Price analysis 1/10: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin
(BTC)
dipped

below
the
$40,000
level
on
Jan.
10

for
the
first
time
since
September
2021.
The
crypto
markets
were
not
alone
as
the
U.S.
equity
markets
also
witnessed
strong
selling
when
traders
chose
to

reduce

risk
and
piled
into
the
10-year
Treasury
yield,
which
surged
to
1.8%
from
1.51%
at
the
end
of
2021.

On
Jan.
9,
Goldman
Sachs
chief
economist,
Jan
Hatzius,

said
 that
the
U.S.
Federal
Reserve
may
increase
rates
by
four
quarter-percentage
points
in
2022.

Analyst
Alex
Krüeger
also
warned
that
crypto
markets

may
not
be
able
to
ignore
the
Fed

if
it
“decides
to
go
all
out
wielding
a
deflationary
machete.”
He
was
not
alone
as
ex-BitMEX
CEO
Arthur
Hayes
and
Pentoshi
also
projected
a
bearish
picture.


Daily
cryptocurrency
market
performance.
Source:



Coin360

Quant
analyst
Benjamin
Cowen
gave
some
hopes
to
the
bulls
when
he
said
that
levels
of
“extreme
fear”
on
the
Crypto
Fear
&
Greed
Index
occurred
only
four
times
since
2018
and
those
were
followed
by

bullish
reversals
resulting
in
strong
returns

between
17%
to
1,585%
in
Bitcoin.

Could
Bitcoin
and
major
altcoins
start
a
sustained
recovery
or
will
the
support
levels
give
way?
Let’s
study
the
charts
of
the
top
10
cryptocurrencies
to
find
out.

BTC/USDT

Bitcoin
plunged
to
$39,650
on
Jan.
10
when
buyers
stepped
in
and
bought
aggressively
as
seen
from
the
long
tail
on
the
candlestick.
If
buyers
sustain
the
rebound,
the
price
could
attempt
to
move
toward
the
20-day
exponential
moving
average
(EMA)
($45,369).


BTC/USDT
daily
chart.
Source:
TradingView

Both
moving
averages
are
sloping
down
and
the
relative
strength
index
(RSI)
is
in
the
oversold
zone
suggesting
that
bears
are
in
command.
If
the
price
turns
down
from
the
20-day
EMA,
the
BTC/USDT
pair
could
again
drop
to
the
strong
support
at
$39,600
and
remain
range-bound
between
these
two
levels
for
a
few
days.

If
the
support
at
$39,600
gives
way,
the
selling
could
intensify
further
and
the
pair
could
start
its
march
toward
$30,000.

Conversely,
if
bulls
drive
the
price
above
the
20-day
EMA,
the
pair
could
rally
to
the
stiff
overhead
resistance
at
$52,088.
A
break
and
close
above
this
resistance
could
signal
a
possible
change
in
trend.

ETH/USDT

The
bulls
have
been
defending
the
support
line
of
the
descending
channel
for
the
past
few
days
but
they
have
not
been
able
to
achieve
a
strong
rebound
off
it.
This
suggests
that
demand
dries
up
at
higher
levels.
Ether
(ETH)
attempted
a
recovery
on
Jan.
9,
but
it
could
not
rise
above
the
breakdown
level
at
$3,250.


ETH/USDT
daily
chart.
Source:
TradingView

The
price
turned
down
again
on
Jan.
10
and
the
bears
are
attempting
to
pull
the
ETH/USDT
pair
below
the
descending
channel.
If
they
manage
to
do
that,
the
selling
could
intensify
and
the
pair
could
drop
to
the
next
strong
support
at
$2,652.

This
is
an
important
support
for
the
bulls
to
defend
because
if
it
cracks,
the
pair
could
plummet
toward
the
psychological
support
at
$2,000.

Conversely,
if
the
price
rebounds
off
the
current
level,
the
bulls
will
make
one
more
attempt
to
clear
the
overhead
hurdle
at
$3,250
and
push
the
pair
to
the
resistance
line
of
the
channel.

