Originally published on: December 11, 2024
Bitcoin (BTC) saw a significant rebound after finding support near $94,000 on Dec. 10, pushing the price above the key $100,000 level. This surge came after the release of November’s inflation report, meeting economists’ expectations. Hope for a 25-basis point rate cut in the next meeting has risen to over 96%, potentially bullish for risky assets.
Analysts are optimistic about the future of Bitcoin, with projections of crossing $200,000 by 2025. Similarly, bullish sentiments surround Ethereum (ETH) and Solana (SOL), with price targets set at $7,000 and $750, respectively.
Bitcoin’s rally faces resistance near the all-time high of $104,088, hinting at potential volatility ahead. As the market remains uncertain, traders are closely monitoring key levels and indicators for buying and selling opportunities.
Alongside Bitcoin, altcoins like XRP, Solana, Binance Coin (BNB), and more are also showing signs of recovery after recent pullbacks. Analyzing the charts of the top 10 cryptocurrencies reveals potential trends and levels to watch.
Bitcoin’s sharp rebound off the 20-day EMA suggests a continued uptrend, with key resistance levels at $101,351 and $104,088. On the other hand, a break below the 20-day EMA could signal profit-taking and a potential drop to $90,000.
Ethereum’s bounce off the downtrend line points to buyer support, with targets set at $4,000 and $4,500. However, failure to break above resistance could indicate a period of consolidation between $4,000 and the downtrend line.
XRP’s correction within an uptrend is supported at the 61.8% Fibonacci level of $1.90, with targets at $2.65 and $2.91. A breakout above $2.91 could propel XRP to $3.50, while a breakdown below $1.90 may lead to a drop to $1.63.
Solana’s descent channel suggests selling pressure on rallies, with support at the channel’s lower line. A breakout could push SOL to $248 and $264, while failure to do so may keep the pair within the channel.
Binance Coin’s dip below key levels raises concerns, with resistance at $722 and support at $635. The pair may trade range-bound between these levels before a clear trend emerges.
Dogecoin’s recovery attempt following a channel breakdown targets $0.42 and $0.48, with support at $0.36 and $0.31. Adequate bullish momentum is needed to prevent further downside.
Cardano’s sell-off accelerated below $1.11, finding support at $0.91, with resistance at $1.16 and further targets at $1.24 and $1.33. Failure to sustain above key levels could indicate range formation.
Avalanche reversed losses to rise above the 20-day EMA, with potential resistance at $51 to $56 and support at the 50-day SMA. Buyers will need to maintain momentum to prevent a breakdown below key support levels.
Toncoin’s sharp decline tested support near $4.44, with resistance at the 20-day EMA and targets at $7.20. A break above the EMA could signal a bullish trend, while failure may result in further bearish pressure.
Shiba Inu faced resistance at $0.000028 after a downtrend from $0.000033, with support at the 20-day EMA and targets at $0.000033. Bulls need to push the price above resistance levels to prevent further downside.
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