Price analysis 1/11: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

1 year ago

Crypto and banal markets are usually forward-looking. Meaning, traders thin to disregard the near-term negatives and absorption connected the positives down the line. With Bitcoin’s (BTC) adjacent halving successful 2024, analysts are shifting their attraction to this event.

Independent marketplace expert Rekt Capital highlighted this unsocial marketplace dynamic successful 2015 and 2019, a twelvemonth earlier halving, Bitcoin rallied 234% and 316% respectively. If past repeats itself, Bitcoin’s terms enactment whitethorn outpouring a astonishment successful 2023.

However, the adjacent word remains uncertain and the Consumer Price Index (CPI) information connected Jan. 12 whitethorn pb to a crisp uptick successful volatility.

Some analysts are skeptical of the increasing dominance of altcoin trading volume, which is supra 50%. According to CryptoQuant contributor Maartunn, the altcoin dominance warns of “a imaginable hazard for further downside.”

One lawsuit that is being intimately tracked is the situation brewing astatine the Digital Currency Group (DCG). Galaxy Digital Holdings CEO Mike Novogratz, successful an interrogation with CNBC connected Jan. 10, said that the DCG, Genesis and Gemini overhang could “play retired successful the adjacent quarter” Though it is “not going to beryllium great,” Novogratz does not judge it volition trigger “a batch of selling.”

Could Bitcoin and altcoins proceed their betterment oregon volition higher levels pull beardown selling? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears tried to stall the betterment adjacent $17,400 connected Jan. 9 but they could not descend the terms beneath $17,061. This suggests that bulls are buying connected insignificant dips. The terms bounced connected Jan. 10 and the buyers are trying to widen the alleviation rally.

The 20-day exponential moving mean ($16,982) has turned up and the comparative spot scale (RSI) is supra 66, indicating that bulls are successful control. The BTC/USDT brace could ascent to $17,850 and if this level is scaled, the adjacent halt whitethorn beryllium $18,388.

On the contrary, if the terms turns down from the existent level and breaks beneath the moving averages, it volition suggest that the brace whitethorn proceed to oscillate betwixt $16,256 and $18,388 for a fewer much days.

ETH/USDT

Ether (ETH) has been trading adjacent the overhead absorption of $1,352 for the past 2 days. The 20-day EMA ($1,261) has started to crook up and the RSI is adjacent the overbought territory, indicating the way of slightest absorption is to the upside.

If buyers catapult the terms supra $1,352 and the downtrend line, it volition suggest a imaginable inclination change. The ETH/USDT brace could past rally to $1,700 and if this level is scaled, the adjacent halt could beryllium $1,800. The bears are apt to support this portion with vigor.

Contrarily, if the terms turns down from the overhead resistance, the brace could again driblet to the moving averages. If this enactment cracks, it volition suggest that the brace whitethorn proceed its range-bound enactment betwixt $1,352 and $1,150 for a portion longer.

BNB/USDT

BNB (BNB) turned down from $283 connected Jan. 9 but the bears could not yank the terms beneath the 50-day SMA ($269). This suggests that the bulls are buying connected dips.

The bulls volition again effort to footwear the terms supra the overhead absorption astatine $283. If they negociate to bash that, the BNB/USDT brace could ascent to $300 and past to $318. The rising 20-day EMA ($261) and the RSI successful the affirmative zone, bespeak that the bulls person the edge.

This affirmative presumption could invalidate successful the adjacent word if the terms turns down and plunges beneath the moving averages. The brace could past diminution to the $250 to $236 enactment zone. The bulls are expected to fiercely support this level due to the fact that the nonaccomplishment to bash truthful whitethorn effect successful a diminution to $220.

XRP/USDT

After trading wrong the symmetrical triangle for the past respective days, XRP (XRP) has made a beardown determination higher connected Jan. 11. The bulls person pushed the terms supra the triangle and the 50-day SMA ($0.37).

If bulls prolong the terms supra the triangle, the anticipation of a rally to $0.42 increases. This level whitethorn enactment arsenic a large obstacle but if buyers flooded it, the XRP/USDT brace could soar to $0.51. The RSI has jumped into the affirmative territory, indicating that the momentum favors the buyers.

If bears privation to halt the up-move, they volition person to rapidly propulsion the terms backmost into the triangle. The brace could past diminution to the 20-day EMA ($0.35) and subsequently to the enactment line.

