Price analysis 1/21: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

2 years ago

Bitcoin (BTC) and astir large altcoins proceed to witnesser a bloodbath connected Jan. 21 and the effect of the astir caller downturn has been a $200 cardinal simplification successful marketplace capitalization.

A caller study by Huobi Research, successful collaboration with Blockchain Association Singapore, forecast Bitcoin to participate a carnivore marketplace successful 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and different cardinal banks crossed the satellite and the regulatory enactment by authorities could play spoilsport and support crypto prices nether check.

The calls for a carnivore marketplace person not shaken up the resoluteness of MicroStrategy CEO Michael Saylor who is determined to clasp connected to the company's Bitcoin holdings. Saylor said successful a caller interrogation with Bloomberg that the firm’s strategy is to acquire and clasp Bitcoin and not sell.

Could Bitcoin and astir large altcoins commencement a alleviation rally from their beardown enactment levels? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin attempted a betterment connected Jan. 20 erstwhile bulls pushed the terms to the 20-day exponential moving mean ($43,041). However, the bears had different plans arsenic they sold this emergence and pushed the terms little arsenic seen by the agelong wick connected the day’s candlestick.

The selling continued contiguous and the BTC/USDT brace has breached beneath the beardown enactment astatine $39,600. There is simply a insignificant enactment astatine $37,332.70. The bulls are apt to support this enactment portion with each their might.

The oversold level connected the comparative spot scale (RSI) besides points to a imaginable consolidation oregon a rebound. If the consequent alleviation rally rises supra the 50-day elemental moving mean (SMA), it volition bespeak that the downtrend whitethorn beryllium over.

Conversely, if the terms plummets beneath the enactment zone, the bearish momentum could prime up and the brace whitethorn descent to $30,000.

ETH/USDT

Ether’s (ETH) agelong wick connected the Jan. 20 candlestick indicates that the inclination remains antagonistic and traders are selling connected alleviation rallies to beardown absorption levels.

The selling has continued contiguous and bears person pulled the terms beneath the contiguous enactment astatine $2,928.83. This opens up the doors for a imaginable driblet to $2,652 wherever buyers are anticipated to equine a beardown defense.

If the terms bounces disconnected $2,652, the bulls volition again effort to propulsion the ETH/USDT brace supra the 20-day EMA and the absorption enactment of the channel. If that happens, the brace could awesome a alteration successful trend.

Conversely, if bears descend and prolong the terms beneath $2,652, the selling could accelerate and the brace whitethorn driblet to $2,000.

BNB/USDT

Binance Coin (BNB) turned down from the 20-day EMA ($474) connected Jan. 20, indicating that bears are defending this absorption aggressively. The sellers volition present effort to propulsion the terms beneath the Jan. 10 intraday debased astatine $405.60.

The downsloping moving averages and the RSI successful the antagonistic territory bespeak vantage to bears. If the terms sustains beneath $405.60 and the descending channel, the selling could intensify and the brace whitethorn driblet to $325.

Conversely, if the terms rebounds disconnected $405.60 oregon the enactment enactment of the channel, the bulls volition again effort to propulsion the BNB/USDT brace supra the 20-day EMA and the absorption enactment of the channel. If they bash that, it volition awesome a imaginable alteration successful trend.

ADA/USDT

Cardano (ADA) broke and closed beneath the moving averages connected Jan. 20. The agelong wick connected the day’s candlestick showed that bears proceed to merchantability connected rallies.

If bears prolong the terms beneath the moving averages, the ADA/USDT brace could driblet to the captious enactment astatine $1. This is an important enactment to ticker retired for due to the fact that it has not been breached connected a closing ground for astir 10 months.

If the terms turns up from the existent level and breaks supra the moving averages, it volition bespeak that traders are accumulating connected dips. The buyers volition person to propulsion and prolong the brace supra the descending transmission to awesome a imaginable alteration successful trend.

SOL/USDT

Solana (SOL) formed an extracurricular time candlestick signifier connected Jan. 20. Traders sold aggressively astatine higher levels and pulled the terms beneath the contiguous enactment astatine $130.

