While Bitcoin continues to stay above the $100 level, the altcoin market is also trying to maintain critical support levels. Especially Dogecoin (DOGE), Cardano (ADA) and Ethereum (ETH) are approaching important support levels after the recent sales. So, what levels are expected for December 2024? Here are the technical analyzes and details about these cryptocurrencies…
Dogecoin (DOGE) Trading Volume Falls: Dropped to $415 Million Level$DOGE
Dogecoin’s trading volume has fallen to its lowest level since November, indicating a significant drop in market participation. This decline comes in line with DOGE’s failure to break $0.48 since December 8. If this trend continues, the meme coin’s 300% year-to-date gains could come under further pressure.
In October, the price of DOGE fell to $0.10, and in early December it rose to $0.48. This increase was associated with Donald Trump’s presidential election victory and the return of retail investors. However, after Trump’s election victory, DOGE’s trading volume increased to 5.69 billion, but it has now fallen to $415.31 million. This decrease increases the likelihood that DOGE will lose more value in the short term.
Additionally, the Weighted Sentiment indicator, which measures market sentiment, has fallen to -0.57, reflecting increasing pessimism. If this negative sentiment continues, Dogecoin may struggle to find demand and its price could drop below $0.48. DOGE is currently trading in a descending triangle pattern, suggesting that the price could fall further.
Cardano (ADA) Price Threatened at $1$ADA
The price of Cardano (ADA) is at risk of falling below $1 due to recent declines. This decline is driven by sales by large ADA investors. Investors are selling their coins, realizing their profits.
Cardano’s on-chain data shows that whales in particular have made major sales in the last week. According to Santiment data, large investors with between 100 million and 1 billion ADA coins have sold $200 million worth of ADA in the last seven days. In addition, the profitability of ADA transactions has also led to an increase in sales. According to Santiment data, ADA’s Network Realized Profit/Loss value has remained consistently positive for the last seven days, indicating that investors are selling in order to take their profits.
ADA is currently trading at $1.02, below the resistance level at $1.07. If the sell-off continues, this resistance level may be difficult to overcome and the price could drop below $1, $0.92. However, if the $1.07 resistance is broken, ADA could rally to $1.34, which would mark a two-year high.
Could Ethereum (ETH) See New Highs in the Short Term?$ETH
Famous trader Justin Bennett has stated that Ethereum is ready to reach new record highs. According to Bennett, it is only a matter of time before Ethereum breaks the $4,000 resistance and makes that level support. Bennett predicts that after Bitcoin’s rally this month, traders will take advantage of the potential for further upside by channeling their BTC gains into ETH. For the rest of December, according to Bennett, Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, could outpace the rest of the market.
Bennett also believes that Ethereum could see further gains regardless of the broader market movements. If there is strong momentum in the crypto market, ETH breaking above the $4,000 level could signal the start of a broader rally.
Dogecoin, Cardano and Ethereum are trading at critical levels in December, and short-term price movements could present significant opportunities for investors. DOGE, ADA and ETH, although each have different market dynamics, stand out with strong technical indicators in the short term. By monitoring the developments and price movements in these cryptocurrencies, investors can evaluate opportunities to make the right trading decisions.
