Price analysis 1/3: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, LINK, TON

As a seasoned crypto analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. In this analysis, I’ll be breaking down the current state of various digital assets, providing insights based on my extensive knowledge of the space.

Starting with Bitcoin, it appears that the world’s largest cryptocurrency is showing signs of recovery after a recent correction. However, as always, investors should approach this market with caution and maintain a long-term perspective.

Ethereum, the second-largest digital asset by market cap, also seems to be making a comeback, but it’s essential to keep an eye on its network congestion issues. Solving these problems will be crucial for Ethereum’s future growth and adoption.

Moving on to Binance Coin (BNB), I believe it has the potential to continue its upward trajectory due to the strong backing of the Binance exchange and its expanding ecosystem. However, investors should be mindful of regulatory developments affecting exchanges worldwide.

Ripple (XRP) remains an interesting case, as legal battles with the SEC may impact its short-term performance. Nevertheless, if it manages to resolve these issues, XRP could regain its position among the top digital assets.

Cardano (ADA) has caught my attention lately due to its impressive development progress and partnerships. If it can continue delivering on its roadmap, ADA could see significant growth in the coming months.

Lastly, I’ve been keeping an eye on Toncoin (TON), which seems to be showing signs of life after a prolonged bear market. However, like any investment, it’s essential to approach TON with caution and do thorough research before investing.

In closing, remember that the crypto market is known for its volatility, so always invest only what you can afford to lose. And as they say in this crazy world of digital assets, “Never invest more than your willingness to lose on a cat meme NFT!

Bitcoin (BTC) supporters are keeping up the momentum and could challenge the solid resistance level at around $100,000 shortly. While the recovery has been impressive, the surge on January 2 was met with selling by investors in U.S. spot Bitcoin exchange-traded funds. These ETFs reported outflows totaling $242.3 million according to Farside Investors data.

Despite Bitcoin’s current reluctance to surpass $100,000, its overall outlook remains optimistic according to Steno Research. In a recent research note, they predict that 2025 could be the most prosperous year for the cryptocurrency market yet. They foresee Bitcoin reaching beyond $150,000 and Ether (ETH) crossing over $8,000 in this period.

Regardless of a potential drop in Bitcoin’s price, analysts are viewing it as an opportune moment for purchase. In its recent Macro Report dated December 31, investment research firm Bravo Research suggested that Bitcoin might temporarily align with stock market weakness. However, they regard the dip to around $80,000 as a promising buying opportunity for further price increases.

Is it possible for Bitcoin to surpass $100,000, causing other cryptocurrencies to increase as well? Let’s take a look at the graphs of the top 10 digital currencies to see if that’s the case.

Bitcoin price analysis

Bitcoin has regained its position near the moving averages, suggesting that the buyers are fiercely protecting the $90,000 price point at present.

In simpler terms, the moving averages are no longer rising or falling significantly, and the Relative Strength Index (RSI) is slightly above its midpoint, suggesting a potential period of stability or consolidation in the near future. The price of Bitcoin against Tether (BTC/USDT) might fluctuate around $100,000 and $90,000 for a while.

If the price surpasses $100,000, it’s probable that the pair will revisit its record high of $108,353. Conversely, if there is a break and closing below $90,000, it would open up a potential drop towards the strong support at $85,000.

Ether price analysis

Ether is forming a bullish ascending triangle pattern, which will complete on a close above $3,555.

As a crypto investor, I find myself in a bit of a standoff between the bulls and bears, with neither side having a clear advantage based on the 20-day exponential moving average at around $3,478 and the RSI hovering slightly above the midpoint. However, if the price manages to close above $3,555, I’m optimistic that the ETH/USDT pair could potentially reach its pattern target of $3,894.

If the price falls and drops below its upward trendline, it may invalidate this bullish setup. This could potentially cause the price to decrease to around $3,100 initially, and then possibly further down to $3,000. At the $3,000 mark, traders are anticipated to show strong resistance, aiming to keep the price from falling any lower.

XRP price analysis

As a crypto investor, I noticed that Ripple (XRP) made a rebound from its support line within the symmetrical triangle pattern on December 31st. By January 3rd, it had reached the resistance line, indicating a potential breakout or reversal in its price movement.

In simpler terms, sellers should actively protect the support level, which is currently at $2.24 (the 20-day Exponential Moving Average). If the price falls and goes below this level, it could indicate that the XRP/USDT pair might stay within its current pattern (a triangle) for an extended period.

Based on my years of trading experience, I believe that a break and close above the triangle would suggest that the uncertainty has been resolved in favor of the bulls. This could increase the likelihood of a rally towards the overhead resistance at $2.91. In my personal journey as a trader, I’ve learned to always keep an eye on such technical patterns, as they often provide valuable insights into potential price movements. However, it is essential to remember that trading involves risk and should never be based solely on one indicator or pattern. Always do your own research and consider various factors before making any investment decisions.

