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Bears keep holding their initiative on the cryptocurrency market as coins cannot get out from the red zone.
BTC/USD
Yesterday, buyers tried to restore the Bitcoin price above the two-hour EMA55. They managed to pierce the moving average, but sellers brought the pair back to the support area of $46,000 with a strong bearish impulse by the end of the day.
This morning, there is another attempt by bulls to gain a foothold above the level of the two-hour moving average EMA55.
Denys SerhiichukIf it ends with a pullback again, then the bears may increase pressure and push the pair back to the $44,000 area.
Bitcoin is trading at $46,623 at press time.
ETH/USD
Yesterday, buyers managed to recover the Ethereum (ETH) price above the two-hour EMA55. In the evening, the pair came close to the level of $3,900, but the bearish reaction did not allow the price of Ether to test this level.
By the end of the day, the ETH/USD pair was pushed back into the average price area, but the EMA55 moving average was able to keep the pair from a deep pullback. If buyers were able to gain a foothold above the two-hour EMA55 level today, the negative scenario could have been avoided.
Ethereum is trading at $3,818 at press time.
XRP/USD
There was no bearish pressure yesterday morning, and the XRP price tried to recover to the EMA55 moving average area. It was not possible to overcome the level of average prices. Sellers responded with bearish impulse, which brought the pair back below the POC line ($0.828).
At night, sales volumes decreased and the pair stabilized at the Point of Control indicator line. If the bearish onslaught resumes today, the pair might roll back below the support of $0.80.
XRP is trading at $0.8289 at press time.
BNB/USD
Binance Coin (BNB) could not withstand Bitcoin (BTC), and the rate of the native exchange coin has gone down by 1.45%.
BNB made a false breakout of the zone of the most liquidity at $530. At the moment, the price is slowly approaching the green support level at $489.20.
If sellers manage to break it and fix below it on the daily chart, there might be a sharp drop to the next vital area around $450. Such a scenario might happen until mid-January.
BNB is trading at $512 at press time.
ADA/USD
Cardano (ADA) is an even bigger loser than BNB with a fall of 1.76%.
Cardano (ADA) has also tested the zone of the most liquidity and fixed below it. While bulls cannot break it, bears are supposed to be more powerful than bulls. All in all, the price is located in the middle of the wide channel, far away from its support and resistance levels. In this case, sideways trading is the more likely scenario for the next few days.
ADA is trading at $1.33 at press time.
SOL/USD
Solana (SOL) is not an exception to the rule, falling by 2.92%.
Solana (SOL) is trading similarly to Cardano (ADA) with a price between the support zone around $160 and the resistance of $180. Until the rate is located there, neither bulls nor bears are dominating. Likewise, sideways trading in the mentioned area is likely to continue for the next few days.
SOL is trading at $168.70 at press time.
MATIC/USD
MATIC is the biggest loser from the list today, whose rate has declined by 3.64% since yesterday.
The price is about to reach the support at $2.291 shortly if the bearish pressure continues. In case a false breakout happens, bulls have the chance to keep the growth; otherwise, one can expect a sharp drop to the vital mark of $2.
MATIC is trading at $2.389 at press time.
Yuri Molchan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin