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Is the market ready to rise on the last days of the year?

Denys Serhiichuk U.Today

Bulls might have fixed some positions as the market has turned to red on Tuesday.

Top coins by CoinMarketCap

BTC/USD

Yesterday morning, buyers tried to continue the recovery. During the day, they managed to test the level of $52,000; however, they failed to break and fix above it.

BTC/USD chart by TradingView

In the evening, a pullback began, as a result of which the pair fell below the psychological mark of $50,000.

Today, the decline may continue to the POC indicator line, and if it does not stop the rollback, the price can reach the $47,745 level.

Bitcoin is trading at $49,174 at press time.

DOGE/USD

DOGE has followed the drop of Bitcoin (BTC), going down by 5.16%.

DOGE/USD chart by TradingView

The current drop has not affected DOGE much from the technical point of view. The meme coin remains trading in a wide channel between the orange support level at $0.1310 and the resistance at $0.2204.

Sideways trading is also confirmed by the low trading volume, which means that neither bulls nor bears are dominating at the moment. In this case, one needs to pay close attention to the boundaries of the channel.

DOGE is trading at $0.1802 at press time.

SHIB/USD

SHIB has lost less than DOGE with a price change of -3.69% over the last 24 hours.

SHIB/USD chart by TradingView

SHIB is trading around the zone of the most liquidity around $0.00003624. Currently, it is not clear which way the coin is about to go as it is located in the middle of the channel. However, if sellers keep the pressure and break the support level at $0.00002952, there are high chances to see a decline to $0.00002010.

SHIB is trading at $0.00003624 at press time.

FLOKI/USD

FLOKI is not an exception to the rule as its rate has also gone down since yesterday.

FLOKI/USD chart by Trading View

FLOKI is looking bearish on the daily chart as the price is coming back to the support level at $0.0001150 after its false breakout. If buyers cannot seize the initiative, the fall may continue to $0.0009675. Such a scenario is relevant until the end of the current week.

FLOKI is trading at $0.000011940 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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Is the market ready to rise on the last days of the year?