Price Analysis for December 18: Bitcoin, Ethereum, and Other Top Cryptocurrencies Performances
The provided text is an in-depth analysis of the cryptocurrency market, specifically focusing on various altcoins such as Cardano (ADA), Chainlink (LINK), Shiba Inu (SHIB), Dogecoin (DOGE), and others. The article discusses the price movements, trends, and potential future directions for each coin based on technical indicators like RSI (Relative Strength Index) and moving averages.
The analysis suggests that most of these altcoins are experiencing short-term corrections or consolidations within their uptrends, which could be an opportunity for long-term investors to accumulate more coins. However, it also highlights the risks associated with buying at current levels given the market volatility.
Some key points from the article:
- Cardano (ADA): ADA has slipped below its 20-day EMA ($1.05), suggesting a potential range-bound action in the near term. Sellers will attempt to pull the price down to $0.90, while bulls need to push and maintain above $1.20.
- Chainlink (LINK): LINK is correcting within an uptrend, with a negative divergence on its RSI indicating weakening bullish momentum. If it sustains below $27.41, LINK could slump to the 20-day EMA ($24.85).
- Shiba Inu (SHIB): SHIB failed to push above its 20-day EMA ($0.000027), attracting selling by bears. The price has dropped to the 50-day SMA ($0.000025), and if it cracks, SHIB could descend to $0.000022.
- Dogecoin (DOGE): DOGE did not remain above its 20-day EMA ($0.40) on Dec 16, pulling it towards the 50-day SMA ($0.35). The relief rally is likely to face strong selling at the 20-day EMA.
The article concludes by emphasizing the importance of conducting thorough research and considering the risks involved when making investment decisions in the cryptocurrency market.
