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Cryptocurrency Market Analysis
The following analysis provides insights into various cryptocurrencies’ price movements.
- Bitcoin (BTC): The current market situation suggests that Bitcoin may be topping out. A gold fractal indicates a potential 35% price correction ahead.
- Dogecoin (DOGE): Dogecoin broke and closed below the support line of the ascending channel pattern, but the bears are struggling to keep the price down. Bulls are trying to push the price back into the channel, which could lead to a rise to $0.42 or $0.48.
- Cardano (ADA): Cardano’s selling accelerated after the price slipped below the near-term support of $1.11. The relief rally is expected to face selling at the 61.8% Fibonacci retracement level of $1.16. If the price turns down sharply from $1.16 and breaks below the 20-day EMA, it will indicate the formation of a range.
- Avalanche (AVAX): Avalanche turned down sharply and plunged below the 20-day EMA ($45.69) but the bears are struggling to sustain the lower levels. If buyers maintain the price above the 20-day EMA, the AVAX/USDT pair could rise to the $51 to $56 overhead resistance zone.
- Toncoin (TON): Toncoin turned down sharply on Dec. 9 and fell close to the $4.72 to $4.44 support zone, indicating profit booking by the bulls. The 20-day EMA ($6.28) has started to turn down, and the RSI is near the midpoint, suggesting that bears have a slight edge.
- Shiba Inu (SHIB): Shiba Inu turned down from $0.000033 on Dec. 8 and plunged below the 20-day EMA ($0.000028) on Dec. 9. The bulls are trying to push the price back above the 20-day EMA but are likely to encounter stiff resistance from the bears.
Market Outlook
The cryptocurrency market is experiencing various fluctuations, with some coins showing signs of strength and others struggling to maintain their prices. Investors should conduct their own research before making a decision, as every investment and trading move involves risk.
