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December 24 BTC, ETH, XRP, LTC, BCH, LINK, BNB, ADA, DOT and XLM Price Analysis

December 24 BTC, ETH, XRP, LTC, BCH, LINK, BNB, ADA, DOT and XLM Price Analysis

SEC’s lawsuit against Ripple may show a bearish trend for a few altcoins but a bullish trend for Bitcoin.The current crypto bull run is dominated by Bitcoin (BTC). Since the United States Securities and Exchange Commission previously hinted that Bitcoin is not a security, it seems unlikely that the regulator’s current lawsuit against Ripple will stop the flow of institutional money to Bitcoin.

However, a few altcoins that may be at risk of facing a similar fate with Ripple could face selling pressure. Due to changing sentiment, retail investors may sell some of their altcoin assets and switch to Bitcoin.

Even retail investors who plan to spend incentive controls to buy crypto assets may prefer Bitcoin to altcoins. So although XRP is facing selling pressure, the lawsuit could mean bullish for Bitcoin.

Institutions are pumping money into Bitcoin at an unprecedented pace. Grayscale continued its buying spree and bought another 12,319 Bitcoins on Tuesday. This means that Grayscale swallows around 44% of all BTC newly mined in a month, as well as 28,000 BTC.

Bitcoin’s supply cannot meet institutional demand and the price is likely to rise further if individual traders continue to buy as well.

Let’s look at the charts of the top 10 cryptocurrencies and identify their main trends.

BTC / USD

In a strong uptrend, corrections usually take about one to three days. Bitcoin closed in decline on 20 and 21 December. However, the price came out on December 22nd and the bulls are currently trying to keep up.

If the bulls can push the price above $ 24,302.50, the BTC / USD rate could rise to $ 26,958. The upward moving averages and the relative strength index (RSI) near the overbought zone show the bulls are in control.

However, if the bears defend the overall resistance level, the pair could consolidate in a tight range between $ 21,934.83 and $ 24,302.50 before starting the next move.

Contrary to this bullish assumption, if the pair declines and falls below $ 21,934.83, a fall to $ 20,000 is possible. The region between $ 19,500 and $ 20,000 is crucial because if it breaks, the pair could drop to the 50-day simple moving average ($ 18,529).

ETH / USD

The bulls aggressively defend the 20-day exponential moving average ($ 603). Although Ethereum (ETH) broke above the $ 622,807 resistance on December 22, the price dropped once again today. This indicates that demand is falling at higher levels.

However, the bulls are currently trying to defend the 20-day EMA. If they are successful, the ETH / USD pair can make another attempt to move above $ 640 and retest $ 676,325.

The rising moving averages and the RSI in the positive zone show that the bulls have the upper hand. A break at $ 676,325 could start the next leg of the bullish trend targeted at $ 763,614.

Conversely, if the price drops below the trend line of the triangle, the pair could extend the decline to $ 540 and then to $ 480.

XRP / USD

The Bulls defended the $ 0.425 to $ 0.40 support on December 22, but today the renewed selling range has been broken. XRP broke below the $ 0.326724 support, but bulls may try to provide support lower.

However, the 20-day EMA ($ 0.513) was down and the RSI fell near the overbought zone. This indicates that the trend is turning in favor of the bears.Even if the price recovers at current levels, the bears can move the price to $ 0.435 in a rise and then to the 20-day EMA level.If the price stays below $ 0.326724, the XRP / USD rate could drop to $ 0.25. In such a case, the pair will complete the 100% retracement of the last leg of the upward move.

LTC / USD

Litecoin (LTC) recovered from $ 98.40 on December 22. The bulls, however, failed to push the price above the $ 118.6497 resistance. This suggests that traders are using rallies to vacate their positions.

The bears will now try to push the price below the $ 98.40 support and the 20-day EMA below $ 95. If they succeed, the LTC / USD pair could drop to the 50-day SMA ($ 80). Such a move would suggest a possible change from the bullish to the price range cap.

Contrary to this assumption, if the price returns to $ 98.40 again, the pair may remain in a narrow range for a few days.

Rising moving averages and RSI above 60 show that the bulls have the upper hand. A break above the $ 118.6497 and $ 124.1278 resistance zone could indicate the resumption of an uptrend that could reach $ 140.

