While cryptocurrency prices have seen deep cuts this year, traders have continued to invest in the space. In an online survey conducted by Blockchain.com, 41% of respondents reported buying crypto in 2022, and 40% plan to purchase crypto in the next year. However, a sustained recovery in risk assets may not occur until inflation shows signs of cooling and the Federal Reserve pivots from monetary tightening to expansionary policy. Markets may also remain volatile in the short term due to low volumes during the holiday season.
BTC/USDT Analysis
Bitcoin is attempting to hold onto the 20-day exponential moving average at $16,955. While bears tried to pull the price down on Dec. 22, the long tail on the candlestick indicates strong buying on dips. If bulls can clear the overhead hurdle at the moving averages, the BTC/USDT pair may pick up the pace and reach the strong overhead resistance at $18,388. A break and close above this level could attract significant buying and potentially push the price up to $21,500. However, if bulls fail to push the price above the moving averages, it suggests a lack of demand at higher levels. This could allow bears to pull the pair down to $16,256 and potentially support at $15,476.
ETH/USDT Analysis
Ether's bounce off $1,150 has been met with strong resistance at the 20-day EMA of $1,230 for the past two days. While sellers tried to pull the price down on Dec. 22, the long tail on the candlestick shows aggressive buying at lower levels. The 20-day EMA is flattish, and the RSI is just below the midpoint, indicating a balance between buyers and sellers. A break above the 50-day SMA at $1,259 could tilt the near-term advantage in favor of the bulls and potentially push the ETH/USDT pair to $1,352. On the other hand, if sellers can sink the price below the immediate support at $1,150, it would complete a bearish head-and-shoulders pattern in the near term and potentially bring the pair down to $1,075 and then to the target objective of $948.
BNB/USDT Analysis
BNB has been consolidating near the breakdown level of $250 for the past few days, indicating that bears are protecting this level. However, bulls have not given up much ground, which is a positive sign. If the price rises above $255, it could trap aggressive bears and potentially trigger a short squeeze that pushes the price up to the 50-day SMA at $283 and then to $300. Alternatively, if the price turns down from the current level and falls below $236, it suggests that bears remain in control. This could allow sellers to push the price down to $220 and potentially to the psychological support at $200.
XRP/USDT Analysis
XRP is attempting to start a recovery but may face selling near the breakdown level of $0.37. Both moving averages are sloping down, and the RSI is below 40, indicating that bears have the upper hand. If the price turns down from the 20-day EMA, bears will likely try to pull the XRP/USDT pair below $0.33 and complete a bearish head-and-shoulders pattern with a target objective of $0.27. On the other hand, if the price breaks out of the overhead resistance.
DOGE/USDT Analysis
Dogecoin has been trading in a range between $0.40 and $0.48 for the past few days. Both moving averages are sloping down, and the RSI is below 50, indicating that bears have the upper hand. If the price turns down from the overhead resistance at $0.48, bears will try to pull the DOGE/USDT pair to $0.40 and then to $0.35. However, if the bulls can push the price above $0.48, it could start a new uptrend and potentially bring the pair to $0.54 and then to $0.62.
ADA/USDT Analysis
Cardano has been trading in a tight range between $0.34 and $0.40 for the past few days. Both moving averages are flattish, and the RSI is close to the midpoint, indicating a balance between buyers and sellers. If the price breaks out of the range and rises above $0.40, it could start a new uptrend and potentially bring the ADA/USDT pair to $0.45 and then to $0.50. On the other hand, if the price turns down from the current level and falls below $0.34, it could signal a trend reversal and potentially bring the pair down to $0.30 and then to $0.26.
MATIC/USDT Analysis
Polygon has been trading in a range between $0.79 and $0.95 for the past few days. Both moving averages are sloping down, and the RSI is below 50, indicating that bears have the upper hand. If the price turns down from the overhead resistance at $0.95, bears will try to pull the MATIC/USDT pair to $0.79 and then to $0.68. However, if the bulls can push the price above $0.95, it could start a new uptrend and potentially bring the pair to $1.10 and then to $1.25.
DOT/USDT Analysis
Polkadot has been trading in a tight range between $11.50 and $13.50 for the past few days. Both moving averages are flattish, and the RSI is close to the midpoint, indicating a balance between buyers and sellers. If the price breaks out of the range and rises above $13.50, it could start a new uptrend and potentially bring the DOT/USDT pair to $15.50 and then to $17.50. On the other hand, if the price turns down from the current level and falls below $11.50, it could signal a trend reversal and potentially bring the pair down to $9.50 and then to $7.50.
LTC/USDT Analysis
Litecoin has been trading in a range between $140 and $160 for the past few days. Both moving averages are sloping down, and the RSI is below 50, indicating that bears have the upper hand. If the price turns down from the overhead resistance at $160, bears will try to pull the LTC/USDT pair to $140 and then to $120. However, if the bulls can push the price above $160, it could start a new uptrend and potentially bring the pair to $180 and then to $200.
UNI/USDT Analysis
Uniswap has been trading in a range between $3.50 and $4.00 for the past few days. Both moving averages are flattish, and the RSI is close to the midpoint, indicating a balance between buyers and sellers. If the price breaks out of the range and rises above $4.00, it could start a new uptrend and potentially bring the UNI/USDT pair to $4.50 and then to $5.00. On the other hand, if the price turns down from the current level and falls below $3.50, it could signal a trend reversal and potentially bring the pair down to $3.00 and then to $2.50.