BNB/USDT

Binance
Coin
(BNB)
slipped
below
the
support
line
of
the
descending
channel
on
Jan.
8
but
the
long
tail
on
the
day’s
candlestick
showed
buying
at
lower
levels.
The
bulls
pushed
the
price
back
into
the
channel
on
Jan.
9
but
failed
to
sustain
the
price
above
the
breakdown
level
at
$435.30.


BNB/USDT
daily
chart.
Source:
TradingView

The
price
turned
down
once
again
on
Jan.
10
and
the
bears
are
attempting
to
sustain
the
BNB/USDT
pair
below
the
channel.
If
they
succeed,
the
pair
could
decline
to
$392.20.
This
is
an
important
support
for
the
bulls
to
defend
because
if
it
cracks,
the
next
stop
could
be
$330.

The
RSI
has
dropped
into
the
oversold
territory,
indicating
that
the
selling
may
be
overdone
in
the
short
term.
This
could
result
in
a
minor
recovery
or
a
range-bound
action
in
the
next
few
days.
A
break
and
close
above
the
20-day
EMA
($492)
will
be
the
first
sign
that
the
sellers
may
be
losing
their
grip.

SOL/USDT

Solana
(SOL)
attempted
a
recovery
on
Jan.
8
but
the
bulls
could
not
push
the
price
back
above
$150.
This
suggests
that
bears
are
selling
on
relief
rallies.


SOL/USDT
daily
chart.
Source:
TradingView

If
bears
sustain
the
price
below
$133,
the
SOL/USDT
pair
could
drop
to
the
strong
support
at
$116.
Both
moving
averages
are
sloping
down
and
the
RSI
is
close
to
the
oversold
zone,
indicating
that
bears
are
in
control.

If
the
$116
level
cracks,
the
pair
could
decline
to
the
support
line
of
the
channel.
If
this
support
also
breaks
down,
the
selling
may
intensify
and
the
pair
could
plummet
to
$82.
The
first
sign
of
strength
will
be
a
break
and
close
above
the
20-day
EMA
($162).

ADA/USDT

Cardano
(ADA)
broke
and
closed
below
the
$1.18
support
on
Jan.
9
indicating
the
resumption
of
the
downtrend.
The
next
support
on
the
downside
is
the
critical
level
at
$1.


ADA/USDT
daily
chart.
Source:
TradingView

The
bulls
are
likely
to
defend
this
level
aggressively
as
it
has
not
been
breached
for
the
past
several
months.
If
the
price
rebounds
off
$1,
the
pair
could
rise
to
the
50-day
SMA
($1.39)
where
the
bears
are
expected
to
mount
a
strong
resistance.

If
the
price
turns
down
from
the
moving
averages,
the
bears
will
make
one
more
attempt
to
pull
the
ADA/USDT
pair
below
$1.
If
they
succeed,
the
selling
could
pick
up
momentum
and
the
pair
could
drop
to
the
support
line
of
the
channel.

XRP/USDT

Ripple
(XRP)
closed
below
the
$0.75
support
on
Jan.
8
but
rose
back
above
the
level
on
Jan.
9.
This
suggests
that
bulls
were
attempting
to
trap
the
aggressive
bears,
but
the
recovery
attempt
was
short-lived.


XRP/USDT
daily
chart.
Source:
TradingView

The
price
turned
back
below
$0.75
on
Jan.
10,
indicating
that
bears
are
selling
on
every
minor
rally.
The
downsloping
moving
averages
and
the
RSI
near
the
oversold
zone
indicate
that
bears
are
in
command.

If
the
price
sustains
below
$0.75,
the
XRP/USDT
pair
could
drop
to
the
Dec.
4
intraday
low
at
$0.60.
The
bulls
will
have
to
push
and
sustain
the
price
above
the
50-day
SMA
($0.87)
to
signal
the
start
of
a
stronger
recovery.

LUNA/USDT

Terra’s

LUNA

token
broke
below
the
descending
channel
pattern
on
Dec.
8
but
the
long
tail
on
the
day’s
candlestick
suggests
buying
at
lower
levels.
The
bulls
pushed
the
price
back
into
the
channel
and
above
the
50-day
SMA
($70)
on
Dec.
9.