ADA/USDT

Cardano (ADA) broke and closed supra the downtrend enactment of the falling wedge signifier connected Jan. 9 and 10 but the bulls could not physique upon the advantage. This suggests hesitation to bargain astatine higher levels.

The bears are trying to yank the terms backmost into the wedge connected Jan. 11. If they succeed, the ADA/USDT brace could descent to the moving averages.

A beardown rebound disconnected it suggests assertive buying astatine little levels. The bulls volition past again effort to thrust the brace supra $0.35. If this hurdle is crossed, the brace could effort an up-move to $0.44.

Alternatively, if the terms turns down and slumps beneath the moving averages, it volition suggest that the breakout supra the wedge whitethorn person been a bull trap. The brace could past autumn to $0.26 and aboriginal to $0.24.

DOGE/USDT

Buyers tried to thrust Dogecoin (DOGE) supra the overhead absorption astatine $0.08 connected Jan. 9 but the agelong wick connected the candlestick shows that bears are fiercely guarding the level.

The flattish 20-day EMA ($0.07) and the RSI adjacent the midpoint bespeak a range-bound enactment successful the adjacent term. The DOGE/USDT brace could past commercialized betwixt $0.08 and $0.07 for immoderate time.

Another anticipation is that the terms turns up from the existent level and rises supra the 50-day SMA ($0.08). If that happens, it volition suggest that the correction whitethorn beryllium over. The brace could past soar to $0.11.

MATIC/USDT

Polygon (MATIC) has been trading supra the 50-day SMA ($0.84) since Jan. 9, which is simply a affirmative sign. This suggests that the bulls are trying to flip the moving averages into support.

The gradually upsloping 20-day EMA ($0.81) and the RSI successful the affirmative territory bespeak vantage to buyers. If bulls propel the terms supra $0.88, the MATIC/USDT brace could rally to the overhead absorption astatine $0.97. This level whitethorn enactment arsenic a large obstacle but if bulls flooded it, the rally could interaction $1.05.

On the downside, if bears descend the terms beneath the 50-day SMA, the brace could autumn to the 20-day EMA. If this enactment gives way, the brace could widen the diminution to $0.75.

LTC/USDT

Litecoin (LTC) is facing absorption adjacent the overhead absorption astatine $85 but the bulls person not fixed up overmuch ground. This suggests that the buyers are not booking profits arsenic they expect a determination higher.

Both moving averages are sloping up and the RSI is successful the overbought territory, indicating that bulls are successful command. If buyers thrust the terms supra $85, the LTC/USDT brace could prime up momentum and rally toward the psychologically important level of $100.

Contrarily, if the terms turns down from the existent level oregon fails to prolong supra $85, it volition suggest that bears are progressive astatine higher levels. The brace could past driblet to the moving averages.

A bounce disconnected this enactment volition suggest that the bulls are buying the dips. That could effect successful a retest of $85 but if the terms slides beneath the moving averages, the brace could tumble to $61.

DOT/USDT

Polkadot (DOT) roseate supra the 50-day SMA ($4.92) connected Jan. 9 but the higher levels attracted sellers arsenic seen from the agelong wick connected the day’s candlestick.

Although the terms dipped backmost beneath the 50-day SMA, the bears person not been capable to resistance the DOT/USDT brace to the 20-day EMA ($4.70). This suggests that the bulls are not rushing to the exit and volition again effort to thrust the brace supra $5.10.. If they tin propulsion it off, the brace could soar to the downtrend line.

This affirmative presumption could invalidate successful the adjacent word if the terms turns down and breaks beneath the 20-day EMA. The brace could past autumn toward the important enactment astatine $4.22.

UNI/USDT

After trading betwixt the moving averages for a fewer days, Uniswap (UNI) broke and closed supra the 50-day SMA ($5.58) connected Jan. 8. This indicates that the uncertainty resolved successful favour of the bulls.

The UNI/USDT brace could rally to the absorption enactment of the symmetrical triangle. The bears whitethorn again effort to halt the betterment astatine this level. If the terms turns down from this absorption but rebounds disconnected the moving averages, it volition suggest that traders are buying connected dips. That could summation the likelihood of a interruption supra the triangle. The brace could past commencement an up-move toward $7.8.

Conversely, if the terms turns down from the existent level oregon the absorption enactment and breaks beneath the moving averages, it volition suggest that the brace whitethorn widen its enactment wrong the triangle for immoderate much time.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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