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BTC, ETH, AVAX and ADA Price Analysis for December 23

Price Predictions
Thu, 12/23/2021 - 15:50
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Denys Serhiichuk
How great are the market's chances to keep up the rise?
BTC, ETH, AVAX and ADA Price Analysis for December 23
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls may have started fixing their positions as some coins are again in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Trading volumes were below average yesterday and buyers were unable to continue the recovery of the BTC price. In the afternoon, sellers had a slight advantage on the market, thanks to which they managed to push the BTC/USD pair back to the average price area. As of this morning, the Bitcoin (BTC) price tested the two-hour EMA55, which halted the pullback.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, the Stoch RSI indicator lines are in the overbought zone. Perhaps after the psychological level of $50,000 is reestablished, the price can start to decline, and by the end of the week, the Stoch RSI indicator will return to the neutral zone.

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The first strong support level for such a decline may be the $42,447 level.

Bitcoin is trading at $48,521 at press time.

ETH/USD

Yesterday, buyers failed to overcome the POC indicator line ($4,070). The dominance of sellers on the market led to a rollback of the Ethereum (ETH) price below the psychological mark of $4,000.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the afternoon, the decline stopped at the two-hour EMA55. The bears pierced this moving average tonight. At the moment, there is not enough confidence that this weak support can cope with the onslaught of sellers today.

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If the level of average prices is still able to keep the pair from further decline, then one can count on a recovery to the area of $4,200.

Ethereum is trading at $3,933 at press time.

ADA/USD

Despite slight growth since yesterday, Cardano (ADA) remains trading in the green zone, going up by 1%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

From the technical point of view, Cardano (ADA) may have accumulated enough power for a rise. Such a statement is also confirmed by an increasing trading volume, which means that bulls are ready to continue the growth. In this case, there is a good chance that the rate of ADA can get to the vital mark at $1.50 by the end of the month.

ADA is trading at $1.363 at press time.

AVAX/USD

Avalanche (AVAX) is the biggest loser from the list today, falling by 3.78% over the past 24 hours.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

Despite the fall, AVAX is located in the wide channel between the support at $101 and the resistance at $147. The trading volume is low, which means that traders have not accumulated enough energy for a sharp move. However, if the price approaches the resistance and makes a breakout, the altcoin may set a new peak up around $160.

AVAX is trading at $121.73 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.