December 12 Crypto Price Predictions: BTC, ETH & Altcoin Forecasts – Navigating the Current Market Correction
The cryptocurrency market is currently experiencing a period of consolidation and correction after a period of significant gains. Bitcoin’s inability to sustain momentum above $94,050 has triggered a renewed wave of selling pressure, raising concerns about a potential deeper pullback. This analysis delves into the technical levels for Bitcoin and the top 10 altcoins, providing a comprehensive outlook for the coming days. We’ll examine key support and resistance levels, potential price targets, and the factors influencing market sentiment. Understanding these dynamics is crucial for investors navigating this volatile landscape. The market is showing signs of indecision, and a lack of incoming liquidity is exacerbating the situation.
Bitcoin (BTC) – Facing Resistance and Potential Downtrend
Bitcoin (BTC) is currently trading within a tight range between $94,588 and $89,260, signaling a standoff between buyers and sellers. Prediction markets suggest a limited probability of reaching $100,000 before January 1st, currently estimating only a 30% chance. This lack of bullish conviction, coupled with a shortage of stablecoin liquidity, is hindering BTC’s recovery, as highlighted by crypto analyst Darkfost. New liquidity is essential to fuel a “genuine bullish trend.”
Source: TradingView
Key Levels to Watch
- Resistance: $94,050 (50% Fibonacci retracement level)
- Support: $87,700, $84,000, $80,600 (November 21st low)
The immediate resistance lies at the 50% Fibonacci retracement level of $94,050. A sustained break above this level is needed to signal strength and potentially push BTC towards the 50-day Simple Moving Average (SMA) at $97,411. However, significant selling pressure is anticipated between the 50-day SMA and the psychological $100,000 mark. Conversely, a breach of $84,000 could lead to a retest of the November 21st low of $80,600. Some analysts even predict a fall below $80,600, with trader Roman suggesting a potential drop to $76,000, regardless of interest rate movements.
Ethereum (ETH) – Bears Attempting to Sustain Control
Ether (ETH) faced rejection at the $3,350 level on Thursday, and bears are now attempting to establish a foothold below the 20-day Exponential Moving Average (EMA) at $3,125. Success in this endeavor would indicate continued selling pressure on rallies.
Source: Cointelegraph/TradingView
ETH Price Prediction
- Resistance: $3,350
- Support: $2,907, $2,716, $2,623
A decline below $2,623 could resume the downtrend. However, a bullish reversal from current levels, breaking above $3,350, could signal a new upward move, potentially targeting $3,918 and subsequently $4,250.
BNB – Trading in a Range-Bound Pattern
BNB (BNB) has been oscillating near the 20-day EMA ($892) for several days, indicating a balance between buying and selling forces. The relatively flat 20-day EMA and the RSI hovering just below the midpoint suggest a continued range-bound action between $791 and $1,020 in the near term.
Source: Cointelegraph/TradingView
BNB Price Prediction
- Resistance: $1,020, $1,182
- Support: $791, $730
A break below $791 could initiate a further downtrend towards $730. Conversely, a close above $1,020 might indicate the end of the correction, potentially leading to a rally towards $1,182.
XRP – Trapped in a Descending Channel
XRP (XRP) remains confined within a descending channel, suggesting bearish control. Breaking above the 50-day SMA ($2.25) is crucial for bulls to regain momentum and challenge the downtrend line.
Source: Cointelegraph/TradingView
XRP Price Prediction
- Resistance: Downtrend line, 50-day SMA ($2.25)
- Support: $1.98, Support line, $1.61
A break below $1.98 could pave the way for a drop to the support line and ultimately to the critical $1.61 level.
Solana (SOL) – Bulls Defending Key Support
Solana (SOL) demonstrated strong buying support at the $126 level, as evidenced by the long tail on Thursday’s candlestick. However, bulls need to push the price above the 50-day SMA ($152) to signal a potential trend reversal.
Source: Cointelegraph/TradingView
SOL Price Prediction
- Resistance: $152 (50-day SMA), $172, $190
- Support: $126, $100, $95
A break below $126 could trigger a decline to $100 and potentially the strong support at $95.
Dogecoin (DOGE) – Bears Selling on Rallies
Dogecoin (DOGE) encountered resistance at the 20-day EMA ($0.14) on Wednesday, indicating bearish activity on any upward attempts.
Source: Cointelegraph/TradingView
DOGE Price Prediction
- Resistance: $0.14 (20-day EMA), $0.16 (50-day SMA), $0.19
- Support: $0.13, $0.10 (Oct. 10 low)
A close below $0.13 could initiate a new downward move towards the October 10th low of $0.10.
Cardano (ADA) – Bears Attempting to Flip Resistance
Cardano (ADA) faced rejection at the $0.50 level on Wednesday, with bears attempting to transform it into resistance.
Source: Cointelegraph/TradingView
ADA Price Prediction
- Resistance: $0.50, $0.60, $0.70
- Support: $0.40, $0.37, $0.27 (Oct. 10 low)
A break below $0.37 could lead to a tumble to $0.31 and potentially the October 10th low of $0.27.
Bitcoin Cash (BCH) – Positive Sentiment Emerging
Bitcoin Cash (BCH) showed positive sentiment on Thursday, bouncing from the 20-day EMA ($560).
Source: Cointelegraph/TradingView
BCH Price Prediction
- Resistance: $607, $651, $720
- Support: 20-day EMA ($560), $443
Breaking above $607 could challenge the overhead resistance at $651.
Hyperliquid (HYPE) – Bullish Defense at Support
Sellers attempted to pull Hyperliquid (HYPE) lower on Thursday, but strong buying support emerged, indicated by the long tail on the candlestick.
Source: Cointelegraph/TradingView
HYPE Price Prediction
- Resistance: 20-day EMA ($31.91), 50-day SMA ($37.23)
- Support: Current level
A break above the 20-day EMA could signal diminishing selling pressure.
Chainlink (LINK) – Range-Bound Trading
Chainlink (LINK) has been trading within a narrow range between the moving averages, indicating a balance between supply and demand.
Source: Cointelegraph/TradingView
LINK Price Prediction
- Resistance: 50-day SMA ($14.71), $19.06
- Support: 20-day EMA ($13.84), $10.94
A break above the 50-day SMA could signal bullish dominance, while a dip below the 20-day EMA could indicate continued bearish control.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. All investment and trading decisions involve risk, and readers should conduct their own research before making any choices. Cointelegraph strives for accuracy but does not guarantee the completeness or reliability of the information provided. This article may contain forward-looking statements subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from reliance on this information.
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