Price Forecast 11/12: BTC, ETH, XRP, SOL up or down?

On December 10, Bitcoin (BTC) found support around the 94K USD level and on December 11, the bull side recovered strongly. The price surged past the critical psychological level of 100K USD after the November inflation report came in as expected by economists. According to the FedWatch tool, the probability of a 25 Bit cut in the next meeting has risen above 96%. This could be beneficial for risky assets. According to a report from Bitwise's Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen, Bitcoin could reach the 200K USD mark by the end of 2025. Along with Bitcoin, the duo is also optimistic about Ether (ETH) and Solana (SOL), expecting their prices to rise to 7,000 USD and 750 USD respectively. The sharp surge in Bitcoin is expected to face strong selling pressure near the all-time high of 104,088 USD. If it fails to break through this barrier, it could attract another round of selling from short-term investors. This suggests that Bitcoin may remain volatile in the short term, leading to liquidations of leveraged positions. Will Bitcoin maintain above 100K USD, or will higher levels attract sellers? Can altcoins recover after the recent price drop? Analyze the charts of the top 10 cryptocurrencies to find out. Bitcoin Price Analysis Bitcoin has strongly recovered from the 20-day exponential moving average (96,133 USD), indicating that the uptrend is still intact. The bulls will have to push the BTC/USDT pair above the resistance zone of 101,351 USD to 104,088 USD to signal the continuation of the uptrend. This pair could then surge to 113,331 USD and later to 125K USD. Conversely, if the price drops and breaks below the 20-day EMA, it will suggest that the bulls are booking profits. This pair could then drop to 90K USD, an important support level to watch. Ether Price Analysis Ether has bounced off the descending resistance line on December 10, suggesting that the buyers have converted that level into support. The bulls will try to push the price to 4K USD, but higher levels are likely to attract sellers. If the price drops from the overhead resistance, it will suggest the possibility of a range-bound action in the short term. The ETH/USDT pair could get stuck between 4K USD and the descending resistance for some time. A break and close above 4K USD could start the next leg of the uptrend. This pair could then surge to 4,500 USD. This positive outlook will be invalidated in the short term if the price drops and breaks below the descending resistance. XRP Price Analysis XRP (XRP) is correcting within an uptrend. The ongoing decline is finding support at the 61.8% Fibonacci retracement level, i.e., 1.90 USD. The strong bounce from the lows suggests aggressive buying by the bulls. The XRP/USDT pair could reach 2.65 USD and then 2.91 USD, where the bears will try to stall the recovery. If the price drops sharply from the overhead resistance, the pair could enter a few days of consolidation. The next move could start when there is a break above 2.91 USD or below 1.90 USD. If the pair breaks above 2.91 USD, it could surge to 3.50 USD. Below 1.90 USD, the pair could drop to the 78.6% retracement level, i.e., 1.63 USD. Solana Price Analysis Solana is correcting within a descending channel pattern, suggesting that the rallies are being sold into.

Here is the English translation of the text, with the specified terms translated as instructed: The SOL/USDT pair has bounced off the support line of the channel, indicating strong buying when the price dipped. This recovery may face selling pressure at the 20-day EMA (229 USDT) and then at the resistance line. If the price drops from the resistance level, this pair may consolidate within the channel for some time. The next move is expected to begin when the price breaks out of the channel, either upwards or downwards. If the buyers push the price above the resistance line, this pair could surge to 248 USDT and then to 264 USDT. BNB Price Analysis BNB (BNB) has plummeted below the 722 USDT breakout level and the 20-day EMA (682 USDT) on December 9, indicating strong profit-taking by the bears. A small consolation for the buyers is that the BNB/USDT pair has bounced off the 50-day simple moving average (631 USDT) and returned above the 20-day EMA. The bulls will try to push the price to 722 USDT, where the bears are expected to defend strongly. The 20-day EMA is nearly flat, and the RSI is just above the midpoint, indicating short-term sideways action. This pair may Dip between 722 USDT and 635 USDT for a few days before starting the next move. Dogecoin Price Analysis Dogecoin (DOGE) has broken and closed below the support line of the ascending channel on December 10, but the bears are struggling to keep the price below it. The bulls are trying to push the price back into the channel. If successful, it could suggest that the breakout was just a bear trap. The DOGE/USDT pair could rise to 0.42 USDT and then to 0.48 USDT. This bullish outlook will be negated in the short term if the price Dumps and breaks below 0.36 USDT. That would increase the likelihood of a Dip to the 50-day SMA (0.31 USDT), a crucial level that the bulls need to defend. Cardano Price Analysis The selling in Cardano (ADA) accelerated after the price slipped below the near-term support of 1.11 USDT on December 9. The ADA/USDT pair has bounced off 0.91 USDT on December 10, but this recovery is expected to face selling pressure at the 61.8% Fibonacci retracement level, i.e., 1.16 USDT. If the price Dumps sharply from 1.16 USDT and breaks below the 20-day EMA, it will be a sign of a range formation. If the bulls push the price above 1.16 USDT, the likelihood of a rise to 1.24 USDT and then to 1.33 USDT increases. Conversely, the bears will regain control if they sink the pair below the 0.90 USDT support. Avalanche Price Analysis Avalanche (AVAX) has Dumped and dropped below the 20-day EMA (45.69 USDT) on December 9, but the bears are struggling to sustain the lower levels. The bulls have pushed the price back above the 20-day EMA, which is a positive sign. If the buyers maintain the price above the 20-day EMA, the AVAX/USDT pair could rise to the overhead resistance zone of 51 USDT to 56 USDT. On the other hand, if the price fails to sustain above the 20-day EMA, it will suggest that the bears are selling on rallies. This increases the possibility of a Dip to the 50-day SMA (36.15 USDT). Such a move would suggest that the breakout above 51 USDT could have been a bear trap. Toncoin Price Analysis Toncoin (TON) has Dumped sharply on December 9 and fallen close to the support zone of 4.72 USDT to 4.44 USDT, indicating profit-taking by the bulls. The 20-day EMA (6.28 USDT) has started to turn down, and the RSI is near the midpoint, suggesting a slight edge to the bears. If the price Dumps from the 20-day EMA, the likelihood of a breakdown below the 50-day SMA increases. Conversely, if there is a breakout and a close above the 20-day EMA, it will suggest demand at lower levels. The TON/USDT pair could then rise to 7.20 USDT, where the bears are expected to intervene.

Shiba Inu Price Analysis

Shiba Inu (SHIB) dropped from $0.000033 on December 8 and fell below the 20-day EMA ($0.000028) on December 9.

The bulls are trying to push the price above the 20-day EMA, but they may face strong resistance from the bears. If the price drops from the 20-day EMA, the bears will try to sink the SHIB/USDT pair below the 50-day SMA. If that happens, the pair could drop to $0.000020.

If the bulls want to prevent the decline, they will have to quickly push the price above $0.000028. The pair could then climb to $0.000033, which is expected to be a major challenge.

Compiled by Bitcoin News