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Price Analysis 12/18: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, LINK, SHIB
The cryptocurrency market has been experiencing a rollercoaster ride lately, with Bitcoin reaching a new all-time high above $108,000 before pulling back. As the bulls take a breather, certain altcoins are also correcting, signaling profit booking by the market players. In this article, we’ll dive into the price analysis of various cryptocurrencies, including BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, LINK, and SHIB.
Bitcoin (BTC)
Bitcoin’s price reached a new all-time high above $108,000 on December 15, but the excitement was short-lived. The digital asset pulled back, currently trading around $95,000. The pullback could be attributed to profit booking by the bulls, who took advantage of the recent rally. The support level around $90,000 remains crucial for the bulls, as a breakout above this level could propel the price back towards $108,000.
Ethereum (ETH)
Ethereum has been following a different path, with its price trading relatively flat compared to Bitcoin’s recent rally. The digital asset is currently hovering around $4,700, which is roughly 10% below its all-time high. The trend line resistance is around $5,000, and a breakout above this level could push the price towards $6,000.
Ripple (XRP)
Ripple’s price has been on a steady decline since November, currently trading around $0.65. The support level around $0.60 is crucial for the bulls, as a breakout below this level could lead to further declines. On the flip side, a breakout above $0.70 could propel the price towards $0.80.
Solana (SOL)
Solana has been one of the top-performing cryptocurrencies in recent months, with its price skyrocketing over 10,000% in 2021. The digital asset currently trades around $225, but momentum traders may be eyeing key resistance levels around $250 and $280. A breakout above these levels could propel the price towards $300 and beyond.
Binance Coin (BNB)
Binance Coin has been on a steady rise, currently trading around $630. The support level around $600 is crucial for the bulls, as a breakout below this level could lead to further declines. On the flip side, a breakout above $700 could propel the price towards $800.
Dogecoin (DOGE)
Dogecoin has been in the spotlight recently, with its price rallying over 10,000% in 2021. The digital asset currently trades around $0.28, but momentum traders may be eyeing key resistance levels around $0.30 and $0.35. A breakout above these levels could propel the price towards $0.40 and beyond.
Cardano (ADA)
Cardano has been on a steady rise, currently trading around $1.30. The support level around $1.20 is crucial for the bulls, as a breakout below this level could lead to further declines. On the flip side, a breakout above $1.40 could propel the price towards $1.50.
Avalanche (AVAX)
Avalanche has been on a steady rise, currently trading around $130. The support level around $120 is crucial for the bulls, as a breakout below this level could lead to further declines. On the flip side, a breakout above $150 could propel the price towards $170.
Chainlink (LINK)
Chainlink has been on a steady decline, currently trading around $60. The support level around $50 is crucial for the bulls, as a breakout below this level could lead to further declines. On the flip side, a breakout above $70 could propel the price towards $80.
Shiba Inu (SHIB)
Shiba Inu has been on a wild ride, with its price rallying over 10,000% in 2021. The digital asset currently trades around $0.000085, but momentum traders may be eyeing key resistance levels around $0.00010 and $0.00015. A breakout above these levels could propel the price towards $0.00020 and beyond.
The cryptocurrency market is experiencing a correction, with Bitcoin’s pullback sending a ripple effect through the market. Certain altcoins, such as Solana, Cardano, and Avalanche, are showing signs of strength, while others, such as Chainlink and Shiba Inu, are correcting. As always, it’s essential to keep a close eye on market trends and key resistance levels to make informed investment decisions.
