Jan 27 Technical Analysis: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and most major altcoins have bounced off their strong support, but can the rally continue at levels where traders are confident a bottom has been reached?
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, says Bitcoin price is “about 30% below the 20-week moving average,” around where it bottomed in March 2020 and July 2020.
Although bitcoin corrected sharply in January, balances on exchanges fell from 2.428 million bitcoin on Dec. 28 to 2.366 million bitcoin on Jan. 24, according to Cointelegraph. Data by CryptoQuant. This shows that investors are still accumulating BTC instead of selling it.
However, it may not be a V-shaped rally for Bitcoin as volatility is likely to remain high. Traders will be interested to follow the US Federal Reserve’s decision after the conclusion of its two-day policy meeting on Jan. 26.
Will Bitcoin and Most Major Cryptocurrencies Keep Falling? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC technical analysis
The long tail on Bitcoin’s Jan. 24 candlestick shows active buying activity at lower levels. The bulls’ continued buying pushed the price above the next resistance at $37,332.70.
BTC/USDT daily chart | Source: TradingView
The BTC/USDT pair can now reach the 20-day EMA ($40,438), which has acted as a strong resistance during recovery rallies. If the price turns down from this resistance, the bears will attempt to drag the pair below $32,917.10 ($32,917.10). If successful, the pair can drop to the strong support at $30,000.
Conversely, if the price breaks above the 20-day EMA, the pair can rally to the 50-day SMA ($44,935). A breakout and close above this resistance would be the first sign that the correction may be over. The pair can then challenge the 200-day SMA ($48,750).
Technical analysis of the ETH
Ether (ETH) has recovered from $2,159 on Jan. 24 as indicated by the long tail of the daily bar. This shows that the bulls are actively buying at the lower levels.
ETH/USDT daily chart | Source: TradingView
Continued buying power pushed the price back into the channel today. This is the first sign of strength. Buyers will now attempt to push and sustain the price above the $2,652 resistance level.
If they succeed, the ETH/USDT pair can rally to the 20-day EMA ($2.966). The bears are likely to mount a strong defense at this level.
If the price turns down from the 20-day EMA, it will show that sentiment remains bearish and traders are selling on rallies. The bears will then attempt to continue the downtrend by dragging the pair below $2,159.
BNB Technical Analysis
Binance Coin (BNB) bounced off the $330 support on Jan. 24 as indicated by the long tail of the daily bar. This shows buyers accumulating strongly near $330.
Daily BNB/USDT Chart | Source: TradingView
The bulls pushed the price back into the channel on Jan. 25 and will now attempt to push the BNB/USDT pair to the 20-day EMA ($435). If this barrier is breached, the pair can rally to the resistance line of the channel.
Conversely, if the price turns down from the current levels or the 20-day EMA, it will indicate that traders will continue to sell on the rally. After that, the bears will try again to sink the pair below the strong $330 – $320 support area.
ADA technical analysis
Cardano (ADA) is attempting to bounce off the strong support at $1, showing the bulls will buy on a drop to this level. The recovery rally can now reach the 50-day SMA ($1.28).
Daily ADA/USDT Chart | Source: TradingView
If the bulls propel the price above the 50-day SMA, the ADA/USDT pair can rally to the descending channel’s resistance line. A breakout and close above the channel will signal a possible trend reversal.
Conversely, when the price turns down from the moving averages, it suggests that the bears will continue to sell if the price recovers to strong resistance levels. They will then attempt to sink and sustain the price below $1. If successful, the pair can drop to $0.80.
SOL Technical Analysis
The bulls successfully defended the support line of the descending channel on Jan. 24, as indicated by the long tail of the intraday bar. If the bulls push the price above $104.82, Solana (SOL) can reach the 20-day EMA ($125).
Daily SOL/USDT chart | Source: TradingView
A break and close above the 20-day EMA will be the first sign that selling pressures might be easing. After that, the SOL/USDT pair can rise to the resistance line of the descending channel. The bulls need to push the price above the channel to signal a trend reversal.
Conversely, if the price turns down from the 20-day EMA, it will show that the bears will continue to sell on the rally. They will then try again to sink the pair under the fairway. If successful, the downside could strengthen and the pair could drop to psychological support at $50.
XRP Technical Analysis
Ripple (XRP) has been trading in a tight range of $0.65 to $0.54 for the past few days. This shows that both the bulls and the bears are playing it safe and not making big bets.
XRP/USDT daily chart | Source: TradingView
The down-sloping 20-day EMA ($0.70) and the Relative Strength Index (RSI) near the oversold zone are showing that the bears have the upper hand. If the price turns down from $0.64, the XRP/USDT pair can crash to the psychological support at $0.50.
Contrary to this assumption, the pair can challenge the 20-day EMA if the bulls push the price above $0.64. A break and close above this resistance could open the door for a rally to the 50-day SMA ($0.79). The bulls need to clear this barrier to signal a potential reversal.
LUNA technical analysis
Terra (LUNA) continues to trade in a descending channel. The 20-day EMA is sloping down ($73) and the RSI is in the negative territory, suggesting that the advantage is in the hands of the sellers.
