Price analysis 1/12: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin
(BTC)
and
most
major
altcoins
appear
to
have
started
a
relief
rally.
Glassnode
data
suggests
that

Bitcoin
addresses
with
a
non-zero
balance

have
risen
to
about
40
million,
indicating
increasing
adoption
by
retail
traders.

Edelman
Financial
Engines
founder
Ric
Edelman
said
that
the
number
of

Americans
owning
Bitcoin
could
rise
from
24%

currently
to
one-third
by
2022.
He
expects
this
to
happen
as
“Bitcoin
is
becoming
more
and
more
mainstream.
People
are
hearing
about
it
everywhere

it
isn’t
going
away.”


Daily
cryptocurrency
market
performance.
Source:



Coin360

The
investors
buying
Bitcoin
seem
to
be
in
it
for
the
long
haul
if
the
outflows
from
major
exchanges
are
any
indication.
CryptoQuant
data
shows

outflows
of
29,371
BTC
on
Jan.
11
,
the
highest
withdrawals
since
Sep.
10.

Could
the
recovery
in
Bitcoin
and
the
major
altcoins
sustain
the
higher
levels?
Let’s
study
the
charts
of
the
top
10
cryptocurrencies
to
find
out.

BTC/USDT

Bitcoin
bounced
off
the
$39,600
support
on
Jan.
10
indicating
that
bulls
are
attempting
to
defend
the
level
with
full
force.
The
relief
rally
could
reach
the
20-day
exponential
moving
average
(EMA)
($45,058)
which
is
likely
to
act
as
a
resistance.


BTC/USDT
daily
chart.
Source:
TradingView

The
downsloping
moving
averages
and
the
relative
strength
index
(RSI)
in
the
negative
zone
indicate
that
bears
have
the
upper
hand.
If
the
price
turns
down
from
the
20-day
EMA,
the
BTC/USDT
pair
could
again
retest
the
strong
support
at
$39,600.

If
the
level
cracks,
the
pair
could
witness
panic
selling,
indicating
the
start
of
the
next
leg
of
the
down
move.

Alternatively,
if
bulls
push
and
sustain
the
price
above
the
20-day
EMA,
the
pair
could
rise
to
the
50-simple
moving
average
(SMA)
($49,031).
If
this
level
is
crossed,
the
recovery
could
reach
the
stiff
overhead
resistance
at
$52,088.

ETH/USDT

Ether
(ETH)
bounced
off
the
support
line
of
the
descending
channel
on
Jan.
10,
suggesting
that
bulls
are
attempting
to
defend
this
level
with
vigor.
The
price
could
reach
the
overhead
zone
between
the
20-day
EMA
($3,536)
and
the
resistance
line
of
the
channel.


ETH/USDT
daily
chart.
Source:
TradingView

Both
moving
averages
are
trending
down
and
the
RSI
is
in
the
negative
zone,
indicating
that
bears
have
the
upper
hand.
If
the
price
turns
down
from
the
overhead
zone,
it
will
suggest
that
sentiment
remains
negative
and
traders
are
selling
on
rallies.
The
bears
will
then
attempt
to
pull
the
ETH/USDT
pair
to
the
support
line
of
the
channel.

On
the
other
hand,
if
bulls
push
the
price
above
the
overhead
zone,
the
pair
could
rise
to
the
50-day
SMA
($3,938).
A
break
and
close
above
this
resistance
will
suggest
a
possible
change
in
trend.

BNB/USDT

Binance
Coin
(BNB)
broke
below
the
support
line
of
the
descending
channel
on
Jan.
10,
but
the
bears
could
not
achieve
a
close
below
it
as
seen
from
the
long
tail
on
the
day’s
candlestick.


BNB/USDT
daily
chart.
Source:
TradingView

This
could
have
caught
the
aggressive
bears
off
guard,
resulting
in
a
short
squeeze
on
Jan.
11.
Follow-up
buying
on
Jan.
12
has
pushed
the
price
to
the
20-day
EMA
($489).
If
bulls
clear
this
hurdle,
the
BNB/USDT
pair
could
rise
to
the
50-day
SMA
($542).

