Price Prediction 12/17: BTC, ETH, BNB, XRP, SOL, DOGE, ADA

SOL printed a doji on the 1-day chart, signaling that selling pressure softened on Tuesday. The candle indicates that volatility remains reduced, albeit with a slight improvement.

The asset reflected the same sentiment across several other cryptocurrencies. They displayed the same candle as SOL due to reduced trading volume.

The drop in buying and selling activity over the last 24 hours affected the entire market as the sector posted an almost 4% drop in such activity. Nonetheless, the global cryptocurrency market cap slightly increased amid the trend.

Current market conditions offer a tale of investors exercising caution following the over 2% drop on Monday. Several assets posted even steeper declines. For example, Aster lost over 13% on Monday. The downtrend continued on Tuesday, with the token dropping to $0.73, a loss of almost 5%.

Nonetheless, the market received a fresh boost from a positive US employment report. The data for November came in at 64000, better than the forecasted 45000, but the unemployment rate surged by 0.2%. Toncoin surged by almost 5% as buyback started after the previous intraday session.

Investors remain largely unconvinced by the recent price hike, as several assets have yet to reclaim key support levels. However, the market may receive a further boost from fundamentals on Wednesday if the Fed’s statement is dovish.

Nonetheless, let’s see what the chart predicts will happen in the coming days.

BTC/USD

Bitcoin tested the $85k support level on Monday amid another massive selloff. It lost momentum after briefly flipping $90k. Although it rebounded, the day ended with losses of almost 2%.

BTC saw buyback on Tuesday after retesting $85k again. However, it rebounded and briefly flipped $88k. The 4-hour chart suggests that the apex coin must decisively flip the $88k barrier and end the day above it to seal further recovery.

A closer look at previous price performance shows that the highlighted barrier has served as a launchpad for an attempt at $94k.  The same trend may repeat in the coming days if the bulls sustain the upward momentum.

Additionally, the moving average convergence divergence recently displayed a bullish crossover: the coin may surge higher in response.

Nonetheless, RSI points to the importance of flipping $88k. The metric is trending at 44, a level it ended the last two upticks. Breaking the barrier will see it skip the current hurdle, and prices will surge afterward.

ETH/USD

Ethereum fell to $2,890 on Monday after its failed attempt at $3,200. It lost over 3% during the session and is yet to reclaim lost levels as it sank lower on Tuesday. However, the selling pressure in the last 21 hours has been reduced compared to the previous day.

The 4-hour chart shows that the asset has been range-bound for most of the day. Such a sideways trend is not new, as the chart shows several. They always result in a breakout within 48 hours, resulting in significant price swings.

ETH is currently trading close to bollinger’s lower band. The asset surged in several instances after consolidating at this level for an extended period. If history repeats, the coin will reclaim $3k in the coming days.

BNB/USD

BNB lost over 2% on Monday as Sunday’s bearish trend continued. However, recovery is ongoing as it edges closer to reclaiming all lost levels.

The altcoin traded above $870, a level with notable demand concentration, in the final hours of Tuesday. On several occasions, it rebounded off the mark, but struggled to hold it.

BNB is currently trading at $857, indicating that support has failed. Previous price action suggests the coin may reach $840 and subsequently $800 if the downtrend persists.

Indicators support this assertion as some flipped bearish. The MACD had a positive crossover a few hours ago, but it has since faded due to the sudden shift in price direction. A bearish divergence replaced it, hinting at further descent.

XRP/USD

XRP slipped below $2 on Monday, hitting a low of $1.86. It retraced slightly lower on Tuesday, but rebounded and retested $1.95. The momentum has since waned, resulting in corrections.

The 4-hour chart suggests that another dip below $1.90 could lead to a retest in $1.80. It remains to be seen if the support will hold. However, the MACD indicates a higher likelihood of such a slip. It prints an ongoing bearish convergence at the time of writing.

Additionally, a closer look at the relative strength index reveals that the latest decline started after a failure to break above the barrier at 42. XRP may be heading below 30 in the coming hours.

SOL/USD

SOL printed one of its longest 4-hour candles on Monday and has since been large rangebound. It held $125 over the last 24 hours and had several failed attempts at $130.

SOL has since retraced as selling pressure increased following its failure to break above the highlighted resistance. It also edged close to teasing $125  a few hours ago. Previous price movements suggest the coin may break $130 and reclaim $131 if the uptick continues.

However, indicators do not align with the prediction. For example, MACD prints a negative convergence, which may progress into a divergence, signaling further decline.

DOGE/USD

Dogecoin experienced a slight spike in buying volume on Tuesday. However, the bulls showed signs of exhaustion during the second half of the day.

The latest candle on the 4-hour chart is green, indicating a slight improvement. However, DOGE has been on an uptrend for most of the last 24 hours. It broke below the trend a few hours ago, flipping the trend. Recent action suggests that the altcoin may continue downward, retesting $0.10 in the coming days.

Like on SOL, indicators are currently flipping negative, aligning with the assertion of further decline.

ADA/USD

Cardano prints a large candle on the 4-hour chart. The candle may signal further price increases, as combining it with the previous one forms a bullish engulfing, a positive candlestick pattern.

In response to the latest price action, the relative strength index resumed its uptrend. The latest is significant as the metric veered towards 30 a few hours ago. Its recovery signifies growing buying pressure, resulting in a further price uptick.

If the bulls maintain the current trend, ADA could attempt $0.42 in the coming days. However, the pull towards $0.37 remains high. The altcoin must break out from its rangebound movement to seal the recovery.

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