trading below the 50-day Simple Moving Average of $0.89, increasing the chances of a dip to $0.71.
However, if the token’s price turns up now and the barrier at $0.98 collapses, the bulls could push the asset to $1.17 and then to $1.30, where we expect strong resistance.
