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Crypto Market Review: December 13 Price Movements for Top Assets
December 13th Price Analysis: Charting the Course for Coinbase’s Crypto Market
The cryptocurrency market is on the precipice of a monumental moment, as Bitcoin’s repeated retest of the $100,000 mark sparks a flurry of speculation about a potential breakout. As the world’s largest cryptocurrency by market capitalization continues to defy gravity, the possibilities for other altcoins seem endless. In this week’s price analysis, we’ll delve into the charts of 10 prominent cryptocurrencies to identify patterns, insights, and potential breakout points.
Bitcoin (BTC)
The cryptocurrency king has been making waves, logging a series of consecutive closes above $90,000. The repeated retest of the resistance level at $100,000, coupled with a robust RSI reading, increases the likelihood of a breakout. If Bitcoin can overcome this hurdle, the next significant resistance lay at $120,000, followed by $150,000. However, a fall below $85,000 could lead to a significant shift in market sentiment, potentially triggering a correction.
Ethereum (ETH)
Ethereum’s price has been moving in tandem with Bitcoin’s, mirroring the latter’s growth. As a result, ETH’s proximity to the resistance level at $3,500 makes it an attractive buy. A break above this level could propel the altcoin toward $4,000, with a hypothetical target of $4,500. Conversely, a drop below $3,200 could lead to a larger correction.
Ripple (XRP)
Ripple’s price has been stuck in a rut, unable to breach the $1.00 mark. The cryptocurrency has formed a descending triangle pattern, which could potentially lead to a breakout. If XRP can overcome this resistance, it could target the $1.20 level, followed by $1.50. However, a drop below $0.90 would indicate a more significant correction.
Solana (SOL)
Solana’s price has been defying gravity, logging a 300% gain in the past month. The altcoin has formed a bullish engulfing pattern, indicating a potential breakout. If SOL can breach the resistance level at $200, it could target the $250 mark, followed by $300.
Binance Coin (BNB)
Binance Coin’s price has been coiling around the resistance level at $650. A break above this mark could propel the altcoin toward $750, with a hypothetical target of $850. However, a drop below $600 could lead to a larger correction.
Dogecoin (DOGE)
Dogecoin’s price has been stuck in a tight trading range, forming a parallel channel. A break above the upper resistance level at $0.30 could trigger a significant uptrend, targeting $0.40 and $0.50. Conversely, a drop below the lower support level at $0.20 could lead to a more significant correction.
Cardano (ADA)
Cardano’s price has been forming a descending triangle pattern, which could potentially lead to a breakout. If ADA can overcome the resistance level at $0.60, it could target the $0.70 mark, followed by $0.80.
Avalanche (AVAX)
Avalanche’s price has been in a bullish uptrend, logging a 200% gain in the past month. The altcoin has formed a bullish engulfing pattern, indicating a potential breakout. If AVAX can breach the resistance level at $100, it could target the $120 mark, followed by $140.
Chainlink (LINK)
Chainlink’s price has been forming a descending triangle pattern, which could potentially lead to a breakout. If LINK can overcome the resistance level at $40, it could target the $45 mark, followed by $50. Conversely, a drop below $35 could indicate a more significant correction.
Shiba Inu (SHIB)
Shiba Inu’s price has been riding the waves of a massive 1,000% gain in the past month. The altcoin has formed a bullish engulfing pattern, indicating a potential breakout. If SHIB can breach the resistance level at $0.000050, it could target the $0.000060 mark, followed by $0.000080.
