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Market Updates
The cryptocurrency market has been experiencing fluctuations over the past few days. Various digital assets have shown significant price movements, with some showing promise while others are facing challenges.
Solana (SOL)
Solana’s SOL price turned down from $79.50 on December 15 and reached the 20-day EMA ($67.77) on December 18. The bulls have not allowed the SOL/USDT pair to close below the 20-day EMA since the start of the rally on October 16.
- Break of the level could trigger stops, leading to a decline to the 50-day SMA ($57.83) and potentially to $50.
- Bulls need to aggressively defend the 20-day EMA and propel the price above $80 to prevent the deeper pullback.
Cardano (ADA)
Cardano’s ADA rose above the $0.65 overhead resistance on December 13 but failed to sustain momentum, turning down on December 14 and dipping below $0.65.
- Sharp pullback from $0.68 indicates that bulls are booking profits in a hurry.
- The ADA/USDT pair may consolidate its recent gains in the next few days if the price rebounds off the 20-day EMA ($0.53).
- Break below the 20-day EMA could accelerate selling, opening the doors for a further fall to $0.46.
Avalanche (AVAX)
Buyers pushed Avalanche’s AVAX above the overhead resistance of $42.50 on December 16 and 17 but failed to sustain higher levels.
- The AVAX/USDT pair has started a pullback, with strong support at the 20-day EMA ($33).
- If the price rebounds off this level with strength, it will suggest that the sentiment remains positive.
- Break above $45 will signal the resumption of the uptrend, targeting $50.
Dogecoin (DOGE)
Dogecoin rebounded off the 20-day EMA ($0.09) on December 16 but failed to maintain higher levels, turning down on December 17 and plunging below the 20-day EMA on December 18.
- Price maintenance below the 20-day EMA will tilt the advantage in favor of the bears.
- The DOGE/USDT pair could plummet to the 50-day SMA ($0.08).
- Bulls need to quickly push the price back above the 20-day EMA to salvage the situation and maintain bullish momentum.
Market Sentiment
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for informational purposes only and does not contain investment advice or recommendations. The market can be volatile, and prices may fluctuate rapidly.
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