Bitcoin is facing a challenge to maintain levels above $38,000, but analysts suggest that the resilience of bulls increases the likelihood of a rally to $40,000. The recent delay by the U.S. Securities and Exchange Commission (SEC) in deciding on the ETF applications of Franklin Templeton and Hashdex has added to the market's anticipation, with speculation that it aligns applicants for potential approval by January 10, 2024. While the awaited ETF listing is considered a significant moment for Bitcoin, caution is advised, as traditional finance investors may exit when retail interest surges with the ETF announcement.
In early 2024, macroeconomic conditions, including a potential rate cut by the U.S. Federal Reserve in Q1, could influence Bitcoin and altcoins. As Bitcoin attempts to sustain above $38,000, the possibility of a rally to $40,000 increases, contingent on maintaining levels above the 20-day exponential moving average ($36,820). A decline below this level could result in a range-bound movement between $34,800 and $38,000.
Ether has found support at the 20-day EMA ($2,006), indicating bullish sentiment. If buyers maintain ground and resist at the $2,137-$2,200 zone, a potential rally above $2,200 could complete an ascending triangle pattern, initiating a new uptrend with a target of $3,400. However, a downturn below the 20-day EMA may signal bearish control, with potential support at the 50-day SMA ($1,853).
Binance Coin (BNB) witnessed support at $223, showcasing demand at lower levels. A recovery above the 20-day EMA ($235) could lead to a rally toward $265, while a reversal from this level may indicate an attempt to turn it into resistance, potentially resulting in a drop below $223.
XRP remains indecisive, trading between moving averages, with the 20-day EMA ($0.61) and RSI near the midpoint. A push above the 20-day EMA may lead to a rise to $0.67, while a sharp downturn and a break below the 50-day SMA ($0.58) could signal bearish control, possibly leading to a drop below $0.56.
Solana's positive sentiment is reflected in a bounce from the 20-day EMA ($54.71). Overcoming resistance at $62.10 could pave the way for a climb to $68, potentially invalidating a head-and-shoulders pattern and initiating a rally to $85. A breakdown below $51 may lead to a deeper correction toward the 50-day SMA ($42.25).
Cardano (ADA) displayed strong buying at lower levels, with higher lows indicating potential upside. A push above $0.40 may lead to a momentum pickup, targeting $0.42 and later $0.46. Bears will need to pull the price below the 20-day EMA to gain control, potentially causing a fall to solid support at $0.34.
Dogecoin maintains support at the 20-day EMA ($0.08), indicating upward momentum. Bulls aiming for $0.09 and $0.10 may face selling pressure from bears. A breakdown below the 20-day EMA may lead to a drop to the 50-day SMA ($0.07) and further to crucial support at $0.06.
Toncoin (TON) struggles to breach $2.59, suggesting resistance at higher levels. A dip below the moving averages may lead to a decline to $2 and then $1.89. Overcoming $2.59 could pave the way for a rally to $2.77, with potential resistance between $2.77 and $2.90.
Chainlink sees strong support at the 20-day EMA ($14.07), with a potential challenge at the $15.40 mark. A failure to breach $15.40 may lead to a drop to $12.83, while a breakthrough could target the local high at $16.60 and potentially reach $18.30.
Avalanche rebounds from the 20-day EMA ($19.35), with resistance at $22. Overcoming this hurdle could drive the price to $24.69, with potential resistance at $28.50. A downturn from $22 may suggest bearish activity, with a potential advantage for bears if the pair falls below $18.90.
