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DOGE edged closer to its seven-day high on Monday but experienced corrections shortly after. It ended the day posting a slight price improvement amid the ensuing selloff.
The memecoin will look to resume its uptrend after significant gains on Friday. It gained over 7% during this period, ending a seven-day downtrend. However, the odds of a massive recovery in the coming days become slimmer as selling pressure gradually increases.
The ongoing trend with DOGE is affecting almost every asset in the market, and it is worse in some cases. For example, Humanity Protocol is grappling with massive selling pressure as predicted. It recently retraced to a low of $0.137, shedding all of its previously accumulated gains.
The global cryptocurrency market has not registered any significant moves, as several major assets remain relatively stable. Nonetheless, recent data shows that the market is seeing a 44% increase in volume.
The increase in buying and selling coincides with the US economic data release coming a few hours from now. Investors are gearing up for another volatile day as they anticipate the GDP release. They are hoping for surprises that could lead to a stronger price reaction.
Nonetheless, based on current forecasts, the data may come out negative, worsening the ongoing bearish sentiment. Let’s see how some assets in the top 10 will perform in the coming hours.
Bitcoin was off to a good start on Monday, surging to $90,536. It sparked excitement over what many expect to be a Santa rally. However, momentum quickly waned after breaking above $90,000, leading to prices retracing to the open.
A recent outlook indicated that the $89k mark is one of the most important levels to watch, and the asset must keep trading above it as failure to do so would result in further decline. The article also stated that holding the mark would guarantee a retest of the $92k barrier.
Bitcoin is currently trading below $88k, indicating it has fallen below a critical level. Given the bearish forecast for the data release in the coming hours, the asset may retest $85k before the end of the day. Conversely, if the metric comes in better than expected, BTC may surge above $90k.
Ethereum is trading almost 2% lower than it started the day. It continues its decline after the bulls failed to sustain the Monday uptick. During this period, it broke above its seven-day high, but ended the session with no notable price change.
The selling pressure on Tuesday saw the asset retest the four-day support at $2,960. It remains to be seen if the bulls will defend the mark. Nonetheless, they need to hold the mark as losing it will send ETH as low as $2,800.
However, indicators suggest a further uptrend in the coming days. The altcoin is currently trading below bollinger’s lower band. The bollinger bands on the 4-hour chart are narrowing, indicating that a breakout is imminent. Ethereum has a slim chance of shooting up based on this indicator.
The BB hints at an impending breakout above $3,100, buoyed by fundamentals.
BNB has been on the decline since Monday and has erased its previous gains. The change in price trajectory happened when the asset failed to decisively flip $870 and faced rejections afterward.
BNB is currently trading at $850 following its recent rebound. However, indicators do not guarantee a massive uptrend after the rebound, as they often print mixed signals. The latest decline started after the asset broke out of the bollinger band. It rebounded near the lower band, suggesting a buyback may follow.
Conversely, the moving average convergence divergence had a bearish crossover a few hours ago, indicating further decline. If this plays out, the asset may continue downward, retesting $830.
XRP is currently trading at $1.90 and remains relatively stable there. Its current prices show a slight increase from its Tuesday low. Nonetheless, like DOGE and the rest of the market, it continues to grapple with minor selling pressure at the time of writing.
The asset is currently trading around its pivot point on the 4-hour chart. Maintaining prices above the mark indicates buying pressure that may result in further price increases. The candlesticks that formed a bullish engulfing pattern reinforce this prediction.
Additionally, MACD is reversing its bearish crossover. The ongoing bullish convergence suggests an impending retest of the $1.95 resistance.
SOL resumed its rangebound movement on the 4-hour chart. Like DOGE and the rest of the market, it had a good start to the week but lost momentum on Monday. The decline continued on Tuesday, but it found support.
Since rebounding, the asset has not made a strong push toward a breakout. The consolidation era is not new, as the chart shows periods when prices trend within two short-term levels for an extended period.
Nonetheless, it means the coin is gearing up for volatility in the coming hours. The asset is trading below its pivot point, and the MACD remains negative. Both indicators suggest further downside movement.
The current candle on the 4-hour chart indicates that Dogecoin’s recovery stalled, and prices are declining amid increasing selling pressure.
The asset flipped bearish on the MACD, suggesting the correction may worsen. Nonetheless, the asset is trading above its pivot point, which means the bulls may resume buying soon. The current level also offers a critical level for the buyers to defend. Failure to defend the mark could see DOGE retrace as low as $0.126.
If the bulls succeed in staging a buyback, the asset may surge, edging closer to the first pivot resistance at $0.138, but it may face rejection at $0.134.
Cardano broke its downward structure on Friday. However, the asset has yet to set up a corresponding upward structure, as it has largely consolidated over the last three days.
ADA is currently in a downtrend, and indicators suggest that the downward momentum may worsen. One such is the moving average convergence divergence, which had a negative crossover a few hours ago. Additionally, the asset is trading below its pivot point.
The coin must rebound at $0.36 or risk retracing to Thursday’s low at $0.35. The pivot point standard suggests a drop to $0.338 if the current support fails.
The post Price Prediction 12/23: BTC, ETH, BNB, XRP, SOL, DOGE, ADA appeared first on CoinTab News.
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