Price analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC on 12/8 to understand the differences between web 1.0, 2.0, 3.0 and 4.0.
Price analysis 12/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC

This week Bitcoin (BTC) price experienced a slight decline, but the rally to the $44,000 level during the day is a sign that bulls are not in a hurry to liquidate their positions. Data from the widely used HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have not been selling their coins.

Investors are not selling in the face of strength as they anticipate higher prices in the future. Asset manager VanEck said in its crypto predictions for 2024 that Bitcoin will reach a new all-time high, supported by the “political events and regulatory shifts following a U.S. presidential election.”

The Bitcoin rally of the past few days has also attracted investors to some altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains optimistic about Bitcoin’s prospects. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.

Will Bitcoin find buyers at lower levels and continue its march to $48,000, or will the focus shift to altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

The difference between Web 1.0, Web 2.0 and Web 3.0 is vast. Web 1.0 was mainly static websites, while Web 2.0 allowed for interactive content. Web 3.0 is the next stage of the internet, where users can interact with the web and make money from it. Is there a Web 3.0? Yes, it has already started. What are the differences between Web 1.0, Web 2.0, Web 3.0 and Web 4.0? Web 1.0 was mainly static websites, Web 2.0 allowed for interactive content, Web 3.0 is the next stage of the internet, and Web 4.0 is the future of the web, which is focused on artificial intelligence and machine learning.

Bitcoin price analysis

Bitcoin declined from $44,500 on Dec. 5, likely due to profit-booking by short-term traders. Such pullbacks are usually relatively shallow in strong uptrends and tend to not last long because the bulls are quick to buy the dips.

A breakout above $44,500 could signal the start of the next leg of the journey toward $48,000. Sellers are likely to defend this level with all their might.

If the price turns down from $44,500, the first support on the downside is at the 38.2% Fibonacci retracement level of $41,862. If this level is breached, the BTC/USDT pair could plunge to the 20-day exponential moving average ($39,868). Buyers will need to defend this level if they want to sustain the bullish momentum.

Ether price analysis

The bears attempted to push Ether (ETH) below the breakout level of $2,200 on Dec. 6, but the bulls held their ground, indicating that buyers are trying to turn $2,200 into support.

The ETH/USDT pair formed a bullish ascending triangle pattern when it broke out of $2,200. This bullish setup has a target goal of $3,400. However, it is unlikely to be a direct rise. Sellers will attempt to stop the advance near $2.500 and again at $3,000.

The key support zone for the downside is between $2,200 and the 20-day EMA ($2,147). If the price drops below this zone, it may entrap some aggressive bulls, leading to long liquidation. That could initiate a sharp correction toward $1,900.

BNB price analysis

BNB (BNB) is stuck within the boundaries of $223 to $239, indicating an equilibrium between supply and demand.

The bulls have managed to push the price above the 20-day EMA ($233) and will now try to breach the $239 barrier. If they succeed, the BNB/USDT pair is likely to pick up momentum and make its way towards the resistance at $265. Breaking and closing above this level will result in a bullish inverse head-and-shoulders pattern being formed.

This optimistic outlook may be invalidated if the price falls and drops below $223. This could cause the pair to sink to the important support at $203.

XRP price analysis

On Dec. 6, XRP (XRP) rebounded off the 20-day EMA ($0.62), indicating that buyers were willing to purchase at lower levels. The bulls will now try to push the price above $0.67, but the sellers are expected to put up a strong resistance.

If the rebound from the 20-day EMA fails to break out of the $0.67 mark, the XRP/USDT pair could find support at the 20-day EMA. If it does manage to break out of the resistance, it could reach $0.74, which may prove to be a difficult hurdle to surmount.

The bears need to sink and sustain the price below the 50-day SMA ($0.61) if they want to regain control and make money with web 3.0.

Solana price analysis

On Dec. 7, Solana surged above the 52-week high at $68.20, indicating the resumption of the uptrend. This invalidated the bearish H&S pattern, which is a positive sign and has attracted buying from the bulls and short-covering by the aggressive bears. A minor hurdle at $78 could be overcome, and the SOL/USDT pair could surge to $100.

For the bears to get back into the game, the price must be pulled below the 20-day EMA ($60). The next stop on the downside is at $51.

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Cardano price analysis

Since Cardano closed above the $0.40 resistance on Dec. 4, it has been on a rise. On Dec. 7, buyers drove the price above $0.46, and then again above $0.52 on Dec. 8.

The next resistance to watch out for is $0.60, but the RSI being overbought may indicate a minor correction or consolidation in the short term. If bulls don’t let go of much of the current level, it increases the possibility of a rally to $0.70.

On the other hand, if the ADA/USDT pair drops from the current level, it is expected to find support at $0.52 and then at $0.46. A fall below this support will open the door to a potential decrease to the 20-day EMA ($0.41).

Dogecoin price analysis

Dogecoin (DOGE) surged close to $0.11 on Dec. 6, however, the bulls were unable to keep up the higher levels, as seen from the long wick on the candlestick.

A slight advantage for the bulls is that they haven’t allowed the price to stay below $0.10. This implies that every minor dip is being purchased. The bulls will again attempt to propel the price above the $0.11 resistance. If they succeed in doing that, the DOGE/USDT pair could jump to $0.14 and later to $0.16.

The initial indication of weakness will be a drop below the 20-day EMA ($0.09). That will show that short-term traders are taking profits. The pair may then drop to $0.07.

Avalanche price analysis

Avalanche (AVAX) has been struggling to break above $28, yet bulls have been resilient and kept the price afloat. This suggests that bulls are still in control.

The bulls will attempt to re-initiate the uptrend and push the price towards the overhead resistance at $31. Bears are likely to be aggressive sellers at this level. The overbought levels on the RSI also indicate a potential pullback or consolidation in the near-term.

The first support on the downside is at $24.69. If this support is breached, the AVAX/USDT pair could drop to the 20-day EMA ($22.37). Buyers are expected to fiercely defend this level as the next support is much lower at $18.90.

Chainlink price analysis

On Dec. 7, Chainlink (LINK) found support at the 20-day EMA ($15.04), signifying that the sentiment remains positive and traders are taking advantage of dips to buy.

The bulls continued their activity on Dec. 8, pushing the price past the overhead resistance at $16.60. If buyers are able to keep the breakout going, it will indicate the resumption of the uptrend. The LINK/USDT pair could then surge to $18.30 and possibly even to $19.50.

On the other hand, if the price reverses and closes below $16.60, it will show that bears are still active at higher levels. This could lead to a decline to the 20-day EMA. The pair could then drop to $13.

Polygon price analysis

Polygon (MATIC) has been trading between $0.89 and $0.49 for the past few days. Bulls are attempting to push the price beyond the overhead resistance and start a new uptrend.

The 20-day EMA ($0.80) has begun to turn up, and the RSI is close to the overbought area, indicating that the path of least resistance is to the upside. If buyers can push the price above $0.89, the MATIC/USDT pair could reach the psychological level of $1. This level may once again offer strong resistance to the bulls.

If the price dips from $1 but rebounds off $0.89, it will signify that bulls remain in control. This could increase the chance of a rally to $1.20. The bears will be back in the driver’s seat if they sink and keep the price below the 50-day SMA ($0.75).

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