The article provides an analysis of the price movements of various cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Cardano, Chainlink, Shiba Inu, Avalanche, among others. Here are some key takeaways from the article:
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Bitcoin and other major cryptos:
- The prices of these cryptocurrencies have been relatively stable in recent days.
- There has not been any significant price movement that could indicate a strong trend or pattern.
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Dogecoin (DOGE):
- Dogecoin re-entered its channel on December 11 but the bulls are struggling to maintain the price above the 20-day EMA ($0.40).
- A break and close below $0.36 could sink the pair to the 50-day SMA ($0.32), where the bulls may step in.
- On the upside, the bulls will have to push and maintain the price above $0.43 to suggest that the breakdown below the channel was a bear trap.
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Chainlink (LINK):
- Chainlink turned up sharply from the 20-day EMA ($22.56) on December 11 and broke above the overhead resistance at $27.41 on December 12.
- However, the rally is facing selling at $30.94.
- The upsloping moving averages and the RSI in the positive territory indicate that buyers have the edge.
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Shiba Inu (SHIB):
- Shiba Inu’s recovery hit a wall at the $0.000030 overhead resistance on December 12, indicating that bears are selling on rallies.
- The 20-day EMA ($0.000028) is flattening out, and the RSI is near the midpoint, suggesting a balance between supply and demand.
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Avalanche (AVAX):
- Avalanche made a sharp comeback from $40.40 on December 9, indicating aggressive buying at lower levels.
- The bulls are facing selling at $56 but if they do not allow the price to dip below $51, the likelihood of a breakout increases.
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Cardano (ADA):
- Cardano’s relief rally is facing selling near the 61.8% Fibonacci retracement level of $1.16.
- The immediate support on the downside is at the 20-day EMA ($1.05).
- If the price rebounds off the 20-day EMA, the bulls will again try to drive the ADA/USDT Pair above $1.16.
The article concludes by stating that every investment and trading move involves risk, and readers should conduct their own research when making a decision.
