Price analysis 12/30: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX
Bitcoin showed weak performance at the end of the year, with analysts divided on its short-term trajectory amidst speculation around President-elect Donald Trump's inauguration. MicroStrategy continued its aggressive purchase, acquiring 2,138 Bitcoin lately. Historical performance suggests a modest average gain in January, but recent trends indicate potential resistance. For the S&P 500 Index, a bearish head-and-shoulders pattern looms from a decline below key moving averages, with 5,853 acting as a significant support. Similarly, the US Dollar Index is at a critical juncture around 108, with the 20-day EMA providing potential support. Bitcoin itself is under pressure, with $85,000 to $90,000 as critical support. Ether is range-bound, facing resistance at the 20-day EMA, while XRP may face a breakdown unless it rebounds from its current triangle pattern. BNB and Solana are both trapped within respective ranges. Dogecoin struggles above $0.30, and Cardano faces potential drops to $0.70, underlining a challenging market environment across various cryptocurrencies.
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