Price Analysis December 16th, 2024 – BTC, SOL, BNB, ETH, and XRP
The bulls have won the tough battle at $100,000, pushing Bitcoin above $104,093 to create a new all-time high. The price rise comes as optimism over the creation of a US Bitcoin reserve continues to grow.
Bitcoin is expected to rally further this week if the US Federal Reserve decides to cut interest rates on Wednesday. According to Bitfinex researcher Jag Kooner, an interest rate cut could enable BTC to surge past $120,000 before the end of the year. Additionally, he expects rate cuts by the European Central Bank and People’s Bank of China to boost inflows into cryptocurrencies in the coming weeks.
Several crypto experts anticipate the continuation of the Bitcoin rally in 2025. Analysts from crypto asset manager Sygnum Bank say there could be ‘demand shocks’ in the BTC market as institutions continue to acquire more coins. This could push Bitcoin’s value higher. The analysts, however, argue that altcoins’ prices will only rise if the United States passes policies that support cryptocurrency adoption.
With the $104,093 resistance breached, which other barriers in the upper area should we keep an eye on? Let’s identify them by analyzing the charts.
Bitcoin Price Analysis
BTC crossed the $101,890 resistance on December 15th and then rallied above the $104,093 barrier the following day, reaching $106,352 to record a new all-time high. A bullish divergence is forming in the Relative Strength Index, suggesting that the bulls want to maintain the momentum.
If they stay in control, Bitcoin could rise above $133,250 and head toward $125,180. On the contrary, the coin is likely to fall to the 20-day Exponential Movin Average of $96,819 if the bears pull it below $101,890. Furthermore, if $96,819 isn’t guarded, a bearish move to $90,104 seems likely.
Ethereum Price Analysis
The sellers’ failure to drag Ethereum below the downtrend line over the weekend has attracted aggressive buying in the last 24 hours. The buyers are targeting the $4,090 resistance. If ETH reaches there and more buying pressure is applied, a rally to $4,480 could happen.
Conversely, the 20-day Exponential Moving Average of $3,685 could become Ethereum’s next destination if the support at $3,800.32 gives way. Furthermore, if $3,685 is violated, we foresee a dip to $3,500.79, where a rebound could occur.
XRP Price Analysis
XRP’s recovery rally has faced resistance near the downtrend line since December 12th. Despite their successful attempts to halt the rally, the bears have struggled to pull the coin’s price to the 20-day Exponential Moving Average of $2.12, signaling that every minor dip is being purchased.
That said, if the downtrend line is violated, XRP could surge to the $2.66 resistance and then to $2.92, where aggressive selling is anticipated. However, if $2.92 gives way, XRP could cross $3 and rally to $3.40 for the first time since January 2018. Meanwhile, a downturn toward $2.12 could cause XRP to plunge to the $1.91 support.
Solana Price Analysis
A long-wicked candlestick seen on the daily chart suggests aggressive selling near the 20-day Exponential Moving Average of $229. The bears are now trying to pull Solana toward the 50-day Simple Moving Average of $212.89. If they achieve this and the bulls fail to guard that crucial level, a drop to $200 may happen.
From a positive point of view, pushing and sustaining SOL above $229 could allow the bulls to trigger a rally to $247.58 and then to $263.77.
BNB Price Analysis
Prices above the $722.64 resistance have been challenging for the bulls to sustain in the past two days. While BNB is now trading below that vital level, the bulls haven’t let the 20-day Exponential Moving Average of $693 collapse, signaling their intention to maintain their momentum. If they eventually push and keep the asset above $722.64, a rally to $762 and later to $800 could become a reality. Conversely, BNB could head toward the 50-day Simple Moving Average of $638.20 if $693 crumbles.
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