LUNA/USDT
daily
chart.
Source:
TradingView

The
relief
rally
hit
a
barrier
at
$75.67
and
the
price
has
turned
down
below
the
50-day
SMA
on
Jan.
10.
This
suggests
that
bears
continue
to
sell
on
rallies.
The
20-day
EMA
($78)
is
sloping
down
and
the
RSI
is
near
43,
indicating
that
bears
are
in
control.

If
bears
pull
the
price
below
$62.46,
the
selling
could
intensify
and
the
LUNA/USDT
pair
could
drop
to
$51.84.
This
bearish
view
will
be
negated
if
the
price
turns
up
from
the
support
line
of
the
channel
and
breaks
above
the
resistance
line.



Related:




Billionaire
investor
Bill
Miller
puts
50%
of
net
worth
in
Bitcoin

DOT/USDT

Polkadot
(DOT)
attempted
a
rebound
off
the
strong
support
at
$22.66
but
the
bulls
have
not
been
able
to
push
the
price
to
the
20-day
EMA
($26.95).
This
suggests
that
demand
dries
up
at
higher
levels.


DOT/USDT
daily
chart.
Source:
TradingView

The
downsloping
moving
averages
and
the
RSI
in
the
negative
zone
suggest
that
bears
have
the
upper
hand.
If
bears
sink
and
sustain
the
price
below
$22.66,
the
DOT/USDT
pair
could
start
its
downward
journey
to
$16.81.

Alternatively,
if
the
price
rebounds
off
the
current
level,
the
bulls
will
again
try
to
push
the
pair
above
the
20-day
EMA.
If
they
manage
to
do
that,
the
pair
could
rise
to
the
50-day
SMA
($29.66)
and
then
to
the
overhead
resistance
at
$32.78.

AVAX/USDT

Avalanche
(AVAX)
slipped
below
the
uptrend
line
of
the
symmetrical
triangle
on
Jan.
8
but
the
bears
could
not
build
upon
this
advantage.
The
bulls
pushed
the
price
back
into
the
triangle
on
Jan.
9.


AVAX/USDT
daily
chart.
Source:
TradingView

However,
the
recovery
was
short-lived
as
the
bears
have
pulled
the
price
back
below
the
triangle.
This
indicates
that
the
sentiment
remains
negative
and
traders
are
selling
on
every
minor
rally.

There
is
a
strong
support
at
$75.50
but
if
it
collapses,
the
AVAX/USDT
pair
could
tumble
to
$57.02
and
then
to
$50.

On
the
other
hand,
if
the
price
rebounds
off
the
current
level
or
the
$75.50
support
and
sustains
inside
the
triangle,
it
will
suggest
accumulation
at
lower
levels.
The
pair
could
then
rise
to
$98
where
bears
may
mount
a
strong
resistance.

A
break
and
close
above
the
moving
averages
could
open
the
doors
for
a
rally
to
the
downtrend
line.

DOGE/USDT

Dogecoin
(DOGE)
has
broken
below
the
critical
support
at
$0.15,
signaling
the
start
of
the
next
leg
of
the
downtrend.


DOGE/USDT
daily
chart.
Source:
TradingView

The
downsloping
moving
averages
and
the
RSI
in
the
oversold
territory
suggest
that
the
path
of
least
resistance
is
to
the
downside.
If
bears
sustain
the
price
below
$0.15,
the
DOGE/USDT
pair
could
drop
to
the
Dec.
4
intraday
low
at
$0.13.

Contrary
to
this
assumption,
if
the
price
rebounds
off
the
current
level,
the
bulls
will
try
to
push
the
pair
above
the
moving
averages.
If
they
do
that,
it
will
bring
the
$0.19
to
$0.15
range
into
play
and
the
pair
could
rise
to
$0.19.

The
bulls
will
have
to
push
and
sustain
the
price
above
this
resistance
to
indicate
the
start
of
a
new
up-move.


The
views
and
opinions
expressed
here
are
solely
those
of
the
author
and
do
not
necessarily
reflect
the
views
of
Cointelegraph.
Every
investment
and
trading
move
involves
risk.
You
should
conduct
your
own
research
when
making
a
decision.


Market
data
is
provided
by



HitBTC


exchange.

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