Daily LUNA/USDT Chart | Source: TradingView
If the bears sink the price below $59.13, the LUNA/USDT pair can revisit the channel support line. This level has held in the last two declines, so the bulls will try to defend it again.
If this is the case, the pair can rally to the 20-day EMA and then rally towards the downtrend line of the channel. A breakout and close above the channel is the first sign that the downtrend may be over.
DOGE technical analysis
The bulls again bought the drop below $0.13 on Jan. 24 as indicated by the long tail of the daily bar. The move sparked a recovery rally and pushed Dogecoin (DOGE) to the 20-day EMA ($0.15).
Daily DOGE/USDT chart | Source: TradingView
If the bulls can propel the price above the moving averages, the DOGE/USDT pair can rally to the critical resistance at $0.19. If the price turns down from this resistance, the pair can extend its stay in the $0.19-$0.13 range for a few more days.
Contrary to this assumption, if the price turns down from the moving averages, it suggests that demand will dry up at higher levels. The bears will then attempt to pull and sustain the price below $0.13. If so, the pair can continue falling to the psychological support at $0.10.
Technical DOT analysis
The bulls have been successfully holding Polkadot (DOT) above the critical support at $16.81 for the past few days. This could attract more buying from short-term traders and propel the price to a breakout of $22.66.
DOT/USDT daily chart | Source: TradingView
The 20-day EMA ($22.77) is sloping down and the RSI is in the negative territory, showing that the bears have the upper hand. The DOT/USDT pair is likely to face stiff resistance at this level.
If the price turns down from the 20-day EMA, the bears will again attempt to drag the pair towards $16.81. If this support holds, the pair is likely to remain range bound for a few more days.
A break and close below $16.81 could start the next phase of the downtrend, while a break above the 50-day SMA ($25.88) could open the door for a rally to $32.78.
AVAX technical analysis
The bears’ failure to sink Avalanche (AVAX) below the $51.04 – $47.66 support area may have attracted buying from the cantankerous bulls, which have taken the price above the 200-day SMA ($65-$65). dollars) have driven.
AVAX/USDT daily chart | Source: TradingView
The AVAX/USDT pair can now rally to a breakout of $75.50 where the bears can create a stiff resistance. This is an important level to watch out for as the 20-day EMA ($80) is just above it.
If the price turns down from the breakout level, the bears will attempt to drag the pair below the 200-day SMA. If successful, the pair can drop again to $51.04. Alternatively, a break and close above the 20-day EMA could open the gates for a rally to the downtrend line.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Author
Analysis
Jan 27 Technical Analysis: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and most major altcoins have bounced off their strong support, but can the rally continue at levels where traders are confident a bottom has been reached?
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, says Bitcoin price is “about 30% below the 20-week moving average,” around where it bottomed in March 2020 and July 2020.
Although bitcoin corrected sharply in January, balances on exchanges fell from 2.428 million bitcoin on Dec. 28 to 2.366 million bitcoin on Jan. 24, according to Cointelegraph. Data by CryptoQuant. This shows that investors are still accumulating BTC instead of selling it.
However, it may not be a V-shaped rally for Bitcoin as volatility is likely to remain high. Traders will be interested to follow the US Federal Reserve’s decision after the conclusion of its two-day policy meeting on Jan. 26.
Will Bitcoin and Most Major Cryptocurrencies Keep Falling? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC technical analysis
The long tail on Bitcoin’s Jan. 24 candlestick shows active buying activity at lower levels. The bulls’ continued buying pushed the price above the next resistance at $37,332.70.
BTC/USDT daily chart | Source: TradingView
The BTC/USDT pair can now reach the 20-day EMA ($40,438), which has acted as a strong resistance during recovery rallies. If the price turns down from this resistance, the bears will attempt to drag the pair below $32,917.10 ($32,917.10). If successful, the pair can drop to the strong support at $30,000.
Conversely, if the price breaks above the 20-day EMA, the pair can rally to the 50-day SMA ($44,935). A breakout and close above this resistance would be the first sign that the correction may be over. The pair can then challenge the 200-day SMA ($48,750).
Technical analysis of the ETH
Ether (ETH) has recovered from $2,159 on Jan. 24 as indicated by the long tail of the daily bar. This shows that the bulls are actively buying at the lower levels.
ETH/USDT daily chart | Source: TradingView
Continued buying power pushed the price back into the channel today. This is the first sign of strength. Buyers will now attempt to push and sustain the price above the $2,652 resistance level.
If they succeed, the ETH/USDT pair can rally to the 20-day EMA ($2.966). The bears are likely to mount a strong defense at this level.
If the price turns down from the 20-day EMA, it will show that sentiment remains bearish and traders are selling on rallies. The bears will then attempt to continue the downtrend by dragging the pair below $2,159.
BNB Technical Analysis
Binance Coin (BNB) bounced off the $330 support on Jan. 24 as indicated by the long tail of the daily bar. This shows buyers accumulating strongly near $330.
