Price Predictions for December 2022: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH

Price predictions 12/22: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH

Summary: In the world of cryptocurrency and stock markets, predictions for price movements remain crucial for investors. Current trends show Bitcoin is trying to recover, yet resistance at higher levels could pose challenges. Meanwhile, several altcoins are still feeling downward pressure.

Key Takeaways:

Bitcoin is making attempts to rebound, though resistance at elevated levels may lead to selling.
Many altcoins show weak recovery signs, indicating persistent bearish sentiment.
Analysts offer mixed predictions for Bitcoin’s future, with potential price points ranging from a drop to $70,000 to a spike above previous highs.
The S&P 500 remains in a defined range, while market watchers are eyeing developments in the US Dollar Index.

Bitcoin is on a mission to recover, surging above $90,000 at the beginning of the week, which suggests that bullish traders are trying to gain momentum. However, opinions among analysts vary regarding Bitcoin's next significant move. Some foresee a possible rise to a new all-time high, while others predict a decrease down to $70,000.

Maksim Balashevich, the founder of Santiment, expressed skepticism about whether Bitcoin has reached its bottom. In a YouTube video, he mentioned that Bitcoin could fall to $74,000, noting a lingering sense of optimism in online discussions. He indicated that such a drop could set up an excellent buying opportunity for traders.

Crypto market data daily view. Source: CoinMarketCap

While immediate prospects may seem uncertain, long-term potential remains, highlighted by the $25 billion net inflow into BlackRock’s spot Bitcoin exchange-traded fund, the iShares Bitcoin Trust (IBIT). Bloomberg ETF analyst Eric Balchunas noted on X that IBIT is the only fund in the top group showing negative returns this year. He speculated on the possibilities of inflow during a profitable year, should such negativity attract this amount of investment.

With all this in mind, the question arises: Will Bitcoin and other major altcoins be able to initiate a short-term relief rally, or will bearish trends dominate? Let's delve into the charts of the top 10 cryptocurrencies to analyze further.

S&P 500 Index Price Outlook

The S&P 500 Index (SPX) has been fluctuating between 6,550 and 6,920 for several days now.

SPX daily chart. Source: Cointelegraph/TradingView

A positive indicator is that bulls are trying to keep the price above the moving averages, potentially leading to a breakout above the 6,920 resistance. If successful, a rally toward 7,290 could follow.

However, sellers are likely poised to contest this resistance and aim to push the price back below the moving averages. Should they succeed, the index may continue to hover within its defined range. A close below 6,550 would put the bears back in control.

US Dollar Index Price Prediction

The US Dollar Index (DXY) dropped below the 98.03 support level on Tuesday, but the downward trend could not be maintained by the bears.

DXY daily chart. Source: Cointelegraph/TradingView

A subsequent relief rally reached the 20-day exponential moving average (98.79) on Friday, where bears are mounting significant resistance. If sellers succeed in bringing the price below the 98.03 support, the index might fall to 97.20. Conversely, if the price bounces back from 98.03 and breaks above the moving averages, it would signal renewed purchasing interest, propelling the index to face resistance at 100.54.

Bitcoin Price Prediction

Bitcoin’s bounce from the $84,000 level is encountering resistance at the 20-day EMA ($89,322), but bulls continue to apply pressure.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

A stable close above the 20-day EMA could open doors for a rise toward the 50-day simple moving average ($92,754), and eventually to the overhead resistance at $94,589. Sellers are anticipated to defend this key level vigorously; a close above it might indicate the end of the corrective phase.

If Bitcoin manages to close above $94,589, the BTC/USDT might reach $100,000 and climb to $107,500. If it closes below the $84,000 support, the bears would regain dominance.

Ether Price Prediction

Ether is forming a symmetrical triangle pattern, reflecting uncertainty about its next price direction.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If buyers push the price above the moving averages, the ETH/USDT could climb to the resistance line. However, bears will likely try to maintain protection over this resistance. If bulls prevail, the pair might surge to $4,000, followed by a target of $4,386. Conversely, a downward breach from the moving averages would favor the bears, potentially leading to a price drop to $2,111.

BNB Price Prediction

BNB’s rebound from the uptrend line has reached the 20-day EMA ($872), where bears are expected to intervene.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

If the price sharply declines from the moving averages and breaks below the uptrend line, there is an increased risk that BNB could fall below $790, tumbling to $730. On the flip side, if the price breaks above $928, it could signal the end of the correction, paving the way for an ascent to $1,019 and potentially to $1,100 afterward.

XRP Price Prediction

XRP’s bounce from its descending channel pattern’s support line is meeting resistance at the 20-day EMA ($1.98).

XRP/USDT daily chart. Source: Cointelegraph/TradingView

If the price sharply declines from the 20-day EMA, bears will seek to pull the XRP/USDT down to the critical $1.61 support. A breakdown below this level could lead to accelerated selling, potentially dragging the price down to the October 10 low of $1.25. However, if the price continues rising and breaks above the moving averages, it may climb to the downtrend line, with a close above it indicating a possible trend change.

Solana Price Prediction

Solana currently remains beneath the moving averages, but positive divergence in the RSI suggests a reduction in selling pressure.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

If the price breaks above the 20-day EMA ($130), the SOL/USDT could move toward the $147 overhead resistance. A close above this level indicates bullish momentum, potentially leading to a breakout toward $172. Conversely, if the price declines from the 20-day EMA, it may drop to $110 and could even fall to the solid support level at $95.

Dogecoin Price Prediction

Dogecoin regained traction above the breakdown level of $0.13 on Friday, suggesting buy interest at lower levels.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

However, sellers are likely to resist and may try to halt any recovery at the moving averages. If Dogecoin dips below $0.12, it may indicate continued bearish sentiment, dragging the DOGE/USDT down to the low of $0.10 from October 10. To reject the bearish trend, buyers would need to push the price above the 50-day SMA ($0.15), leading to potential movements within a broad range of $0.13 to $0.27 if prices stabilize above $0.16.

Cardano Price Prediction

Cardano’s recovery efforts face resistance at the breakdown level of $0.37, where bearish pressure lingers.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

If the Cardano price retracts and drops below $0.34, it signals that bears have turned the $0.37 level into resistance, potentially extending the decline to the $0.27 low from October 10. On a positive note, a divergence in the RSI could favor the bulls; if buyers propel the price above the 20-day EMA ($0.40), it may rally toward the strong overhead resistance at $0.50.

Bitcoin Cash Price Prediction

Bitcoin Cash surpassed the $615 resistance on Friday, but bulls struggled to maintain momentum after the breakout.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

Bears have since pulled the price down towards the 20-day EMA ($571), where buying interest has been indicated by long candlestick tails. Should buyers sustain the rebound, bulls will aim to push the BCH/USDT higher, targeting $651 and $720. Conversely, if Bitcoin Cash retreats from overhead resistance and dips below the 20-day EMA, it suggests that traders are securing profits, which may lead to a decline toward the 50-day SMA ($538).