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Market Analysis: December 20th
The crypto market has seen significant fluctuations in the past few days. Here’s an analysis of the top cryptocurrencies and their current trends.
Bitcoin (BTC)
- Price: $47,000
- Trend: Bearish
Ethereum (ETH)
- Price: $4,200
- Trend: Bearish
Other Top Cryptocurrencies
Cardano (ADA)
- Price: $0.80
- Trend: Bearish
- Completed a bearish head-and-shoulders pattern when it fell below the neckline on Dec 19.
- Bulls are trying to defend the breakout level at $0.80, but if this support fails, ADA could sink to $0.69.
Chainlink (LINK)
- Price: $22
- Trend: Bearish
- Broke below $23 support on Dec 20, indicating that buyers are rushing to exit.
- Sellers are expected to mount a strong defense at the 20-day EMA ($24.26).
- If price turns down sharply from the 20-day EMA, possibility of break below the 50-day SMA increases.
Dogecoin (DOGE)
- Price: $0.27
- Trend: Bearish
- Broke below the 50-day SMA ($0.35) on Dec 19.
- Bulls are trying to arrest decline at the 61.8% Fibonacci retracement level of $0.27, but recovery expected to face selling at moving averages.
Other Cryptocurrencies
- Avalanche (AVAX): Broken below 20-day EMA ($45.64) on Dec 18 and dipped below 50-day SMA ($39.94).
- Toncoin (TON): Broke below 50-day SMA ($5.80) on Dec 18 and reached the $4.72 to $4.44 support zone.
- Cardano (ADA): Completed a bearish head-and-shoulders pattern when it fell below the neckline on Dec 19.
Investment Advice
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
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