Cryptocurrency Market Analysis: Bitcoin and Altcoins Price Targets
Bitcoin price rose following a statement by Fed member Daly about possible further rate cuts next year. The leading cryptocurrency was not expected to see a significant rise until the PCE data on Friday and has not yet managed to stay above $42,500. So, what are the expectations for BTC and other popular cryptocurrencies until Sunday?
Bitcoin (BTC)
The flattening 20-day EMA and RSI close to the midpoint suggest an increase in volatility is imminent. If we see closes below $40,000, a retreat to the $37,980 support could occur. Alternatively, if the price rises and sustains above the 20-day EMA, BTC will look for closes above $44,700 to continue the uptrend.
Ethereum (ETH) Price Target
ETH is struggling to maintain the $2,200 level and may fall to $2,074 if this continues. In the ongoing scenario, a drop to $1,900 could be expected. If the price rises above $2,200, this bearish view will be invalidated in the short term, and a move to the $2,332 region will start. The SEC’s decision to delay three ETFs in the last 24 hours has made some frustrating comments for ETH.
The regulatory body sharing the risks of the PoS transition in the delay decision could try to substantiate at least one reason for a possible rejection for a spot ETH ETF.
Bulls’ inability to push BNB above $260 has led short-term investors to take profits. Negative sentiment in BTC price also fueled this. We saw a pullback below the moving averages on December 18th; if the price stays below $240, this could be risky. In a possible bearish scenario, the $223 region could be tested by Sunday.
Conversely, the target is a retest of $260.
XRP Coin Price Target
Bears are trying to pull the price down to the strong support at $0.56, but for now, their efforts have been in vain due to the recovery in the BTC price. XRP Coin is hovering between $0.6 and $0.61 as of this writing. If the price can stay above the 20-day EMA ($0.62), $0.73 could be tested. Otherwise, the target is $0.56.
Closures above $0.74 are needed for the next leg of the uptrend to begin.
Solana Price Target
Solana‘s SOL turned from its peak of $79.50 on December 15th. Fortunately, the $80 target we mentioned while the price was in the $30 region was achieved, and Solana did as expected. However, with the recent rise and BONK Coin support, SOL Coin’s price needs to see triple digits. If it can achieve this, a new peak in the $100-$120 range could be seen.
Of course, if Bitcoin allows it. Closures below $57.83 could lead to a test of $50 for SOL Coin. The price needs to stay above $60 and surpass its peak of $80. If it can do this, we could see a new peak between $100-$120.
