Originally published on: December 04, 2024
Bitcoin has been hovering around $100,000, showing strong consolidation as each minor dip is quickly bought up. With $676 million in inflows to US-based spot Bitcoin ETFs on Dec. 3, institutional demand for BTC has surged, with 13.5% now held by institutions and ETFs, according to Capriole Investments founder Charles Edwards.
The crypto market is at a crucial point, with Bitcoin’s consolidation teetering on a breakout. Will it surge upwards or face a decline? Let’s dive into the charts of the top 10 cryptocurrencies to uncover potential price movements.
BTC has formed a symmetrical triangle, pointing to uncertainty between bulls and bears. However, an upward break above the triangle could propel Bitcoin to $100,000 and beyond, with targets at $113,331 and $125,000. Conversely, a downside break may lead to a drop to $90,000 and further to $85,000.
Ethereum, on the other hand, has bounced off a key support level at $3,436, with an upward trajectory expected towards $4,000 and $4,094. A downturn below the 20-day EMA could signify weakness, pushing ETH towards $2,991.
Ripple’s XRP is in a strong uptrend, eyeing a move above $2.91. A break above this level could see XRP surging towards $3.84, while a downside movement may lead to support tests at $2.28, $2.09, and $1.90.
Solana (SOL) has shown resilience at $210, with a potential range between $210 and $248. Breaking above $248 could fuel a rally to $264 and $300, while a drop below $202 could shift the advantage to bears.
BNB has seen a sharp rebound from the 50-day SMA, signaling bullish momentum towards $810. A fall below $722 may lead to support tests at $680 and $654.
Dogecoin (DOGE) has rebounded off support, suggesting bullish dominance. Resistance at the range’s upper boundary may lead to a push towards $0.33 and $0.27 on a breakdown.
ADA’s bullish sentiment remains strong, with a potential surge to $1.50 if it breaks above $1.33. A downside move below $1.14 could shift momentum, targeting the 20-day EMA at $0.96.
AVAX has breached overhead resistance at $51, hinting at further upside towards $60 and $65. Support at $51 is crucial, with a breakdown leading to the 20-day EMA at $42.63.
TON is on a path towards the $4.44 to $8.29 range resistance, with minor obstacles at $7.65. Breaking above this level could propel TON to $8.29, while a drop below the 20-day EMA may trigger a decline to the 50-day SMA at $5.47.
Shiba Inu (SHIB) has maintained bullish momentum post-retest, with resistance at $0.000033. Breakthrough could target $0.000039 and $0.000047, while a drop below the 20-day EMA at $0.000026 may hint at a reversal.
Overall, the crypto market is poised for significant price moves, with key levels to watch for potential reversals or continuations. Stay informed to make well-informed trading decisions.
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Please remember that this article does not provide investment advice or recommendations. All trading decisions involve risk, so it’s essential to conduct thorough research and analysis before making any financial decisions.
