Bitcoin and altcoins are struggling to maintain their gains following Grayscale’s victory over the SEC.
Grayscale’s victory may be bullish for the company, as analysts predict a potential return to premium for the Grayscale Bitcoin Trust next year.
The short-term performance of the crypto markets suggests that traders are focused on crypto-specific news rather than broader market trends.
Bitcoin’s price is likely to oscillate between $24,800 and $31,000 in the coming days, with support at $26,833 and resistance at $28,689 and $31,000.
Ether is rebounding off support at $1,626, but faces resistance at $1,816. The price could swing between these levels for some time.
BNB surged higher but faces resistance at the 50-day SMA. Support is at $220, and a break below could indicate bearish control.
XRP is trading between $0.50 and $0.56, with support at $0.50 and resistance at $0.56. A break above resistance could signal a sustained recovery.
Cardano remains stuck between $0.24 and $0.28, with support at the uptrend line and resistance at $0.28.
Dogecoin reached the 20-day EMA but struggles to sustain above it. The price could consolidate between the 20-day EMA and support at $0.06.
Solana’s recovery hit a roadblock at the 20-day EMA, indicating negative sentiment. Support is at $19.35, and resistance is at $22.30.
Toncoin broke out of an inverse head-and-shoulders pattern, with support at $1.53 and resistance at $1.91 and $2.07.
Polkadot broke above the 20-day EMA but faced selling pressure. The price could range between the 20-day EMA and support at $4.22.
Polygon is facing resistance between $0.60 and $0.65, with support at $0.51 and resistance at the 50-day SMA.
Summary:
– Bitcoin and altcoins are struggling to hold gains following Grayscale’s victory over the SEC.
– Grayscale’s victory may be bullish for the company, with potential return to premium for the Grayscale Bitcoin Trust.
– Short-term performance suggests traders are focused on crypto-specific news.
– Bitcoin, Ether, BNB, XRP, Cardano, Dogecoin, Solana, Toncoin, Polkadot, and Polygon all face different levels of support and resistance.