Exploring the Differences Between Web 1.0, 2.0, 3.0 and 4.0

The crypto industry is abuzz with the possibility of the spot Bitcoin (BTC) exchange-traded fund being approved in January. According to K33 Research analysts, the recent ETF updates about BlackRock and ARK Invest agreeing to a cash-creation setup for their funds signals that an approval is “nailed” for the beginning of the year.

In an interview with Bloomberg, MicroStrategy co-founder Michael Saylor said that the approval of the spot Bitcoin ETF “may be the biggest development on Wall Street in 30 years.” This, along with the Bitcoin halving in April, is expected to set the stage for “a major bull run for the asset class” in 2024.

Grayscale CEO Michael Sonnenshein also expressed his optimism in a CNBC interview, saying that the spot Bitcoin ETF will open the market to “about $30 trillion worth of advised wealth.”

Will Bitcoin and altcoins break above their recent local highs, or will higher levels attract sellers? To answer this question, let’s analyze the charts of the top 10 cryptocurrencies and compare the differences between web 1.0, 2.0 and 3.0, as well as learn about the Solid Web 3.0, Polkadot and how to invest in Web 3.0.

Bitcoin price analysis

On Dec. 18, Bitcoin dipped below the 20-day exponential moving average ($41,760), however, strong buying on dips prevented the bears from sustaining lower levels.

Bulls managed to push the price beyond the downtrend line on Dec. 19, but the bears sold at higher levels. Nevertheless, buying on Dec. 20 lifted the price over the immediate resistance at $43,500, increasing the probability of a rally above the 52-week high at $44,700. If this happens, the BTC/USDT pair could surge to $48,000 and eventually to $50,000.

On the other hand, if the price falls sharply from $44,700, it will suggest that sellers are still active at higher levels. The bears will have to keep the price below the 20-day EMA to increase selling and challenge the solid support at $37,980.

Ether price analysis

Ether (ETH) has been witnessing a struggle between the bulls and the bears near the strong support at $2,200.

The failure of the bears to maintain the price below $2,200 suggests buying at lower levels. The flat 20-day EMA ($2,210) and the RSI near the midpoint suggest a range-bound action in the near term.

Buyers will try to push the ETH/USDT pair to $2,332 and then to $2,403. Sellers are expected to defend this zone with vigor. On the downside, the 50-day SMA ($2,091) remains the key level to keep an eye on. A break below it may result in a fall to $1,900.

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BNB price analysis

On Dec. 18, BNB (BNB) dropped below its moving averages, but soon reversed direction, suggesting strong buying at lower levels.

The upward-sloping moving averages and the RSI in the positive zone suggest that bulls have the upper hand. If buyers can keep the price above $260, the BNB/USDT pair could climb to the neckline of the inverse head-and-shoulders pattern. If this neckline is breached and closed above, it would complete the bullish setup, with a pattern target of $333.

The immediate support on the downside is the moving averages, followed by $223. A decline beneath this level could push the pair down to $203.

XRP price analysis

The bulls purchased the dip in XRP (XRP) near the strong support of $0.56 on Dec. 18, as seen from the long tail on the candlestick.

The bulls will try to drive the price above the moving averages. If they succeed, the XRP/USDT pair could rise to $0.67, where the bears will attempt to firmly defend the level. If the price turns down from $0.67, the range-bound action may persist for a few more days.

Conversely, if the price declines quickly from the 20-day EMA, it will indicate that the bears are trying to take control. A fall below the essential support of $0.56 could result in a drop to $0.46.

Solana price analysis

Solana (SOL) has been in a strong uptrend. Bulls took advantage of the dip to the 20-day EMA ($69.77) on Dec. 18, pushing the price above the resistance at $79.50.

The upsloping moving averages indicate that buyers are in control, but the negative divergence on the RSI suggests caution. Bears will have to pull the price below the 20-day EMA to trigger stops, driving the pair down to the 50-day SMA ($59.51) and then to $50.

Conversely, if buyers can maintain the price above $80, the SOL/USDT pair could start a new leg of the rally to $100.

Cardano price analysis

Cardano (ADA) saw a long tail on the candlestick, indicating an upward move from the 20-day EMA ($0.54) on Dec. 18.

Bulls must surpass the minor resistance at $0.62 to challenge the 52-week high of $0.68. This level is expected to be a formidable opposition, but if buyers can propel the ADA/USDT pair beyond it, the price could surge to $0.78.

If bears wish to prevent the upswing, they will have to quickly push the pair below the 20-day EMA. If successful, it could drop to the breakout level of $0.46, likely eliciting buying interest.

Dogecoin price analysis

The bulls are not allowing the Dogecoin (DOGE) price to stay below the 20-day EMA ($0.09), indicating solid investment into the web 3.0 cryptocurrency.

The 20-day EMA has leveled off, and the RSI is close to the midpoint, showing that the DOGE/USDT pair could be stuck between the 50-day SMA ($0.08) and $0.11 for some time.

If the buyers want to gain the upper hand, they will need to push the price above $0.11. This could start the next upward move to $0.16. On the other hand, a dip below the 50-day SMA would indicate that the bears are in control, causing the pair to drop to $0.07.

Avalanche price analysis

Avalanche (AVAX) is attempting a rebound off $38, indicating that the bulls are trying to flip the level into support.

The rising 20-day EMA ($34.71) suggests advantage to buyers, but the overbought levels on the RSI caution that a consolidation or correction is possible in the near term. Sellers are expected to fiercely defend the overhead resistance at $45.33, but if the hurdle is cleared, the next stop could be $50.

The first sign of weakness will be a break and close below $38. That opens the door for a drop to the 20-day EMA. A break and close below the 20-day EMA will signal that the uptrend may have ended in the short term.

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Polkadot price analysis

Polkadot (DOT) has been finding support at the 20-day EMA ($6.61), indicating that the bulls continue to buy the dips.

The bulls will try to push the price toward the overhead resistance at $7.90, where they might encounter strong selling by the bears. If buyers are able to overcome the resistance, the DOT/USDT pair could pick up momentum and rally to $10.

The bears are likely to have other plans. They will try to sell the rallies from the current level and pull the price below the 20-day EMA. If they succeed, the selling could accelerate and the pair may slump to the 50-day SMA ($5.74).

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Chainlink price analysis

Chainlink (LINK) has been trading within the wide range between $12.85 and $16.60 for the past few days.

The moving averages are close to a bearish crossover, and the RSI is just above the midpoint, suggesting that the sellers have a slight edge. If the price holds below the moving averages, the LINK/USDT pair could dip to the strong support at $12.85.

On the other hand, if the price rises above the 20-day EMA ($14.80), it will indicate that the bulls are attempting to gain the upper hand. The pair may then advance to $15.58 and later to $16.60. If the price turns down from this resistance, it will indicate that the pair may remain range-bound for a bit longer.