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The bulls are trying to sustain Dogecoin (DOGE) above $0.48 on Dec 8. The upsloping 20-day EMA ($0.41) and the RSI in the positive zone indicate that the path of least resistance is to the upside. If buyers propel the price above $0.48, the likelihood of a rally above the channel’s resistance line increases. The DOGE/USDT pair could jump to $0.60.
The long tail on Cardano’s (ADA) Dec 9 candlestick shows that the bulls are trying to defend the 50% Fibonacci retracement level of $1.10. Buyers will have to drive the ADA/USDT pair above the $1.25 to $1.33 resistance zone to signal the resumption of the uptrend. The pair could surge to $1.64, which is expected to act as a stiff resistance.
The bears pulled Avalanche (AVAX) back below the breakout level of $51 on Dec 9. If sellers sustain the price below $51, the AVAX/USDT pair could drop to the 20-day EMA ($46.18). A strong bounce off the 20-day EMA will signal buying on dips. The bulls will then make one more attempt to push the pair above $56. If they do that, the pair may climb to $60 and subsequently to $65.
Alternatively, a break and close below the 20-day EMA will suggest that the bulls are losing their grip. The pair may then slump to $38.
The prices of Solana (SOL), Binance Coin (BNB), XRP, and other altcoins are likely to remain in a range formation due to the flattening 20-day EMAs and RSI near the midpoint.
If the bulls can drive the price above the $248 to $264 resistance zone for SOL, they will seize control. On the downside, a break and close below $210 could suggest that the bears are back in the game.
The bulls are finding it difficult to sustain BNB above the crucial level of $722, indicating selling on rallies. If the price maintains below $722, the BNB/USDT pair could decline to the 20-day EMA ($685). Buyers are expected to defend this level with all their might because a break below it could weaken the bullish momentum.
The pair may descend to the 50-day SMA ($629). On the contrary, if the price turns up from the current level or the 20-day EMA, it will signal demand at lower levels. The bulls will then again attempt to thrust the price above $794. If this level is taken out, the pair may skyrocket to $861.
In conclusion, the prices of various altcoins are likely to remain in a range formation due to the flattening 20-day EMAs and RSI near the midpoint. However, if the bulls can drive the price above the resistance zones for each coin, they will seize control.
