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The cryptocurrency market has been experiencing a period of volatility, with some coins showing signs of bullish momentum while others are struggling to regain lost ground.
Solana (SOL) turned down from the overhead resistance of $248 and dipped below the 20-day EMA ($232). The flattening 20-day EMA and the relative strength index (RSI) near the midpoint suggest a possible range formation in the near term. The SOL/USDT pair could drop to $210, where buyers are expected to step in. If the price rebounds off $210, the pair may rise to $248 and remain between these two levels for some time.
Buyers will have to propel the price above the $248 to $264 resistance zone to seize control. On the downside, a break and close below $210 could suggest that the bears are back in the game.
Dogecoin (DOGE) tried to push above $0.48 on Dec. 8, but the bears held their ground. The upsloping 20-day EMA ($0.41) and the RSI in the positive zone indicate that the path of least resistance is to the upside. If buyers propel the price above $0.48, the likelihood of a rally above the channel’s resistance line increases. The DOGE/USDT pair could jump to $0.60.
This positive view will be invalidated in the near term if the price turns down and breaks below the channel. That could accelerate selling and pull the price to $0.33.
Cardano (ADA) has been showing signs of bullish momentum, with a long tail on its Dec. 9 candlestick indicating that the bulls are trying to defend the 50% Fibonacci retracement level of $1.10. Buyers will have to drive the ADA/USDT pair above the $1.25 to $1.33 resistance zone to signal the resumption of the uptrend. The pair could surge to $1.64, which is expected to act as a stiff resistance.
On the downside, sellers will have to sink the price below the 20-day EMA ($1.05) to gain the upper hand. The pair could then plunge to $0.87. Such a deep fall could delay the start of the next leg of the uptrend.
Avalanche (AVAX) tried to resume the up move on Dec. 8, but the bears pulled the price back below the breakout level of $51 on Dec. 9. If sellers sustain the price below $51, the AVAX/USDT pair could drop to the 20-day EMA ($46.18). A strong bounce off the 20-day EMA will signal buying on dips. The bulls will then make one more attempt to push the pair above $56. If they do that, the pair may climb to $60 and subsequently to $65.
Alternatively, a break and close below the 20-day EMA will suggest that the bulls are losing their grip. The pair may then slump to $38.
The cryptocurrency market is highly volatile, and investors should conduct their own research before making any investment or trading decisions.
