Bitcoin bulls attempted to fuel a recovery rally on December 27th, but the bears held their ground, mounting pressure at higher levels to pull the coin to $91,807 as of this writing. The good news is that the US Bitcoin spot exchange-traded funds (ETFs) are witnessing inflows again after losing over $1.5 billion to net outflows between December 15th and 20th. According to CoinGlass data, these ETFs posted net inflows worth $633 million last Thursday and Friday.
While most analysts are still bullish on Bitcoin, Aksel Kibar, a Chartered Market Technician, says the coin could dip to $80,000 as it is almost completing a bearish head-and-shoulders pattern.
Meanwhile, Bitcoin dominance has declined by 1.65% from 61% to 57.95% in the past seven days. According to some analysts, the trend could be due to investors’ decision to move to altcoins as they currently provide a better risk-to-reward ratio.
So, if investor interest in altcoins prompts price rallies, which resistance levels must we monitor? Let’s find the answers by exploring the charts.
Bitcoin Price Analysis
BTC has been on free fall since plummeting below the 50-day Simple Moving Average of $95,921 last week. As mentioned, it is priced at $91,807. Market participants are now waiting to see what happens at the $90,100 support if the downtrend continues.
If the bulls fail to guard this key level, BTC could dip further to $85,037 and later to $73,792, a price it hasn’t touched in nearly two months. From a bullish view, a surge to $102,000 and then to $108,337 is possible if Bitcoin crosses and remains above $95,921.
Ethereum Price Analysis
Ethereum reversed from the 20-day Exponential Moving Average of $3,453 on Christmas Day, reaching $3,333.44 as of this writing. The buyers’ attempts to spur a rally have failed in the past few days, suggesting that the sellers continue to apply pressure.
If ETH keeps falling, the $3,218 support becomes a critical level to monitor. If it’s violated, we anticipate a drop to $3,002 and then to $2,858, where dip-buying could occur. Meanwhile, if the buyers fuel a rally now and push Ethereum above $3,453, bullish momentum could pick up, enabling the token to touch the $4,096 resistance.
XRP Price Analysis
XRP has traded below the 20-day Exponential Moving Average ($2.22) since December 26th, indicating that the sellers have the upper hand. They are now looking to pull the token to the support line of the ascending triangle channel. If they manage to do so and the buyers fail to purchase the dip, XRP could drop and close below the support line, leading to a fall to $1.63.
On the other hand, if the Ripple-issued crypto asset witnesses a breakout at the resistance line of the ascending triangle channel, it might rally to $2.92, where selling is expected.
Dogecoin Price Analysis
Last week’s Dogecoin recovery rallies couldn’t even reach the 20-day Exponential Moving Average of $0.348, signaling that the bears were determined to keep the meme coin at lower levels. The $0.302 minor support is about to crumble. If that happens, a move to $0.275 seems likely.
On the upside, a reversal from $0.302 could signal the start of a rally to the 50-day Simple Moving Average of $0.3532. But the bulls will have to defeat the bears at $0.348 first.
Chainlink Price Analysis
The bears have maintained LINK below the 20-day Exponential Moving Average of $23.92 since December 26th. If they continue mounting pressure, the coin could drop to retest the $19.87 support, a level we expect the bulls to defend. However, if they don’t, Chainlink will likely fall to $16.19.
On the bullish side, pushing the asset above $23.92 could allow the buyers to prompt a move to $27.49 and eventually to $30.
Toncoin Price Analysis
TON is priced below the 20-day Exponential Moving Average of $5.97, giving the bears a massive opportunity to drag it to $4.71. However, if the token’s price turns up now, $5.97 could be violated, with $6.48 being the immediate target for the bulls.
