Only 1.3 Bitcoin Is Left To Circulate On Crypto Wallets

BTC, MATIC, NEAR, ATOM, HNT

Bitcoin (BTC) faced selling pressure on December 26 after remaining above $50,000 on Christmas Day. The increase in inflows to the Binance exchange is one of the reasons for the possible drop in Bitcoin’s price.

Although Bitcoin is almost sure to fall short of PlanB’s December floor model price projection of $135,000, the creator of the stock-to-flow price model remains optimistic.

BTC/USDT

Bitcoin broke above the 20-day exponential moving average in December, but the rally halted at 38.2 percent. It indicates that bears have not given up and still sell on rallies. The BTC/USDT pair formed a Doji candlestick pattern, indicating uncertainty among bulls and bears.

The relative strength index is below its midpoint, and the 20-day moving average is flat, indicating the supply and demand balance. If the price rises from its current level and breaks above $52,314, it suggests that sentiment has improved, and traders see the dips as a buying opportunity. The pair could then rise to the 50% retracement level at $55,500, followed by the 61.8 percent retracement level at $58,686.

MATIC/USDT

Polygon (MATIC) has been steadily rising. If bulls keep MATIC above $2.70, the MATIC/USDT pair may begin the next leg of the uptrend.

As indicated by the upsloping 20-day EMA ($2.30) and the RSI in positive territory, Bulls are in command. If the price falls, it will suggest that the current breakout was a bull trap. The pair could then fall to $2, then to $1.73.

NEAR/USDT

The NEAR Protocol’s NEAR token gained traction after breaking above the falling wedge pattern on December 23. It lifted the price above the critical resistance level of $13.23, indicating the resumption of the uptrend. The bears refuse to let the bulls have their way and defend the $16 level aggressively. The pair NEAR/USDT formed an inside-day candlestick pattern, indicating a split between bulls and bears.

If the price falls below $14, the pair could fall to $13.23, then to the 20-day moving average ($11.11). A strong rebound from either level indicates that traders are still buying on dips, and that sentiment is still positive.

ATOM/USDT

The 20-day EMA has begun to rise, and the RSI has entered positive territory, indicating that bulls are in control. If buyers keep the price above the channel, the ATOM/USDT pair could reach $33.60 and $38.

The pair could then fall to the 200-day simple moving average ($24.12).

HNT/USDT

Helium’s HNT token bounced off a strong support level of $25 and broke above the 20-day EMA. The bears defend the overhead zone between the 50% Fibonacci retracement at $42.14 and the 61.8 percent retracement at $46.18. It has pushed the price back to the 20-day EMA, a critical monitoring level.

Buyers will attempt to push the HNT/USDT pair above the overhead zone if the price moves back up from its current level. If they are successful, the pair could reach $51.94.

If bears push the price below the 20-day EMA, the pair could fall to $29.94. If the price breaks and closes below this level, it could fall to $25.

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