On January 10th, Bitcoin (BTC) experienced a strong rebound, and the bullish investors are striving to keep its value above $94,000, indicating they perceive dips close to $90,000 as chances to buy more. According to Cauê Oliveira, head of research at Blocktrends, large investors were purchasing Bitcoin around the $95,000 mark in a post on CryptoQuant on January 8th.
430 financial advisors were surveyed by Bitwise between November 14 and December 20, and the results showed that approximately 56% of them are more inclined to invest in cryptocurrencies by 2025 following Donald Trump’s election as U.S. President. Furthermore, among those financial advisors who are already investing in crypto, a whopping 99% have plans to either keep their current level or boost their exposure to cryptocurrencies this year.
As an analyst, I find the influx of new investors into Bitcoin and altcoins to be potentially positive news. According to Raoul Pal, co-founder and CEO of Real Vision, we may be approaching a period in the crypto market where there is an upward trend followed by a more significant consolidation – implying a bullish outlook for these digital assets.
To keep an eye on important resistance points in Bitcoin and other major cryptocurrencies, let’s examine their respective charts. This will help us identify potential levels where the price may face challenges in rising further.
Bitcoin price analysis
On January 9th, Bitcoin saw a rise from approximately $91,203, suggesting that the bullish market participants are strongly guarding the $90,000 level as their support.
When Bitcoin’s price reaches moving averages for the first time during an uptrend, it may face resistance there. If the price drops significantly from these averages, the chance of falling below $90,000 increases. The BTC/USDT pair might then drop to around $85,000. Investors are likely to strongly protect the range between $85,000 and $90,000 because a drop below this range could signal a shift in the short-term trend.
Positively, if we see a breakthrough and a subsequent closing above the current descending trendline, the price could potentially reach $102,725 first, and then potentially climb further up to $108,353.
Ether price analysis
If Ether (ETH) follows a head-and-shoulders pattern, it means that a potential break and closure below its current support level (neckline) is imminent, indicating a possible price decline.
Even though the upward sloping neckline suggests a less dependable bearish pattern, traders should still pay attention to it. The declining 20-day exponential moving average ($3,451) and the relative strength index (RSI) in the negative zone imply that bears have the upper hand. If the price drops from its current position or the 20-day EMA and breaches below the neckline, the ETH/USDT pair could potentially plummet to $2,850.
To avoid a potential drop, bulls must push the price beyond the 20-day Exponential Moving Average (EMA). If successful, the pair might escalate towards $3,745.
XRP price analysis
In simpler terms, the cryptocurrency XRP (XRP) is currently moving within an equilibrated pattern called a symmetrical triangle, which suggests that the pressure from both buyers and sellers is roughly equal.
The 20-day Exponential Moving Average (EMA) is relatively flat at around $2.29, and the Relative Strength Index (RSI) is close to the midpoint, indicating neither the buyers nor the sellers have a significant advantage. If the price manages to break through and close above the resistance line, it could suggest that the buyers have gained control over the sellers. This might spark an upward trend towards $2.73 initially, followed potentially by further movement up to $2.91.
Instead, if there’s a drop and a closing price under the resistance level, it could indicate that the XRP/USDT pair might have reached its peak for now. Following this, the pair could potentially fall to around $1.62.
BNB price analysis
On January 9th, Binance Coin (BNB) dipped below its 50-day simple moving average of $691, yet the selling pressure seems to be waning as the price level is proving difficult for the bearish trend to maintain.
The bulls are aiming to increase the BNB/USDT price above its moving averages. If they succeed, this pair may attempt to break through the resistance at $745. Overcoming and closing above $745 might push the pair towards $794. However, the bears will strive hard to maintain the current level; if the bulls are stronger, the price could potentially reach $935.
Instead, if the price drops below the 20-day Exponential Moving Average (EMA), this might indicate that the bears are attempting to gain control. This could potentially drive the price down to the robust support level at $635.
Solana price analysis
Solana (SOL) has bounced back from its upward trendline, suggesting that the buyers are actively holding their ground at this significant level.
To show a return, purchasers must strive to keep prices above the 50-day Simple Moving Average (around $215). As long as this isn’t the case, any temporary price increase might be met with selling activity.
If the cost drops below the 20-day Exponential Moving Average (EMA), the likelihood of a fall beneath the upward trend line becomes higher. The support at $175 may be breached, which could lead to a potential drop down to $155 for the SOL/USDT pair. This descent might indicate that the pair will continue fluctuating within its broad range of $116 and $260 for an extended period.
Dogecoin price analysis
For the last several days, Dogecoin (DOGE) has been holding steady within a range of approximately $0.30 to $0.40. This suggests that investors are buying at lower prices and selling during price increases.
The DOGE/USDT pair is making an effort to climb higher but might encounter resistance at the 20-day Exponential Moving Average (EMA), currently around $0.34. If the price drops significantly from this level, there’s a risk of the $0.30 support giving way. In such a case, the pair could potentially slide down to $0.27.
Instead, if there’s a pause and a move above the 20-day Exponential Moving Average (EMA), it will maintain the current trend. The price could then aim for the resistance at $0.40. To take control, buyers must conquer this barrier first.
Cardano price analysis
Cardano (ADA) appears to have emerged from its upward trendline, suggesting that potential buyers are drawn towards the lower price points.
The anticipated recovery may encounter resistance at the moving average levels. If the price falls from these averages, it becomes more likely that we’ll see a drop beneath the upward trendline, potentially leading to a fall for the Cardano-Tether pair to around $0.80.
If the price surpasses the 50-day Simple Moving Average (currently at $1.01), this could imply that the selling momentum is diminishing. In such a case, the pair might ascend towards $1.15, a level where the sellers are anticipated to launch a robust counterattack.
Avalanche price analysis
Avalanche (AVAX) seems to be aiming for a rebound around the robust support level of approximately $35, yet it’s possible that any potential recovery might be met with selling pressure.
If the price decreases from its current position or falls below the 20-day Exponential Moving Average (which is at $39.72), it could imply that the bears are still dominating the market. This would make it more probable for a drop below $33.60 to occur. The next potential support level in case of a downtrend would be around $30.
If the price of AVAX/USDT is pushed higher than the 20-day Exponential Moving Average, it could indicate that the pair might remain within the range of $35 to $45 for some time. A break above $45 would signal a return of buyers’ dominance in the market.
Sui price analysis
SUI appears to be gaining stability around its 20-day Exponential Moving Average (EMA) at $4.64, suggesting a favorable market mood, with investors scooping up shares during minor downturns.
In simpler terms, buyers are aiming to break through the current price barrier at $5.37. Once they do so, this could indicate that the upward trend will continue. If successful, the price of SUI/USDT might surge towards $5.82.
As a researcher analyzing the bear market, I find that if we aim for a price drop, we should strategize to push the price below our 50-day Simple Moving Average (SMA), which currently stands at around $4.21. If successful, this movement would indicate a short-term peak has been reached. Consequently, the pair could potentially plummet towards $4 and then further to approximately $3.50.
Toncoin price analysis
Toncoin (TON) has been gradually slipping toward the strong support zone between $4.72 and $4.44.
Investors are likely to strongly protect the designated support level. If the value rebounds from this support level, the TON/USDT pair may approach the 20-day Exponential Moving Average (EMA), currently at $5.57. Sellers aim to maintain control by preventing a rebound above this EMA. However, if the price falls from the EMA, bears will try once more to push the pair below $4.44.
Instead, if there’s a pause and the price surges above its moving averages, it might indicate that the pair could stay within a specific range of $4.44 to $7.20 for a while.
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2025-01-10 22:08