Price Analysis for Major Cryptocurrencies on December 20 Including Bitcoin, Ethereum, Ripple, Solana, Binance Coin and More

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Crypto Market Analysis

Overview

The crypto market has been experiencing a downturn, with many coins showing significant price drops. This article provides an analysis of the current market trends and forecasts for various cryptocurrencies.

Top Coins Analyzed

Bitcoin (BTC)

No mention of BTC in this text.

Ethereum (ETH)

  • Price: Down today
  • No further details on ETH’s performance.

Altcoins

  1. Avalanche (AVAX)
    • Selling accelerated after breaking below the 20-day EMA ($45.64) on Dec. 18.
    • AVAX/USDT pair dipped below the 50-day SMA ($39.94), indicating a possible bull trap.
    • Next stop: $30.50.
  2. Chainlink (LINK)
    • Turned down sharply on Dec. 18 and slipped below the $23 support on Dec. 20.
    • Sellers expected to mount strong defense at the 20-day EMA ($24.26).
    • If price turns down from the 20-day EMA, possibility of a break below the 50-day SMA increases.
  3. Cardano (ADA)
    • Completed a bearish head-and-shoulders pattern when it fell below the neckline on Dec. 19.
    • Long tail on the Dec. 20 candlestick shows bulls trying to defend the breakout level at $0.80.
    • Failure to hold this level may sink the ADA/USDT pair to $0.69, and potentially $0.50.
  4. Toncoin (TON)
    • Broke below the 50-day SMA ($5.80) on Dec. 18 and reached the $4.72 to $4.44 support zone on Dec. 20.
    • Bears have the upper hand, with buyers expected to defend the $4.44 level.

Other Coins Analyzed

  1. Dogecoin (DOGE)
    • Plunged below the 50-day SMA ($0.35) on Dec. 19.
    • Long tail on the Dec. 20 candlestick shows bulls trying to arrest the decline at $0.27.
    • Recovery expected to face selling at the moving averages.
  2. Avalanche (AVAX)

Market Outlook

The market is currently experiencing a downturn, with many coins showing significant price drops. Buyers are expected to mount strong defenses at various levels, while sellers continue to push prices lower.

Related Article: Why is Ethereum (ETH) Price Down Today?

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