BCH / USD

The long wick on the December 22 candlestick indicates that the bulls are buying at the 20-day EMA ($ 299) on the decline. However, they couldn’t stand the recovery and the sale renewed by the bears today pushed Bitcoin Cash (BCH) below the 20-day EMA.

If the bears break the price below the 50-day SMA ($ 281), the BCH / USD pair could drop to $ 250. Bulls can try to protect the area at $ 230 to $ 250, and if they succeed, a strong recovery is likely.

The bears, however, will try to stop any rally at the 20-day EMA. If this happens, the price could drop and go below $ 230. This could result in a $ 200 drop to the next critical support.

LINK / USD

Chainlink (LINK) bounced off the bullish trend on December 22, but the bulls could not push the price above the moving averages. This indicates that the bears are trying to defend the 20-day EMA ($ 12.87).

The LINK / USD pair is now below the bullish line, indicating a possible change in trend. There is a small support at $ 11.29, but if this level is broken the pair could drop to $ 10.

The RSI dropped below 43 and the 20-day EMA began to decline, indicating that momentum is shifting in favor of the bears.

If the pair bounces back from sudden support and rises above $ 13.28, this negative opinion will be void. Such a move will show that traders are accumulating at lower levels.

BNB / USD

Binance Coin (BNB) fell to the 20-day EMA ($ 30.88) on December 22, but aggressive purchases at lower levels pushed the price above $ 33.3888. However, the bulls could not stand this recovery and the price dropped back to the 20-day EMA today.

If the bulls can keep the price above $ 32, the BNB / USD pair can trade in a narrow range from $ 32 to $ 35.4338 for a few days.

A break above $ 35.4338 could continue the uptrend and open the doors for rally to an all-time high of $ 39.5941. The rising 20-day EMA and RSI in the positive zone show that the bulls are dominating.

Contrary to this assumption, if the price drops below the 20-day EMA, the pair could drop to the 50-day SMA ($ 29.50) and get stuck in the range of $ 32 to $ 25.6652.

ADA / USD

The bulls pushed Cardano (ADA) above the 20-day EMA ($ 0.153) on December 22, but could not sustain higher levels. This shows that every small rally attracts sales by the bears.

Sellers will now try to lower the price to the critical support of the $ 0.13 range. The bulls may try to defend the level again, as they bought the drop to this support in the previous two events.

If successful, the ADA / USD pair could keep it in the $ 0.13 to $ 0.175 range for a few more days.

Contrary to this assumption, if the bears cut the price below $ 0.13, the trend could turn in favor of the bears and the cards could drop to $ 0.12 and then to $ 0.11.

DOT / USD

Polkadot (DOT) returned from the 50-day SMA ($ 4.93) on December 22, but the bulls could not resist the recovery that showed traders selling on rallies. Flat moving averages and the RSI just below the midpoint indicate a balance between supply and demand.

If the bears pull the price below the 50-day SMA and $ 4.43 support, the DOT / USD pair could drop to the lower half of the major $ 3.53 to $ 5.60 range.

The bulls will likely buy the drop to the $ 3.80 to $ 3.53 support zone. A strong bounce can keep the pair tied to the price range for a few more days.

On the contrary, if the price breaks out of current levels and rises above $ 5.60, a new uptrend could begin. There is a small resistance at $ 6.0857. But if this level is exceeded, the move up could reach $ 6.8619.

XLM / USD

Stellar Lumens (XLM) fell below the 20-day EMA ($ 0.166) on December 21 and the 50-day SMA ($ 0.14) today. However, the long tail on today’s candlestick indicates that the bulls are buying aggressively at lower levels.

If the price returns at $ 0.14, the XLM / USD pair could rise to the 20-day EMA, which is likely to face resistance. The 20-day EMA has begun to decline and the RSI has dropped into the negative territory giving the bears an advantage.

If the pair breaks below $ 0.14 and continues, it will complete a descending triangle pattern that can intensify the sale and pull the price from $ 0.11535 to a 78.6% Fibonacci retracement and then to $ 0.083684.If the bulls can push the price above the 20-day EMA and the downtrend line, this negative view will be invalid.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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