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BTC, ETH, XRP, EOS, ADA and LINK Price Analysis for December 3

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Thu, 3/12/2020 - 14:47
BTC, ETH, XRP, EOS, ADA and LINK Price Analysis for December 3
Cover image via www.tradingview.com

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Bulls keep dominating the situation on the cryptocurrency market as most of the Top 10 coins are in the green zone. Litecoin (LTC) and Bitcoin Cash (BCH) are the only exceptions to the rule.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key information on Bitcoin (BTC), Ethereum (ETH), XRP, EOS, Cardano (ADA) and Chainlink (LINK):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$358,365,895,215 $19,307.56 $358,365,895,215 +0.78%

Ethereum

ETH

$69,279,504,244 $609.43 $17,804,390,708 +1.42%

XRP

XRP

$28,314,825,190 $0.624578 $11,597,250,371 +0.01%

EOS

EOS

$2,904,610,050 $3.09 $2,835,845,149 +2.24$

Cardano

ADA

$4,986,760,665 $0.160302 $1,174,107,963 +2.13%

Chainlink

LINK

$5,507,179,015 $13.97 $1,306,122,069 +2.53%

BTC/USD

Selling volumes declined yesterday morning, and the Bitcoin (BTC) price recovered above the hourly EMA55. During the day, the trading volume did not exceed the average level, so buyers could not manage to gain a foothold above the resistance of $19,300.

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

Rising lows on the hourly time frame indicate that bulls are preparing for a new attempt to gain a foothold above the 100% Fibonacci level.

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However, if the bears defy this strong resistance level, then the pair could pull back to the support at $17,600.

Bitcoin is trading at $19,353 at press time.

ETH/USD

Yesterday, in the first half of the day, buyers tried to break above the $600 resistance, but the recovery was not supported by large volumes and failed to gain a foothold above the POC line ($596.85). Buying volumes are still very low this morning, but bulls are again storming the point of control indicator line.

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

If bears do not allow the Ether price to recover above $600, then the pair may retrace to the $555 area, where the 6H EMA55 takes place. This moving average should be able to support buyers in another attempt to update the annual maximum.

Ethereum is trading at $612.08 at press time.

XRP/USD

There was no strong pressure from bears yesterday, and the XRP price consolidated in a sideways channel with the support at $0.60.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

The pair recovered above the hourly EMA55 tonight, but buying volumes are extremely low and the consolidation range is narrowing. If the POC line ($0.619) keeps the price from falling, then the recovery may continue to the $0.70 area.

XRP is trading at $0.6276 at press time.

EOS/USD

EOS is the second biggest gainer today. The rate of the altcoin has risen by 2.24% over the last day.

EOS/USD chart by TradingView
EOS/USD chart by TradingView

EOS has bounced off the support at $2.9 against the low trading volume. Even though the long-term trend remains bullish, it is too early to consider a fast rise to the resistance at $3.48 as liquidity is still low. All in all, the sideways trend remains the more likely scenario for the upcoming days.

EOS is trading at $3.08 at press time.

ADA/USD

Although the rate of Cardano (ADA) has risen by only 2% since yesterday, the price change over the last week has accounted for +7.19%.

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

On the daily chart, EOS is trading similarly to Cardano (ADA), as the coin is also located in the consolidation phase. In this case, the altcoin is about to locate in the range of $0.17-$0.18 until mid-December.

EOS is trading at $0.1602 at press time.

LINK/USD

Chainlink (LINK) is the biggest gainer today. The rate of the crypto has increased by 2.53% since yesterday.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

From the technical point of view, Chainlink (LINK) is about to reach the resistance at $16.42, once bulls have successfully bounced off the support at $12.55. Thus, the selling trading volume keeps decreasing, which means that sellers are losing their energy to push the rate of the coin down.

Chainlink is trading at $13.98 at press time.

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