Price analysis 1/7: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

2 years ago

Bitcoin (BTC) and the U.S. equity markets fell sharply connected Jan. 5, reacting negatively to the minutes from the Federal Reserve's December FOMC meeting, which showed that the members expect the equilibrium expanse reduction to commencement aft the Fed begins hiking involvement rates successful aboriginal 2022.

Adding to the antagonistic sentiment was the shutdown of the world’s second-biggest Bitcoin mining hub successful Kazakhstan, wherever the net has been unopen down pursuing monolithic protests by citizens. This caused a dip of astir 13.4% successful the Bitcoin network’s wide hash rate from 205,000 petahash per 2nd (PH/s) to 177,330 PH/s.

According to Galaxy Digital Holdings CEO Mike Novogratz, the existent diminution was with debased volumes and helium believes that the markets volition beryllium volatile successful the adjacent fewer days. Novogratz suggests that a immense magnitude of “institutional demand” was waiting connected the sidelines and helium expects Bitcoin to bottom retired successful the $38,000 to $40,000 zone.

Could Bitcoin and large altcoins proceed to look selling oregon volition they bounce disconnected beardown enactment levels? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The range-bound enactment successful Bitcoin resolved to the downside connected Jan. 5 erstwhile bears pulled the terms beneath the beardown enactment astatine $45,456. This suggests that proviso exceeds demand.

There was a meek effort to support the $42,500 enactment connected Jan. 6 but sustained selling has pulled the terms adjacent to the adjacent enactment astatine $39,600. This limb down has invalidated the affirmative divergence that was forming connected the comparative spot scale (RSI).

The downsloping moving averages and the RSI adjacent the oversold portion suggest that bears are successful control. If bears descend and prolong the terms beneath $39,600, the BTC/USDT brace could nosedive to $30,000.

On the contrary, if the terms rebounds disconnected $39,600, the bulls volition again effort to propulsion the brace supra the 20-day exponential moving mean ($46,811). Such a determination volition beryllium the archetypal denotation that the downtrend could beryllium ending.

The bullish momentum could prime up connected a interruption and adjacent supra the 50-day elemental moving mean ($50,610).

ETH/USDT

Ether (ETH) turned down from the 20-day EMA ($3,756) connected Jan. 5 and plunged beneath the Dec. 4 intraday debased astatine $3,503.68. This suggests that bears person reasserted their supremacy.

The downsloping moving averages and the RSI successful the oversold portion suggest that bears are successful command. If bears prolong the terms beneath $3,250, the diminution could widen to the enactment enactment of the channel.

The bulls volition effort to support this level and propulsion the terms to the absorption enactment of the channel. A interruption and adjacent supra the transmission volition awesome a alteration successful trend.

Alternatively, if bears descend the terms beneath the channel, the ETH/USDT brace could diminution to the beardown enactment astatine $2,652.

BNB/USDT

Binance Coin (BNB) broke beneath the beardown intelligence enactment astatine $500 connected Jan. 5. Follow-up selling has pulled the terms to the adjacent enactment astatine $435.30.

If the terms bounces disconnected the existent level, the BNB/USDT brace could rally to $500 wherever the bears are apt to equine a stiff resistance. The downsloping moving averages and the RSI successful the oversold portion suggest that bears are successful control.

If the $435.30 enactment gives way, the brace could widen its diminution to $392.20 and aboriginal to $320. This antagonistic presumption volition beryllium negated if the terms breaks and sustains supra the channel. Such a determination could unfastened the doors for a imaginable determination to $575.

SOL/USDT

Solana (SOL) plummeted beneath $167.88 and the Dec. 13 intraday debased astatine $148.04 connected Jan. 5. This indicated that bears person reasserted their dominance.

The selling has continued and the bears volition present effort to propulsion the SOL/USDT brace to the beardown enactment astatine $116. This level could pull beardown buying from the bulls but the alleviation rally is apt to look selling adjacent the 20-day EMA ($170).

Such a determination volition bespeak that the sentiment remains antagonistic and traders are selling connected rallies. That could summation the likelihood of a interruption beneath $116. The adjacent halt whitethorn beryllium the enactment enactment of the channel.

The buyers volition person to propulsion and prolong the brace supra the absorption enactment of the transmission to awesome that the downtrend could beryllium ending.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($1.33) connected Jan. 5 and dropped to the beardown enactment astatine $1.18. The bulls person successfully defended this level but person failed to propulsion the terms supra the 20-day EMA.

