Sign In

Crypto Market Overview: BTC, ETH, BNB, SOL, Top Metaverse Coins

Bitcoin (BTC) bounced back above the psychological level at $50,000 and the S&P 500 hit a new all-time closing high on Dec. 23, suggesting that the panic selling caused due to the omicron variant is subsiding and the much-awaited “Santa rally” may have started.

Data from on-chain analytics firm Glassnode shows that about 100,000 Bitcoin are going from “liquid” to “illiquid” state every month, which means that the coins are being sent to addresses “with little history of spending.” This suggests accumulation by investors.

BTC/USDT

Bitcoin broke and closed above the 20-day exponential moving average (EMA) ($49,720) on Dec. 23, indicating that the sellers may be losing their grip. The flattening 20-day EMA and the relative strength index (RSI) near the midpoint suggest a possible change in the short-term trend.

The recovery could rise to the 38.2% Fibonacci retracement level at $52,314 and then to the 50% retracement level at $55,560. The bears are likely to mount a strong resistance in this zone. If the price turns down from this zone, the bears will again try to resume the downtrend.

ETH/USDT

Ether (ETH) broke and closed above the descending channel and the 20-day EMA ($4,060) on Dec. 23, which is the first indication that the correction may be ending.

If buyers sustain the price above the 20-day EMA, the bullish momentum could pick up and the ETH/USDT pair could rise to $4,488. This level may again act as a strong resistance but if bulls push the price above it, the pair could retest the all-time high at $4,868.

BNB/USDT

Binance Coin (BNB) has recovered to the downtrend line, which could act as a strong resistance. If the price turns down from the current level, it will suggest that traders continue to sell on rallies.

The bears will now attempt to pull the price down to the strong support zone at $500 to $489.20. If this zone crumbles, the decline could extend to the 200-day SMA ($439) where buyers are likely to step in and provide support.

SOL/USDT

After trading close to the 20-day EMA ($184) for the past few days, Solana (SOL) broke and closed above the resistance on Dec. 23. The 20-day EMA has flattened out and the RSI is close to the midpoint, suggesting a balance between supply and demand.

This balance will tilt in favor of the bulls if the price sustains above the 20-day EMA. Such a move will indicate that the short-term corrective phase may be ending. The SOL/USDT pair could first rise to $204.10 and then to $240.

MANA (Metaverse Coin)

MANA halted its downturn at its one-month support at the $3.02-mark. The alt saw a persistent decline after striking its ATH on 25 November. As the price bounced from this level, it saw an up-channel over the past week.

On 23 December, the alt marked a 19.49% jump breaching the $3.64-level two-week support (previous resistance). Then, it saw a pullback as the upper channel coincided with the 200-SMA (green) and assumed strong resistance.

At press time, MANA traded at $3.681. The RSI saw a 20 point surge toward the overbought region and showed reversal signs now. However, the OBV did not spike enough to match its previous high at the same price point.

Share to Social Media