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BTC, XRP, BNB and MATIC Price Analysis for December 24

Fri, 12/24/2021 - 15:46
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Denys Serhiichuk
Can one expect a Santa rally on the cryptocurrency market on the last few days of December?
BTC, XRP, BNB and MATIC Price Analysis for December 24
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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The last working day of the week has turned out to be bullish for the cryptocurrency market as the majority of the coins are in the green zone. XRP is the only exception from the rule, falling by 1.63%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, the two-hour EMA55 stopped the BTC price pullback and acted as support for the recovery. At the end of the day, the bulls broke above the psychological level of $50,000, setting a weekly high around the level of $51,380. In the morning, the maximum was renewed above the level of $51,500.

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

On the daily time frame, the Stoch RSI indicator lines are going off the charts in the overbought zone.

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If the bulls intensify the pressure today, the price can test the reversal level of $53,400.

Bitcoin is trading at $51,159 at press time.

XRP/USD

Yesterday, the XRP price traded sideways between the $0.96 support and $1 resistance. During the day, the pair tested the lower boundary of the indicated corridor, and at the end of the day, it pierced the psychological level of $1, setting a maximum around $1.016.

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

As of this morning, the pair continues to struggle in a sideways range, and in the near future, it may test the support of $0.96. If the lower boundary of the sideways channel is broken, the pair can roll back to the area of the two-hour EMA55.

XRP is trading at $0.9594 at press time.

BNB/USD

Binance Coin (BNB) is also following the bullish trend, rising by 3.54% since yesterday.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Analyzing the daily chart, Binance Coin (BNB) may have accumulated enough energy for a rise. The selling trading volume is low, which means that sellers are weaker than bulls at the moment. Respectively, if the rate of the native exchange coin can hold above $540, there is a chance to see the test of the liquidity level around $582 soon.

BNB is trading at $546.4 at press time.

MATIC/USD

The rate of MATIC is going up slower than BNB, rising by 1.73%.

MATIC/USD chart by TradingView
MATIC/USD chart by TradingView

Despite today's slight growth, MATIC remains bullish until the price trades above the support level at $2.521. The buyers' power is also confirmed by an increasing trading volume, which means that bulls are ready to get the rate up to new peaks.

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In this case, if MATIC can fix above yesterday's high, the vital mark of $3 can be attained by the end of the month.

MATIC is trading at $2.557 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.