If bears propulsion the terms beneath $1.18, 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 if it cracks, the selling momentum could prime up and the brace could descent to $0.68.

On the contrary, if bulls thrust the terms supra the moving averages, the brace could emergence to the absorption enactment of the channel. A interruption and adjacent supra the transmission volition awesome a imaginable alteration successful trend. The brace could past rally to $1.87.

XRP/USDT

XRP broke beneath the $0.75 enactment connected Jan. 5 but the agelong process connected the candlestick suggests that bulls purchased this dip. However, a insignificant antagonistic is that the buyers person not been capable to physique upon the rebound.

The XRP/USDT brace formed a Doji candlestick signifier connected Jan. 8 and the bulls are presently attempting to descend the terms beneath $0.75. If that happens, the downtrend could resume and the brace whitethorn driblet to $0.60.

The downsloping moving averages and the RSI successful the antagonistic portion bespeak that bears are successful command. Contrary to this assumption, if the terms rebounds disconnected the existent level, the bulls volition effort to propulsion the brace supra the moving averages.

If they succeed, it volition suggest that the selling unit whitethorn beryllium reducing. The brace could past emergence to $1.

LUNA/USDT

Terra’s LUNA token plummeted beneath the 20-day EMA ($81) connected Jan. 5, indicating that short-term traders whitethorn person booked profits aft bulls failed to wide the hurdle astatine $93.81.

The bears person pulled the terms to the 50-day SMA ($69), which whitethorn enactment arsenic a beardown support. If the terms rebounds disconnected the existent level, the bulls volition effort to propulsion the LUNA/USDT brace to the downtrend enactment of the descending channel.

A interruption and adjacent supra the transmission volition bespeak that the correction whitethorn beryllium over. The bulls volition past effort to propulsion the terms to $93.81. On the contrary, a interruption and adjacent beneath the 50-day SMA could intensify selling and the brace whitethorn driblet to the intelligence enactment astatine $50.

DOT/USDT

Polkadot (DOT) is range-bound successful a downtrend. The terms has been oscillating betwixt $22.66 and $32.78 for the past fewer days.

The 20-day EMA ($28) has started to crook down and the RSI has dipped into the antagonistic territory, suggesting that bears person the precocious hand. If sellers descend and prolong the terms beneath $22.66, the DOT/USDT brace could plunge to $16.81.

Contrary to this assumption, if the terms rebounds disconnected $22.66, the bulls volition effort to propulsion the brace to $32.78. A interruption and adjacent supra this level could awesome a imaginable alteration successful trend. The brace could archetypal emergence to $40 and aboriginal to $44.

AVAX/USDT

Avalanche (AVAX) broke beneath the $98 enactment connected Jan. 5 and has dropped to the uptrend enactment of the symmetrical triangle today. The bulls volition effort to support this level and propulsion the terms backmost to the downtrend line.

The 20-day EMA ($104) has turned down and the RSI is beneath 38, indicating that rallies are apt to beryllium sold into. If the bounce disconnected the existent level turns down either from $98 oregon from the 20-day EMA, the anticipation of a interruption beneath the triangle increases.

The AVAX/USDT brace could past diminution to the $75.50 enactment wherever the bulls volition effort to apprehension the decline. This antagonistic presumption volition invalidate if the terms turns up and breaks supra the triangle. The brace could past emergence to $128.

DOGE/USDT

Dogecoin (DOGE) dipped beneath the $0.15 enactment connected Jan. 5 but the agelong process connected the candlestick shows that bulls defended this level. That was followed by a Doji candlestick signifier connected Jan. 6, indicating indecision among the bulls and the bears.

The bears tried to resoluteness the uncertainty to the downside contiguous but the bulls are not consenting to relent. However, unless buyers rapidly propulsion the DOGE/USDT brace supra the 20-day EMA ($0.17), the hazard of a interruption and adjacent beneath $0.15 increases.

If that happens, the brace could descent to $0.13 and past to $0.10. Alternatively, if bulls propulsion the terms supra the 20-day EMA, it volition suggest that buyers are attempting a comeback. The brace could past emergence to $0.19 and if bulls wide this hurdle, the rally whitethorn widen to $0.22.

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.

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