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The month of December has started very well for the cryptocurrency markets, with Bitcoin setting a new peak for 2023 at $42,154. We had been discussing for days that investors‘ risk appetite could increase following the Binance settlement. At the same time, optimism regarding a decrease in speculative movements is keeping the demand vibrant. And of course, the expectations around 2024 also had an impact.
Cardano (ADA)
The ADA Coin price has finally surpassed the $0.4 resistance area, which had been a challenging barrier for bulls for months. The long upper wick in the daily candlestick was related to the fluctuation in BTC price and ADA Coin sellers. Sellers still trying to keep ADA Coin in a tight range are preventing higher levels.
Bears aim to push the price down to $0.34 with closures below $0.38. Conversely, the bulls’ goal is to achieve closures above $0.42, then turn $0.46 into support followed by testing $0.52. For now, Bitcoin is supporting the bulls, and updates in ETF filings are also boosting motivation.
Dogecoin (DOGE)
With today’s positive atmosphere, DOGE price surpassed $0.09 but is lingering again at $0.088. Both moving averages are sloping upwards, and the RSI is climbing towards the overbought region, reflecting the demand. The next tough resistance for bulls could be in the $0.1-$0.11 range. It is hoped that $0.09 will act as support as Bitcoin enters a consolidation phase.
However, if a possible BTC correction results in the loss of $0.08, the bullish dreams may be dashed. Breaks and closures below this level would reflect the dominance of profit-taking and the weakness of optimism for the medium-term outlook. A decline to the $0.07 bottom could be observed.
Chainlink (LINK)
We have mentioned how important December is for LINK Coin. The staking pool is expanding, and we may see even bigger steps taken in the first half of the next year. With the Swift partnership and growing interest in the RWA field, there is no need to elaborate on LINK Coin’s potential.
From a technical analysis perspective, the uptrend continues, and the bulls have surpassed $16.60. While bulls have not yet turned the resistance into support as in other cases, a break upwards could lead to testing the $18.3 and $20 targets.
If the current price resistance at $15.6 cannot be reclaimed, the risk of a drop to $14.58 may continue. The next stop is the $13 target.
