In the past week, the price of Bitcoin (BTC) has dropped by approximately 8%, but strong buying at weekly lows indicates bullish support for this digital currency. Analysts are divided on Bitcoin’s next move; some expect further correction while others predict a continuation of the upward trend. Here, we will analyze the prices of the top five digital currencies that may perform better in the short term.
Bitcoin
On December 20, Bitcoin bounced back from the 50-day simple moving average at $92,901 and faced selling pressure at the 20-day exponential moving average at $98,758. Currently, the price may fluctuate between these levels. If the price closes above the 20-day exponential moving average, a return to the historical high of $108,353 is possible. Breaking this level could push Bitcoin to $113,331 and then $125,000. Conversely, breaking the 50-day simple moving average could bring the price down to $85,000 and even $73,777.
Sweatcoin
Sweatcoin (SUI) dropped below the 20-day exponential moving average at $4.22 on December 19 but found support at the 50-day simple moving average at $3.61. If the price rebounds from the current level and crosses $5, Sweatcoin may reach $5.50 and then $6.50. On the other hand, breaking the 50-day simple moving average could bring the price down to $3.
Bitget Token
Bitget Token (BGB) dropped from $4.90 on December 19 and reached near the 20-day exponential moving average at $3.29 on December 20. If buyers can push the price above $4.90, a potential rise to $5.38 and then $6 is possible. However, dropping below $4.05 and the 20-day exponential moving average could signal a short-term uptrend reversal.
Ethereum Name Service
Ethereum Name Service (ENA) fell below the 20-day exponential moving average at $1.00 on December 19 but recovered on December 20. If buyers can push the price to $1.23 and then $1.33, a potential rise to $1.52 is possible. Conversely, breaking the $1.00 level could bring the price down to the 50-day simple moving average at $0.76.
Virtual Protocol
Virtual Protocol (VIRTUAL) is in an upward trend, with the 20-day exponential moving average acting as support at $2.14. If the price crosses the resistance level at $2.85, it may reach $3.32 and then $4. However, dropping below the 20-day exponential moving average and reaching $2 could lead to a potential decline to $1.50.
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