Price analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON on 12/6 for Crypto Avalanche.
Price analysis 12/6: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON

Investors have been eagerly buying Bitcoin (BTC) this week, pushing its price up by more than 10%. CoinShares data reveals that investors have put in more than $1.44 billion into Bitcoin investment products in the past ten weeks. Animoca Brands CEO Robby Yung stated at the Next Block Expo conference in Berlin that a Bitcoin ETF could bring in a potential income of “$10 to $12 billion.”

On the other hand, short-term holders (STHs) who have held Bitcoin for 155 days or less have been taking profits in December. According to Glassnode data shared by CryptoSlate research and data analyst James Van Straten on X (formerly Twitter), STHs who are in profit have sent roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.

It is yet to be seen if Bitcoin will continue its up-move and reach $48,000, or if profit-booking will take over. To gain some insight, let’s analyze the charts of the top 10 cryptocurrencies.

Bitcoin price analysis

The crypto market has seen a strong upward trend with Bitcoin (BTC/USDT) recently breaking above the $40,000 mark. This surge in momentum pushed the price beyond the minor resistance at $41,160. The recent rally has driven the relative strength index (RSI) into deeply overbought territory, which usually indicates a consolidation or correction is coming soon. Nevertheless, the bulls remain determined and are looking to reach their target objective of $48,000.

In the event of a dip, the 20-day exponential moving average ($39,0803) is expected to provide support. If this level is breached, it is likely to be the first sign of traders looking to exit the market, thus signalling the start of a short-term corrective phase.

Ether price analysis

On Dec. 5, Ether’s (ETH) candlestick had a long tail, indicating that the bulls had successfully blocked the bears’ attempts to push the price below the breakout level of $2,200.

The moving averages are sloping upwards and the RSI is in the overbought zone, suggesting that the bulls are in control. The breakout above $2,200 has formed an ascending triangle pattern, which could lead to a rally towards $2,500 and then $2,950.

However, the bears will try to pull the ETH/USDT pair below $2,200 and trap the eager bulls. If they succeed, the price could drop to the 20-day EMA ($2,104). A break and close below this support could cause a decline to the 50-day SMA ($1,940).

BNB price analysis

The bears are trying to defend the moving averages, but the bulls have not given up much ground, suggesting that BNB (BNB) could rise to $239.20. The flattish 20-day EMA ($232) and the RSI just below the midpoint signal a balance between buyers and sellers.

If the crypto Avalanche price turns down sharply from $239.20, the range-bound action may continue for some more time. On the other hand, if the crypto AVAX breaks above the level, it will tilt the advantage in favor of the bulls and the BNB/USDT pair could then climb to the overhead resistance at $265. Sellers will seize control if they pull the price below $223, leading to a decline to $203.

XRP price analysis

The bears attempted to push XRP (XRP) back below the 20-day EMA ($0.62) on Dec. 4 and 5, but the long tail on the candlestick suggests strong buying at lower levels.

The bulls are likely to make an effort to drive the price to $0.67, while the bears might try to impede the up-move at that level. On the way down, if the price rebounds off the 20-day EMA, it could boost the chances of a rally to $0.74. Sellers could attempt to defend this level fiercely and keep the XRP/USDT pair locked inside the range between $0.56 and $0.74 for some additional time.

On the other hand, the bears could have other plans. They could try to pull the price back below the moving averages and test the support at $0.56.

Solana price analysis

Solana (SOL) is consolidating in an uptrend. The bears attempted to push the crypto below $59 on Dec. 5, but the bulls held their ground. This indicates that the bulls are trying to turn the level into support.

The bulls will attempt to bolster their position further by pushing the price above $68.20. If they manage to do this, it will invalidate the bearish head-and-shoulders pattern. The failure of a bearish pattern is a bullish sign as the early bears rush to cover their positions, causing a short squeeze. This could potentially propel the SOL/USDT pair toward $100.

Alternatively, if the price turns down sharply from $68.20, it will suggest that bears are active at higher levels. The bears will then try to sink the crypto below the 20-day EMA. If they succeed, the pair could dive to $51.

Cardano price analysis

On Dec. 4, Cardano (ADA) managed to close above the $0.40 resistance, which means that the uncertainty of the past few days was resolved positively for the bulls.

The ADA/USDT pair is likely to surge to $0.46, where it may face resistance. If the crypto on twitter turns down from this level but stays above $0.40, it will increase the chances of a bullish breakout. The price may then skyrocket to $0.52.

The first indication of a bearish move will be a break below $0.40. That will mean that the higher levels were rejected. The bears will be further strengthened if they push the current crypto today below $0.38. The pair may then tumble to $0.34.

Dogecoin price analysis

Dogecoin (DOGE) is exhibiting an uptrend. On Dec. 4, buyers pushed the price above the minor resistance of $0.09 and followed it up with a move above the $0.10 resistance on Dec. 6.

The recent surge has propelled the RSI deep into the overbought zone, raising the odds of a short-term pullback or consolidation. If buyers can prevent the price from slipping below $0.09, the chances of a rally to $0.11 increase.

The bears are likely to fiercely guard the $0.11 level as a break above it could result in the DOGE/USDT pair surging to $0.16. Conversely, if the price turns down and drops below $0.09, the pair could oscillate inside the large range between $0.11 and $0.06.

Avalanche price analysis

Traders showed bullish sentiment when the crypto Avalanche (AVAX) bounced off the 20-day EMA ($21.29) on Dec. 4.

The bulls pushed the price above the overhead resistance at $24.69 on Dec. 5, creating a potential for rally to $28.50 and then to $31. Bears must act fast if they want to prevent the upside move, as they need to pull the price back below the breakout level of $22.

If they succeed, it could trap the aggressive bulls and cause a long liquidation, sending the AVAX/USDT pair to $18.90.

Chainlink price analysis

LINK/USDT pair has been trading close to the overhead resistance of $16.60 for the past few days, indicating that the bulls are holding onto their crypto positions with the expectation of an upside breakout.

The 20-day EMA ($14.79) is sloping upwards and the RSI is above 60, showing a high possibility of an upside breakout. If the $16.60 resistance is broken, the bullish momentum could gain strength and the LINK/USDT pair could reach $18.30.

In order to prevent the upside, the bears will have to quickly push the crypto price below the 20-day EMA. This could cause the pair to fall to the 50-day SMA ($13.05). This level is likely to attract strong buying from the bulls.

Toncoin price analysis

Toncoin (TON) has been trading close to the 20-day EMA ($2.39) in recent days, indicating a lack of demand for higher prices.

The 20-day EMA is flattening out, and the RSI is just below the midpoint, suggesting a balance between supply and demand. If the crypto sol drops below the 50-day SMA ($2.30), the TON/USDT pair could plunge to $2.

To the upside, the bulls need to push the price above the $2.52 to $2.59 resistance zone to gain the upper hand. If they succeed, the pair will form a bullish ascending triangle pattern, which has a target objective of $3.58.

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