According to crypto analyst Rakesh Upadhyay, if Bitcoin (BTC) rises from the current level, altcoin projects MATIC, NEAR, ATOM and HNT could increase the price in the short term. Bitcoin, which remained above $ 50,000 on Christmas day, faced selling pressure on December 26. The analyst states that one of the reasons for the possible decline in Bitcoin price is the increase in entries to the Binance exchange. Data analytics account Material Scientist says Binance’s entries may be due to a ‘new player’.
An overview of the crypto market
While it’s almost certain that Bitcoin will miss PlanB’s $135,000 base model price prediction for December, the creator of the stock-to-flow price model remains bullish. He says that Bitcoin’s $51,000 price remains within a standard deviation of the model, which keeps the $135,000 prediction for this halving cycle in play.
Several asset managers added Bitcoin to their portfolios in 2021, but Lord Hammond, the former Chancellor of the UK, warned individual investors to be ‘extremely cautious’ when investing in cryptocurrencies, commenting, “It is definitely not suitable for individual investors as a mainstream investment category.” made. The crypto analyst is examining the charts of the top 5 cryptocurrencies that could lead to a recovery in the crypto industry in the next few days. We have prepared the analysis of Rakesh Upadhyay with his own narration for the readers of Kriptokoin.com.
Leading crypto Bitcoin (BTC)
Bitcoin broke above the 20-day exponential moving average ($49,832) on Dec. 23, but the recovery hit a roadblock at $52,314, the 38.2% Fibonacci retracement level. This shows that the bears have not given up yet and continue to sell in the rallies.
BTC created a Doji candlestick chart on December 24, showing the uncertainty between the bulls and bears. This indecision turned negative on December 25 and the price slipped to the 20-day EMA. The relative strength index (RSI) is just below the midpoint and the 20-day EMA is flat, suggesting a balance between supply and demand.
If the price rebounds from the current level and climbs above $52,314, it indicates that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. BTC could then rally to the 50% retracement level from $55,500 and then the 61.8% retracement level from $58,686. Conversely, if the bears pull the price below the 20-day EMA, the pair could drop to the 200-day simple moving average ($47,569) and then to $45,456. A break and close below this level could open the doors for a possible drop to $42,000.
Popular altcoin Polygon (MATIC)
Polygon (MATIC) is in a strong uptrend. While the bears have posed a tough challenge at $2.70, the bulls haven’t given up much ground and pushed the price to an all-time high today.
If the bulls sustain MATIC price above $2.70, the altcoin could start the next leg of the uptrend. MATIC can rise to $3.41 first and if this level is surpassed, the upside move could reach the psychological mark at $5. The rising 20-day EMA ($2.30) and the RSI in the positive zone indicate that the bulls are in control. If the price declines and dips below the 20-day EMA, it will indicate that the current breakout is a bull trap. MATIC could drop to $2 and then $1.73 later.
NEAR Protocol (NEAR)
NEAR Protocol’s NEAR token gained momentum after breaking above the falling wedge pattern on Dec. This pushed the price above the strong resistance at $13.23, signaling a resumption of the uptrend.
The bears do not want to let the bulls find their way and are aggressively defending the $16 level. The altcoin created an intraday candlestick chart on Dec. 25, showing the indecision between the bulls and bears. If the price breaks below $14, the NEAR could drop to $13.23 and then to the 20-day EMA ($11.11). A strong rebound from either level will show that sentiment remains positive and traders are buying on the dips. If the bulls push the price above $15.93, NEAR could rally to $17.95. This bullish view will be rejected if the bears sink and hold the price below the 20-day EMA.
Altcoin project Cosmos (ATOM)
Cosmos (ATOM) broke out above the resistance line of the descending channel on Dec. 25, indicating that the downtrend may be coming to an end.
The 20-day EMA ($25.91) has started to rise and the RSI has rallied into the positive zone, which indicates that the bulls have prevailed. If buyers sustain the price above the channel, ATOM could rally to $33.60 and then to $38. If the price declines from the current or overhead resistance level and dips below the 20-day EMA, it indicates that traders continue to sell in rallies. The altcoin could then drop to the 200-day SMA ($24.12).
Latest altcoin Helium (HNT)
HNT bounced off strong support at $25 and broke above the 20-day EMA ($35.38) on Dec. 16. The bears tried to push the price below the 20-day EMA, but the bulls bought the dip and extended the recovery to $43.40 on Dec. 23.
The bears are defending the exponential zone at $46.18 between the 50% Fibonacci retracement level and the $42.14 and 61.8% retracement level. This brought the price back to the 20-day EMA, which is an important level to watch out for. If the price bounces back from the current level, buyers will try to push HNT above the exponential zone. If successful, NNT could rise to $51.94. Conversely, if the bears sink the price below the 20-day EMA, HNT could drop to $29.94. A break and close below this level could bring the price down to $25.
