Cardano

United

Bitcoin

Avalanche

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 <p class=""><strong>Bitcoin (BTC) and a select group of alternative cryptocurrencies have held their ground against bearish trends, suggesting buyers are not rushed to exit the market.</strong></p>
 <p class="">Meanwhile, the performance of the United States equities markets remained strong the previous week. According to Bespoke, the S&amp;P 500 Index (SPX) and the Nasdaq 100 saw continuous gains for nine weeks, marking their most impressive joint performance since 1985, when they enjoyed an 11-week winning streak. The year 2023 saw the SPX close with a remarkable gain of over 24%, indicating that the bullish sentiment still dominates.</p>
 <p class="">In contrast, the U.S. Dollar Index (DXY) experienced a decline of approximately 2% in 2023, marking its first annual loss since 2020. This decline is attributed to decelerating inflation and the expected 75-basis-point interest rate reduction by the U.S. Federal Reserve in 2024, which has placed significant downward pressure on the dollar index.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">The increasing risk appetite of investors and a host of crypto-specific positives boosted Bitcoin&nbsp;<a target="_blank" rel="noreferrer noopener">by 155% in 2023. Soon, two events&nbsp;hold the key to continuing Bitcoin’s rally. First will be the regulator’s ruling on-the-spot Bitcoin exchange-traded fund applications expected in the next few days, and the second will be Bitcoin’s halving in April.</a></p><a target="_blank" rel="noreferrer noopener"> <p class="">Will Bitcoin and altcoins be correct soon or resume their upmove? Let’s analyze the charts to find out.</p> <h2 class="wp-block-heading" id="sp-500-index-spx-price-analysis">S&amp;P 500 Index (SPX) price analysis</h2> <p class="">The S&amp;P 500 Index remains in a strong uptrend but witnessed profit-booking at 4,793. Although the trend remains up, the relative strength index (RSI) is in the early stages of forming a negative divergence. This suggests weakening momentum.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/01/02/80962e268f431f18123312a9ce562297.webp" alt="" title="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>SPX daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">The bears will try to tug the price to the 20-day exponential moving average (EMA) (4,690), which remains the critical short-term level to watch out for. A strong bounce off the 20-day EMA will improve the prospects of a rally above 4,793. The index may then rally to the psychologically important level of 5,000.</p> <p class="">Contrarily, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are closing their positions in a hurry. That could start a pullback to 4,650 and then to the 50-day simple moving average (SMA) (4,502).</p> <h2 class="wp-block-heading" id="u-s-dollar-index-dxy-price-analysis">U.S. Dollar Index (DXY) price analysis</h2> <p class="">The U.S. Dollar Index has been trading inside a wide range between 101 and 108 for several months. The price reached the support on Dec. 27, when the buyers stepped in.</p>
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    <figcaption class="wp-element-caption"><em><strong><sub>DXY daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">Any bounce from the current level is expected to face solid resistance at the 20-day EMA (102.26). If the price turns down from the 20-day EMA, it will indicate that the sentiment remains negative and traders are selling on rallies. That will increase the possibility of a break below 101. The index may then collapse to 99.57.</p> <p class="">On the contrary, if buyers shove the price above the 20-day EMA, it will suggest that the selling pressure is reducing. The index may then rise to the 50-day SMA (103.88). Such a move will indicate that the range-bound action may continue longer.</p> <h2 class="wp-block-heading" id="bitcoin-btc-price-analysis">Bitcoin (BTC) price analysis</h2> <p class="">Bitcoin&nbsp;has fallen to the support line of the ascending triangle pattern, an essential level for the bulls to defend.</p>
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    <figcaption class="wp-element-caption"><em><strong><sub>BTC/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">If the price sustains above the 20-day EMA ($42,484), the BTC/USDT pair could climb to the overhead resistance at $44,700. This level may attract strong selling by the bears, but if the buyers prevail, the pair will complete a bullish ascending triangle pattern. This setup has a target objective of $49,178.</p> <p class="">Conversely, if the price breaks below the triangle, it will invalidate the bullish view. The pair could then tumble to $40,000. This level may be strong support, but the decline may extend to $37,980 if broken.</p> <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) price analysis</h2> <p class="">Ether&nbsp;turned down from $2,446 on Dec. 28 and reentered the descending channel on Dec. 29. This suggests that the bears are active at higher levels.</p>
