Price analysis 12/11: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, TON, SHIB

Bitcoin ( BTC ) found support near $94,000 on Dec. 10, and the bulls made a solid recovery on Dec. 11. The price soared back above the psychologically crucial level of $100,000 after November’s inflation report met economists’ projections. According to the FedWatch Tool, the probability of a 25-basis point rate cut in the next meeting has risen to more than 96%. That could prove to be bullish for risky assets.

Bitwise investment chief Matt Hougan and research head Ryan Rasmussen said in a report that Bitcoin could cross $200,000 by the end of 2025. Along with Bitcoin, the duo is also bullish on Ether ( ETH ) and Solana ( SOL ), expecting them to rise to $7,000 and $750, respectively.

Crypto market data daily view. Source: Coin360

Bitcoin’s sharp rally is expected to face strong selling near the all-time high of $104,088. The failure to clear the overhead hurdle may attract another round of selling by the short-term bulls. That suggests Bitcoin may remain volatile in the near term, resulting in the occasional liquidations of leveraged positions. 

Will Bitcoin sustain above $100,000 or higher levels attract sellers? Could altcoins stage a recovery after the recent pullback? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rebounded sharply off the 20-day exponential moving average ($96,133), indicating that the uptrend remains intact.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will have to drive the BTC/USDT pair above the $101,351 to $104,088 resistance zone to signal the resumption of the uptrend. The pair could then rally to $113,331 and later to $125,000.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are booking profits. The pair may tumble to $90,000, a crucial support to watch out for. 

Ether price analysis

Ether bounced off the downtrend line on Dec. 10, indicating that the buyers have flipped the level into support.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to push the price toward $4,000, but higher levels are likely to attract sellers. If the price turns down from the overhead resistance, it will point to a possible range formation in the near term. The ETH/USDT pair could remain stuck between $4,000 and the downtrend line for a while.

A break and close above $4,000 could start the next leg of the uptrend. The pair could rally to $4,500. This positive view will be invalidated in the near term if the price turns down and breaks below the downtrend line.

XRP price analysis

XRP ( XRP ) is correcting in an uptrend. The pullback is finding support at the 61.8% Fibonacci retracement level of $1.90.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The solid rebound off the lower levels suggests strong buying by the bulls. The XRP/USDT pair could reach $2.65 and then $2.91, where the bears will try to halt the recovery. If the price turns down sharply from the overhead resistance, the pair may enter a few days of consolidation.

The next trending move could begin on a break above $2.91 or below $1.90. If the $2.91 level is taken out, the pair could surge to $3.50. Below $1.90, the pair could descend to the 78.6% retracement level of $1.63.

Solana price analysis

Solana has been correcting inside a descending channel pattern, suggesting that the rallies are being sold into.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The SOL/USDT pair has bounced off the support line of the channel, signaling solid buying on dips. The relief rally is likely to face selling at the 20-day EMA ($229) and then at the resistance line. If the price turns down from the overhead resistance, the pair may remain inside the channel for some time.

The next trending move is expected to begin on a break above or below the channel. If buyers thrust the price above the resistance line, the pair could surge to $248 and later to $264.

BNB price analysis

BNB ( BNB ) nosedived below the breakout level of $722 and the 20-day EMA ($682) on Dec. 9, indicating aggressive profit booking by the bulls.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

A minor solace for the buyers is that the BNB/USDT pair rebounded off the 50-day simple moving average ($631) and rose back above the 20-day EMA. The bulls will try to push the price to $722, where the bears are expected to mount a strong defense.

The flattening 20-day EMA and the relative strength index (RSI) just above the midpoint suggest a range-bound action in the near term. The pair could swing between $722 and $635 for a few days before starting the next trending move.

Dogecoin price analysis

Dogecoin ( DOGE ) broke and closed below the support line of the ascending channel pattern on Dec. 10, but the bears are struggling to keep the price down.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to push the price back into the channel. If they succeed, it will suggest that the breakdown may have been a bear trap. The DOGE/USDT pair could rise to $0.42 and, after that, to $0.48.

This optimistic view will be negated in the near term if the price turns down and breaks below $0.36. That increases the possibility of a drop to the 50-day SMA ($0.31), an important level for the bulls to defend.

Cardano price analysis

Cardano’s ( ADA ) selling accelerated after the price slipped below the near-term support of $1.11 on Dec. 9.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The ADA/USDT pair bounced off $0.91 on Dec. 10, but 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.

If bulls drive the price above $1.16, the likelihood of a rally to $1.24 and thereafter to $1.33 increases. Conversely, the bears will be back in the driver’s seat if they sink the pair below the $0.90 support.

Related: Is Bitcoin topping out? Gold fractal hints at 35% BTC price correction ahead

Avalanche price analysis

Avalanche ( AVAX ) turned down sharply and plunged below the 20-day EMA ($45.69) on Dec. 9, but the bears are struggling to sustain the lower levels.

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

The bulls have pushed the price above the 20-day EMA, indicating strength. If buyers maintain the price above the 20-day EMA, the AVAX/USDT pair could rise to the $51 to $56 overhead resistance zone.

On the contrary, if the price fails to sustain above the 20-day EMA, it will suggest that the bears are selling on rallies. That increases the risk of a decline to the 50-day SMA ($36.15). Such a move will indicate that the breakout above $51 may have been a bull trap.

Toncoin price analysis

Toncoin ( TON ) turned down sharply on Dec. 9 and fell close to the $4.72 to $4.44 support zone, indicating profit booking by the bulls.

TON/USDT daily chart. Source: Cointelegraph/TradingView

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. If the price turns down from the 20-day EMA, the possibility of a break below the 50-day SMA ($5.64) increases.

Contrarily, a break and close above the 20-day EMA will indicate demand at lower levels. The TON/USDT pair could rise to $7.20, where the bears are expected to enter. 

Shiba Inu price analysis

Shiba Inu ( SHIB ) turned down from $0.000033 on Dec. 8 and plunged below the 20-day EMA ($0.000028) on Dec. 9.

SHIB/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to push the price back above the 20-day EMA but are likely to encounter stiff resistance from the bears. If the price turns down from the 20-day EMA, the bears will again try to sink the SHIB/USDT pair below the 50-day SMA. If that happens, the pair could decline to $0.000020.

If bulls want to prevent the downside, they will have to swiftly push the price back above $0.000028. The pair could then climb to $0.000033, which is expected to pose a strong challenge.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.