Price analysis 12/13: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, LINK, SHIB

Bitcoin (BTC) continues to witness a tough battle between the bulls and the bears near the $100,000 level. A positive sign is that the bulls have not ceded much ground to the bears, increasing the likelihood of an upside breakout.

Bitfinex head of derivatives Jag Kooner said that the rate cut by the People’s Bank of China on Nov. 21 and by the European Central Bank on Dec. 12 could “spur capital flows into risk-on markets, including crypto.” The sentiment could improve further if the United States Federal Reserve cuts the rate in its Dec. 18 meeting. That could boost Bitcoin to “record-breaking levels” by the end of the year.

Analysts anticipate Bitcoin’s rally to extend in 2025. According to a report by Sygnum Bank, a crypto-focused asset manager, Bitcoin could witness “demand shocks” in 2025 due to increased institutional participation, sending its price higher. The report added that altcoins could participate in the rally only if the US passes laws supporting crypto adoption.

Could Bitcoin start the next leg of the rally, boosting buying in altcoins, or will the recovery falter? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rose above the $101,900 overhead resistance on Dec. 12, but the bulls could not maintain the higher levels. 

The upsloping moving averages indicate advantage to buyers, but the negative divergence on the relative strength index (RSI) suggests that the bullish momentum is weakening. If buyers want to remain in control, they will have to thrust the price above $104,088. If they do that, the BTC/USDT pair could soar to $113,331 and then to $125,000.

Instead, if the price turns down and breaks below the 20-day exponential moving average ($96,916), it will suggest that the bulls are losing their grip. The pair may skid to $90,000, which is likely to attract buyers. The short-term trend will tilt in favor of the bears if they yank the price below the 50-day simple moving average ($87,267).

Ether price analysis

The failure of the bears to sink Ether (ETH) below the downtrend line attracted strong buying by the bulls.

The ETH/USDT pair reached near $4,000 on Dec. 12, where the bears are expected to mount a strong defense. If the price turns down from the current level but rebounds off the 20-day EMA ($3,686), it will signal a positive sentiment. That will improve the prospects of a rally above $4,094. The pair may then climb to $4,500.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that the bears are fiercely defending the $4,094 level. That may keep the pair range bound between $4,094 and $3,500 for some time.

XRP price analysis

XRP (XRP) turned lower from the downtrend line on Dec. 12, but the bears are struggling to pull the price to the 20-day EMA ($2.11).

The bulls bought the minor dip and are again trying to push the price above the downtrend line. If they can pull it off, the XRP/USDT pair could rise to $2.65. This level may act as a stiff hurdle, but if crossed, the rally could reach $2.91. The bears are expected to defend the $2.91 level with all their might because a break above it clears the path for a possible rally to $3.50.

The 20-day EMA and the 61.8% Fibonacci retracement level of $1.90 are likely to act as solid support on the downside.

Solana price analysis

Solana (SOL) rose above the 20-day EMA ($228) on Dec. 12, but the long wick on the candlestick shows selling near the resistance line of the descending channel pattern.

The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price remains below the 20-day EMA, the bears will try to pull the SOL/USDT pair toward the support line. A break and close below the support line will suggest that the pair may have topped out in the short term.

If buyers want to retain the advantage, they will have to push and sustain the price above the resistance line. That will clear the path for a rally to $248 and, after that, to $264. 

BNB price analysis

BNB’s (BNB) relief rally is facing selling at $722, but a minor positive is that the bulls have not allowed the price to dip back below the 20-day EMA ($689).

If the price rises above $722, the BNB/USDT pair could move up to $761. Sellers are expected to pose a strong challenge in the $761 to $794 zone, but if the buyers pierce the resistance, the pair may skyrocket to $861.

Contrary to this assumption, if the price breaks below the 20-day EMA, the pair could slide to the 50-day SMA ($637). This remains the key level for the bulls to defend because a break below it may result in a drop to $520.

Dogecoin price analysis

Dogecoin (DOGE) re-entered the channel on Dec. 11, but the bulls are struggling to maintain the price above the 20-day EMA ($0.40).

If the price breaks and remains below the 20-day EMA, the DOGE/USDT pair could skid to $0.36. A break and close below $0.36 could sink the pair to the 50-day SMA ($0.32), where the bulls are expected to step in.

On the upside, the bulls will have to push and maintain the price above $0.43 to suggest that the breakdown below the channel may have been a bear trap. The pair will then attempt a rally to $0.48.

Cardano price analysis

Cardano’s (ADA) relief rally is facing selling near the 61.8% Fibonacci retracement level of $1.16.

The immediate support on the downside is at the 20-day EMA ($1.05). If the price rebounds off the 20-day EMA, the bulls will again try to drive the ADA/USDT Pair above $1.16. If they succeed, the pair may challenge the $1.33 resistance.

On the other hand, a break and close below the 20-day EMA will increase the possibility of a range formation. The pair may swing between $1.16 and $0.91 for a few days. A break below $0.91 indicates advantage to the bears.

Related: Dogecoin fractal hints at 85% DOGE price rally amid whale accumulation

Avalanche price analysis

Avalanche (AVAX) made a sharp comeback from $40.40 on Dec. 9, indicating aggressive buying at lower levels.

The bulls are facing selling at $56, but if they do not allow the price to dip below $51, the likelihood of a breakout increases. The AVAX/USDT pair could climb to $60 and, after that, to $65.

Contrarily, if the price dips below $51, it will signal that demand dries up at higher levels. The pair could slump to the 20-day EMA ($47.07), which is an important level to watch out for. If the 20-day EMA cracks, the pair may plummet to the 50-day SMA ($37.22).

Chainlink price analysis

Chainlink (LINK) turned up sharply from the 20-day EMA ($22.56) on Dec. 11 and broke above the overhead resistance at $27.41 on Dec. 12. However, the rally is facing selling at $30.94.

The upsloping moving averages and the RSI in the positive territory indicate that buyers have the edge. If the price bounced off $27.41, it will suggest that the bulls are trying to flip the level into support. That improves the prospects of a rally above $30.94. The LINK/USDT pair may jump to $34.50 and subsequently to $38.30.

The first sign of weakness will be a drop and close below $27.41. That opens the doors for a possible drop to the 20-day EMA.

Shiba Inu price analysis

Shiba Inu’s (SHIB) recovery hit a wall at the $0.000030 overhead resistance on Dec. 12, indicating that bears are selling on rallies.

The 20-day EMA ($0.000028) is flattening out, and the RSI is near the midpoint, suggesting a balance between supply and demand. The SHIB/USDT pair may stay range-bound between the 50-day SMA ($0.000024) and the stiff overhead resistance of $0.000033.

Buyers will gain the upper hand if they propel the price above $0.000033. The pair could rally to $0.000039 and later to $0.000046. The advantage will tilt in favor of the bears if they sink the pair below the 50-day SMA.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.