BNB price analysis

BNB’s (BNB) price is squeezed between the 20-day EMA ($698) and the overhead resistance at $722.

Normally, a period of close grouping (tight consolidation) is often followed by an increase in price range (expansion), but it can be challenging to determine the direction in which the breakout will occur. If the price breaks and ends above $722, this would suggest that the bulls have gained control over the bears. This could pave the way for a rise towards $760, followed by potentially reaching $794.

In simpler terms, if the price falls below its 20-day Exponential Moving Average (EMA), it could indicate that the buyers are losing their momentum. The asset might then decrease towards the 50-day Simple Moving Average ($679) and potentially even reach $635.

Solana price analysis

On January 2nd, Solana’s (SOL) price rose over its 20-day Exponential Moving Average ($201), suggesting a decrease in selling intensity.

The potential for the SOL/USDT pair is to reach around $219, which is where its 50-day Simple Moving Average lies. This point may prove difficult to surmount, but if buyers manage to break through this resistance, the pair could climb towards $234.

In simpler terms, when the price falls, it’s expected that the area lying between the 20-day Exponential Moving Average (EMA) and the upward trendline could provide robust support. If the price drops and stays below the upward trendline, traders who are selling will regain control.

Dogecoin price analysis

The price range for Dogecoin (DOGE), around $0.30 to $0.35, ended positively on January 3rd, suggesting that the buyers have regained control, indicating a potential market uptrend.

In simpler terms, the moving averages indicate a potential period of limited price fluctuations ahead. If buyers manage to drive the Dogecoin price above its 50-day Simple Moving Average (SMA) at $0.38, it might surge toward $0.42. Sellers are likely to put up a tough resistance at this level. Conversely, if the price drops from $0.42, it could slide down to the 20-day EMA at $0.34.

The time available is dwindling for the bears, as they need to push the price downwards and below $0.30 in order to initiate a more significant correction that would reach the 61.8% Fibonacci retracement level at approximately $0.27.

Cardano price analysis

On New Year’s Day, there was a significant increase in the value of Cardano (ADA). By January 3rd, the upward momentum of the bulls managed to drive the price beyond the horizontal line that forms the neckline of the head-and-shoulders pattern.

Above the neckline’s surge might have caught the bearish traders off guard, causing them to hastily exit their positions. This rapid exit led to a short squeeze, pushing the ADA/USDT pair up toward $1.20. The market anticipates that sellers will attempt to hold this area, creating resistance between $1.20 and $1.33.

The sudden rise above a specific line might have cornered the aggressive bearish traders, causing them to quickly sell their investments. This quick selling led to a situation where buyers were forced to buy back these sold shares, propelling the ADA/USDT pair up toward $1.20. Traders believe that others will try to keep this price range from increasing further, creating a barrier between $1.20 and $1.33.

During periods of market retreat (pullbacks), the moving averages could provide robust resistance. For sellers to take control, they need to push the price levels beneath these moving averages.

Avalanche price analysis

On January 1st, Avalanche (AVAX) showed signs of recovery as it bounced back from its $35 support level, suggesting that the buyers are making an effort to regain control.

The expected rebound may encounter selling at around $42.67 (representing the 50-day Simple Moving Average). Should the price drop significantly from this point, the bears might attempt to push down the AVAX/USDT pair below the support range of $35 to $33.50. If they succeed, the pair could potentially fall to $32 and then to $30.50.

Contrarily, should the pair surpass my 50-day Simple Moving Average (SMA), it would imply that the corrective phase might have concluded. Subsequently, I anticipate a gradual upward trend towards approximately $48.

Chainlink price analysis

In simpler terms, Chainlink’s price briefly touched the upper boundary of the Head and Shoulders pattern, suggesting that buyers are strongly protecting this particular level.

It’s probable that an upward trend might encounter selling near the 20-day Exponential Moving Average (EMA) at around $22.64. However, if the bullish sentiment prevails, the price of LINK/USDT could potentially increase towards $26. Such a surge would suggest that the bears’ control is weakening.

As a crypto investor, I must note that if the price unexpectedly plunges below the 20-day Exponential Moving Average (EMA), it could potentially threaten the stability of the $20 level. If this were to occur, it would complete a bearish setup, which might lead to a further drop in price towards the $16 mark.

Toncoin price analysis

Supporters of Toncoin (TON) are attempting to initiate a rebound, but they’re likely to encounter strong opposition near the moving average lines.

If the cost dips below the moving averages and falls beneath $5.40, this could indicate that the bears continue to dominate the market. This strengthens the possibility that the price may decrease towards the $4.72 to $4.44 support region.

If the price is propelled higher than the moving averages by buyers, this indicates that they’re purchasing at lower price points. As such, the TON/USDT pair might ascend to $6.50 initially and potentially reach $7. However, it’s anticipated that the bears will put up a significant resistance around that level.

2025-01-03 22:05