The $0.80 level is crucial and buyers are expected to defend it vigorously. A rebound from this level and a break above the 20-day EMA of $0.96 could signal the end of the correction and potentially lead to a rally above $1. On the other hand, if the price continues to decline and breaks below $0.76, it may indicate a resumption of the downward trend, with targets as low as $0.50.
Avalanche (AVAX) is currently priced at $36.60 and its recovery is facing selling pressure at the moving averages. The downsloping 20-day EMA of $42.11 and a negative RSI indicate bearish sentiment. Support levels are identified at $35.50 and $33.50, with a potential slump to $30.50 if these supports fail. A break and close above the 20-day EMA would be the first sign of strength, potentially leading to a recovery towards the 50% Fibonacci retracement level of $44.70.
Chainlink (LINK) is trading at $21.30 and has broken below the $23 support, indicating sustained bearish pressure. The 20-day EMA has begun to turn down, and the RSI is just below the midpoint, suggesting a slight advantage for bears. The LINK/USDT pair is likely to drop to solid support at $20, which buyers are expected to defend vigorously. A break below this level could complete a bearish head-and-shoulders pattern, leading to a decline towards $16. For bulls to regain control, they must push the price above $27.50, opening the door for a rally to $31.
Toncoin (TON) is currently valued at $5.72 and its rebound is facing selling pressure at the moving averages. The flattening 20-day EMA and an RSI just below the midpoint indicate a balance between supply and demand, suggesting potential range-bound action in the near term. If buyers can drive the price above $6.10, the TON/USDT pair could rally to $6.50 and later to $7, although sellers are expected to mount strong resistance at $7, potentially keeping the price action confined between $7 and $4.72 for some time.
Bitcoin (BTC) is currently trading at $94,554 and has encountered significant selling pressure. Market sentiment remains cautious despite a minor positive development with U.S. Bitcoin exchange-traded funds (ETFs) recording net inflows of $475.2 million on December 26. A bearish head-and-shoulders pattern has been identified, suggesting a potential decline to $80,000 if the pattern completes. The technical indicators for Bitcoin are showing signs of bearishness, with the price slipping below the 50-day simple moving average (SMA) of $95,406. A close below this level could trigger a drop to the solid support at $90,000, with further declines to $85,000 and potentially $73,777. Conversely, for bulls to regain control, they must push the price above the $100,000 mark, which could pave the way for a rally towards the all-time high of $108,353.
Ethereum (ETH) is currently priced at $3,342.28 and has faced challenges in maintaining upward momentum. The ETH/USDT pair is at risk of declining to immediate support at $3,200, with further potential falls to $3,000 and eventually to $2,850. For a bullish outlook, Ethereum needs to reclaim the 20-day EMA, which would indicate a reduction in selling pressure and potentially lead to a rally towards resistance at $4,094.
XRP (XRP) is trading at $2.15 and has closed below its 20-day EMA of $2.23, suggesting a likely drop towards the support line of a symmetrical triangle pattern. The price is expected to oscillate between the support and resistance lines until a breakout occurs. A move above the resistance line could see XRP rise to $2.91, while a break below the support line may indicate a short-term top, with potential declines to $1.62.
BNB (BNB) is currently valued at $696.76 and attempted to break through the overhead resistance at $722, but bears maintained their position. A failure to surpass this resistance raises the likelihood of a decline below the 20-day EMA of $689, which could lead to further drops to the 50-day SMA at $668 and solid support at $635. If buyers can rebound off the 20-day EMA, they may attempt to push the price above $722, targeting $760 and then $794.
Solana (SOL), trading at $184.93, has also faced challenges, turning down from the 20-day EMA of $203. The SOL/USDT pair is at risk of falling to the uptrend line, a critical support level. If this support fails, it could signal that bears remain in control, with potential declines to $155. A bounce off the uptrend line and a break above the 20-day EMA could lead to a rally towards the 50-day SMA at $221.
Dogecoin (DOGE) is currently priced at $0.314 and its recent relief rally has struggled to reach the 20-day EMA of $0.35, indicating persistent selling pressure from bears. Minor support exists at $0.30, but a breakdown below this level could see the DOGE/USDT pair plunge to the 61.8% Fibonacci retracement level of $0.27. Buyers are likely to defend the $0.27 to $0.23 zone, but for a bullish reversal, the price must be maintained above the moving averages, suggesting the correction may be over and allowing for a potential climb to $0.43.
Cardano (ADA) is trading at $0.874 and has seen its relief rally turn down from the neckline of a head-and-shoulders pattern, indicating that bears are still in control.