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    <figcaption class="wp-element-caption"><em><strong><sub>ETH/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">A minor advantage in favour of the bulls is that they have not allowed the price to dip below the 20-day EMA ($2,270). However, the selling pressure may increase further if buyers do not push the price back above the channel within the next few days.</p> <p class="">If the 20-day EMA cracks, the ETH/USDT pair could drop to the 50-day SMA ($2,177) and then to the channel’s support line near $2,000.</p> <p class="">On the upside, a break and close above the channel will suggest that the bulls have not given up. Buyers will again try to propel the price above $2,446 and start the next leg of the uptrend toward $3,000.</p> <h2 class="wp-block-heading" id="bnb-price-analysis">BNB price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">BNB&nbsp;</a><a target="_blank" rel="noreferrer noopener">is witnessing a correction in an uptrend. The bulls are trying to arrest the pullback in the zone between the 38.2% Fibonacci retracement level of $309 and the 50% retracement level of $300.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>BNB/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">The bulls will try to resume the uptrend if the price rebounds off the support zone. The BNB/USDT pair may rise to $326, where the bulls will likely encounter strong selling by the bears. If buyers bulldoze through the barrier, the pair could soar to $338 and eventually to $350.</p> <p class="">Conversely, if the price plunges below $300, the pair could weaken to the 61.8% Fibonacci retracement level of $291 and then to the neckline.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been hovering near the moving averages for the past few days, indicating a lack of aggressive buying or selling.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>XRP/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">There is a minor support at $0.60. If the price rebounds off this level, the XRP/USDT pair may again try to rise above the downtrend line. If that happens, it will suggest that the selling pressure is reducing. The pair may then attempt a rally to $0.74.</p> <p class="">Contrary to this assumption, if the price skids below $0.60, the pair could plummet to the vital support at $0.56. This level will likely attract strong buying by the bulls because a break below it will complete a bearish descending triangle pattern. The pair may then dive to $0.46.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Solana&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been trading above the 50% Fibonacci retracement level of $96.68 for the past few days, but the bulls have failed to resume the uptrend.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>SOL/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">The first sign of strength will be a break and close above $110. That could open the doors for a retest of the high at $126. If this level is conquered, the SOL/USDT pair may pick up momentum and climb to $156.</p> <p class="">The critical support to watch on the downside is the 20-day EMA ($95). If this level holds, the pair may swing between the 20-day EMA and $110 for a few days. A break and close below the 20-day EMA could indicate the start of a sharper pullback to the 50-day SMA ($74).</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) price analysis</h2> <p class="">Cardano continues to trade inside the symmetrical triangle pattern, indicating indecision between the bulls and the bears.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/01/02/69ee11bee2750d0d8afcfebdd8f2e9ed.webp" alt="" title="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>ADA/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">Although the symmetrical triangle usually acts as a continuation pattern, it is difficult to predict the direction of the breakout with certainty. Hence, waiting for the breakout is better before taking directional bets.</p> <p class="">If the price turns up from the support line and rises above the triangle, it will indicate an advantage to buyers. The ADA/USDT pair may rise to $0.68 and $0.80.</p> <p class="">On the contrary, a slide below the triangle will indicate that bears are in control. That may start a fall to $0.51.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) price analysis</h2> <p class="">The Bulls have been successfully defending the $38 support but have failed to sustain Avalanche above the 20-day EMA ($40).</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/01/02/d8fc47265d4aa567dc0234f54ecaac97.webp" alt="" title="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage to the bulls or the bears. If the price rises above the 20-day EMA, the AVAX/USDT pair could rally to $45 and, after that, to the recent high of $50.</p> <p class="">On the other hand, if the price turns down and breaks below $38, it will signal that bears are in the driver’s seat. That could intensify selling, and the pair may drop to $34 and later to the 50-day SMA ($31.13).</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Dogecoin’s&nbsp;</a><a target="_blank" rel="noreferrer noopener">tight range trading near the 20-day EMA ($0.09) resolved to the downside, and the price reached the 50-day SMA ($0.09) on Dec. 31.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter is-resized"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/01/02/71779cdc3d7a6cd9fe959d81cd889aca.webp" alt="" style="width: 100%;height:auto" title="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;TradingView</sub></strong></em>
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  </div> <p class="">The solid rebound off the 50-day SMA on Jan. 1 shows that the bulls fiercely protect the level. If buyers propel the price above the 20-day EMA, the DOGE/USDT pair could reach $0.10. The bears are likely to mount a vigorous defence of this level.</p> <p class="">If the price turns down from the overhead resistance, the pair may remain stuck between $0.10 and the 50-day SMA for some more time. The bears will come out on top if they sink the pair below the 50-day SMA. That could start a downward move to $0.07.</p> <h4 class="wp-block-heading">Source – Rakesh Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-1st-jan-spx-dxy-btc-eth-bnb-sol-xrp-ada-avax-doge-tbt75347.html">https://thebittimes.com/latest-market-overview-1st-jan-spx-dxy-btc-eth-bnb-sol-xrp-ada-avax-doge-tbt75347.html</a></p>

Latest Market Overview 1st Jan: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE

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