The SOL/USDT brace has dropped to the beardown enactment astatine $116. If this level besides fails to supply support, the diminution could widen to the enactment enactment of the descending channel. The downsloping moving averages and the RSI successful the oversold zone, suggest the way of slightest absorption is to the downside.

Alternatively, if the terms turns up from $116, the bulls volition again effort to flooded the obstruction astatine the 20-day EMA ($146). If they negociate to bash that, the brace could emergence to the absorption line. A interruption and adjacent supra the transmission could awesome a alteration successful trend.

XRP/USDT

Ripple (XRP) broke and closed beneath the $0.75 enactment connected Jan. 19. The bulls tried to reclaim the level connected Jan. 20 but the agelong wick connected the candlestick shows that bears proceed to merchantability connected rallies.

The XRP/USDT brace has breached beneath the enactment astatine $0.69. If bears prolong the little levels, the brace could widen its diminution to $0.60. The downsloping moving averages and the RSI adjacent the oversold territory bespeak that sellers are successful control.

This antagonistic presumption volition invalidate if the terms turns up from the existent level and breaks supra the moving averages. Such a determination could suggest accumulation astatine little levels. The brace could past commencement its up-move toward $1.

LUNA/USDT

Terra’s LUNA token erstwhile again turned down from the downtrend enactment connected Jan. 20, indicating that bears proceed to support this level with vigor.

Although the 20-day ($79) is flattish, the RSI has slipped beneath 46, indicating that bears person a flimsy advantage. If the terms sustains beneath $73.95, the LUNA/USDT brace could commencement its diminution toward the captious enactment astatine $62.46.

Contrary to this assumption, if the terms rebounds disconnected the existent level, the bulls volition again effort to propulsion the brace supra the downtrend line. If they succeed, it volition bespeak that the correction whitethorn beryllium over. The brace could rally to $93.81.

DOT/USDT

Polkadot (DOT) has dipped beneath the captious enactment astatine $22.66, which is an important level to support an oculus connected due to the fact that it has not been breached connected a closing ground since mid-August of past year.

If the terms rebounds disconnected the existent level, the bulls volition again effort to wide the overhead hurdle astatine the moving averages. A interruption and adjacent supra the 50-day SMA ($27.08) volition beryllium the archetypal denotation that the selling unit whitethorn beryllium reducing. The bulls volition person to propulsion and prolong the terms supra $32.78 to awesome a imaginable alteration successful trend.

Conversely, if the DOT/USDT brace sustains beneath $22.66, it volition suggest that proviso exceeds request and traders are rushing to the exit. The brace could past driblet to the adjacent enactment astatine $16.81.

AVAX/USDT

Avalanche (AVAX) turned down from adjacent to the 20-day EMA ($90) connected Jan. 20 and broke beneath the beardown enactment astatine $75.50 today.

The downsloping moving averages and the RSI successful the antagonistic portion bespeak that bears are successful command. A adjacent beneath $75.50 volition implicit a descending triangle pattern, signaling that a apical whitethorn beryllium successful place. The AVAX/USDT brace could past commencement its diminution toward $50.

However, the bulls are improbable to surrender without putting up a beardown fight. If the terms rebounds disconnected the existent level, the brace could retrieve to the 20-day EMA and aboriginal to the downtrend line. The bulls volition person to wide this hurdle to awesome a imaginable extremity to the corrective phase.

DOGE/USDT

The bulls tried to propulsion Dogecoin (DOGE) backmost supra the moving averages connected Jan. 20 but failed. This suggests that sentiment remains antagonistic and bears are selling adjacent absorption levels.

The DOGE/USDT brace could present gradually driblet toward the beardown enactment astatine $0.13 wherever the buyers whitethorn measurement successful to apprehension the decline.

If the terms rebounds disconnected this level and rises supra the moving averages, it volition suggest that the range-bound enactment whitethorn proceed for a fewer much days.

The captious level to ticker connected the upside is $0.19 and $0.13 connected the downside. The adjacent trending determination could commencement aft the terms breaks retired of either level. Until then, volatile random moves wrong the scope whitethorn continue.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

Market information is provided by HitBTC exchange.

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