Daily BNB/USDT Chart | Source: TradingView
The bulls pushed the price back into the channel on Jan. 25 and will now attempt to push the BNB/USDT pair to the 20-day EMA ($435). If this barrier is breached, the pair can rally to the resistance line of the channel.
Conversely, if the price turns down from the current levels or the 20-day EMA, it will indicate that traders will continue to sell on the rally. After that, the bears will try again to sink the pair below the strong $330 – $320 support area.
ADA technical analysis
Cardano (ADA) is attempting to bounce off the strong support at $1, showing the bulls will buy on a drop to this level. The recovery rally can now reach the 50-day SMA ($1.28).
Daily ADA/USDT Chart | Source: TradingView
If the bulls propel the price above the 50-day SMA, the ADA/USDT pair can rally to the descending channel’s resistance line. A breakout and close above the channel will signal a possible trend reversal.
Conversely, when the price turns down from the moving averages, it suggests that the bears will continue to sell if the price recovers to strong resistance levels. They will then attempt to sink and sustain the price below $1. If successful, the pair can drop to $0.80.
SOL Technical Analysis
The bulls successfully defended the support line of the descending channel on Jan. 24, as indicated by the long tail of the intraday bar. If the bulls push the price above $104.82, Solana (SOL) can reach the 20-day EMA ($125).
Daily SOL/USDT chart | Source: TradingView
A break and close above the 20-day EMA will be the first sign that selling pressures might be easing. After that, the SOL/USDT pair can rise to the resistance line of the descending channel. The bulls need to push the price above the channel to signal a trend reversal.
Conversely, if the price turns down from the 20-day EMA, it will show that the bears will continue to sell on the rally. They will then try again to sink the pair under the fairway. If successful, the downside could strengthen and the pair could drop to psychological support at $50.
XRP Technical Analysis
Ripple (XRP) has been trading in a tight range of $0.65 to $0.54 for the past few days. This shows that both the bulls and the bears are playing it safe and not making big bets.
XRP/USDT daily chart | Source: TradingView
The down-sloping 20-day EMA ($0.70) and the Relative Strength Index (RSI) near the oversold zone are showing that the bears have the upper hand. If the price turns down from $0.64, the XRP/USDT pair can crash to the psychological support at $0.50.
Contrary to this assumption, the pair can challenge the 20-day EMA if the bulls push the price above $0.64. A break and close above this resistance could open the door for a rally to the 50-day SMA ($0.79). The bulls need to clear this barrier to signal a potential reversal.
LUNA technical analysis
Terra (LUNA) continues to trade in a descending channel. The 20-day EMA is sloping down ($73) and the RSI is in the negative territory, suggesting that the advantage is in the hands of the sellers.
Daily LUNA/USDT Chart | Source: TradingView
If the bears sink the price below $59.13, the LUNA/USDT pair can revisit the channel support line. This level has held in the last two declines, so the bulls will try to defend it again.
If this is the case, the pair can rally to the 20-day EMA and then rally towards the downtrend line of the channel. A breakout and close above the channel is the first sign that the downtrend may be over.
DOGE technical analysis
The bulls again bought the drop below $0.13 on Jan. 24 as indicated by the long tail of the daily bar. The move sparked a recovery rally and pushed Dogecoin (DOGE) to the 20-day EMA ($0.15).
Daily DOGE/USDT chart | Source: TradingView
If the bulls can propel the price above the moving averages, the DOGE/USDT pair can rally to the critical resistance at $0.19. If the price turns down from this resistance, the pair can extend its stay in the $0.19-$0.13 range for a few more days.
Contrary to this assumption, if the price turns down from the moving averages, it suggests that demand will dry up at higher levels. The bears will then attempt to pull and sustain the price below $0.13. If so, the pair can continue falling to the psychological support at $0.10.
Technical DOT analysis
The bulls have been successfully holding Polkadot (DOT) above the critical support at $16.81 for the past few days. This could attract more buying from short-term traders and propel the price to a breakout of $22.66.
DOT/USDT daily chart | Source: TradingView
The 20-day EMA ($22.77) is sloping down and the RSI is in the negative territory, showing that the bears have the upper hand. The DOT/USDT pair is likely to face stiff resistance at this level.
If the price turns down from the 20-day EMA, the bears will again attempt to drag the pair towards $16.81. If this support holds, the pair is likely to remain range bound for a few more days.
A break and close below $16.81 could start the next phase of the downtrend, while a break above the 50-day SMA ($25.88) could open the door for a rally to $32.78.
AVAX technical analysis
The bears’ failure to sink Avalanche (AVAX) below the $51.04 – $47.66 support area may have attracted buying from the cantankerous bulls, which have taken the price above the 200-day SMA ($65-$65). dollars) have driven.
AVAX/USDT daily chart | Source: TradingView
The AVAX/USDT pair can now rally to a breakout of $75.50 where the bears can create a stiff resistance. This is an important level to watch out for as the 20-day EMA ($80) is just above it.
If the price turns down from the breakout level, the bears will attempt to drag the pair below the 200-day SMA. If successful, the pair can drop again to $51.04. Alternatively, a break and close above the 20-day EMA could open the gates for a rally to the downtrend line.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Other Posts
Related Posts