A
break
and
close
above
this
resistance
will
suggest
that
the
downtrend
could
be
over.
The
pair
could
then
rise
to
$617.
Conversely,
if
the
price
turns
down
from
the
20-day
EMA
or
the
downtrend
line,
the
bears
will
again
try
to
pull
the
price
to
the
support
line
of
the
channel.

SOL/USDT

Solana
(SOL)
is
attempting
a
pullback
in
a
downtrend.
The
price
turned
up
from
$130
on
Jan.
10
and
could
now
reach
the
20-day
EMA
($159).


SOL/USDT
daily
chart.
Source:
TradingView

The
downsloping
moving
averages
and
the
RSI
in
the
negative
zone
suggest
that
bears
have
the
upper
hand.
If
the
price
turns
down
from
the
20-day
EMA,
the
sellers
will
attempt
to
sink
the
SOL/USDT
pair
to
the
strong
support
at
$116.

On
the
contrary,
if
bulls
push
the
price
above
the
20-day
EMA,
the
pair
could
rise
to
the
resistance
line
of
the
channel.
A
break
and
close
above
the
channel
will
signal
a
possible
change
in
trend.

ADA/USDT

Cardano
(ADA)
turned
up
from
$1.06
on
Jan.
10,
indicating
that
bulls
are
attempting
a
relief
rally.
The
buyers
have
pushed
the
price
to
the
20-day
EMA
($1.27)
on
Jan.
12.


ADA/USDT
daily
chart.
Source:
TradingView

The
RSI
is
attempting
to
form
a
bullish
divergence,
indicating
that
the
bearish
momentum
may
be
weakening.
If
bulls
thrust
the
price
above
the
moving
averages,
the
ADA/USDT
pair
could
rise
to
the
resistance
line
of
the
descending
channel.

Contrary
to
this
assumption,
if
the
price
turns
down
from
the
moving
averages,
it
will
suggest
that
the
sentiment
remains
negative
and
traders
are
selling
on
rallies.
The
bears
will
then
make
one
more
attempt
to
pull
the
price
down
to
the
critical
support
at
$1.

XRP/USDT

Ripple
(XRP)
dropped
to
$0.69
on
Jan.
10
but
the
long
tail
on
the
day’s
candlestick
suggests
that
bulls
bought
this
dip
aggressively.
The
buyers
pushed
the
price
back
above
the
overhead
resistance
at
$0.75
on
Jan.
11.


XRP/USDT
daily
chart.
Source:
TradingView

The
XRP/USDT
pair
reached
the
20-day
EMA
($0.80)
on
Jan.
12
but
the
long
wick
on
the
candlestick
indicates
that
bears
continue
to
defend
this
level.
If
the
price
turns
down
from
the
current
level,
the
bears
will
again
try
to
pull
the
XRP/USDT
pair
below
$0.69.
If
they
manage
to
do
that,
the
pair
could
plummet
to
the
Dec.
4
intraday
low
at
$0.60.

Conversely,
if
bulls
push
the
price
above
the
20-day
EMA,
the
pair
could
rise
to
the
50-day
SMA
($0.86).
A
break
and
close
above
this
resistance
could
clear
the
path
for
a
possible
up-move
to
$1.

LUNA/USDT

Terra’s

LUNA

token
bounced
off
the
support
line
of
the
channel
on
Jan.
10
and
broke
above
the
50-day
SMA
($71.99)
on
Jan.
11.
Follow-up
buying
has
pushed
the
price
to
the
20-day
EMA
($78.12)
on
Jan.
12.


LUNA/USDT
daily
chart.
Source:
TradingView

The
bulls
will
now
try
to
propel
the
price
above
the
resistance
line
of
the
descending
channel.
A
close
above
the
channel
will
be
the
first
sign
that
the
downtrend
could
be
over.
The
LUNA/USDT
pair
will
then
attempt
a
rally
to
$93.81.

On
the
contrary,
if
the
price
turns
down
from
the
resistance
line,
the
pair
could
remain
inside
the
channel
for
a
few
more
days.
A
break
and
close
below
the
support
line
of
the
channel
could
indicate
the
start
of
a
deeper
correction.



Related:




Bitcoin
shoots
to
$44,000
as
US
inflation
hits
7.8%
in
December

DOT/USDT

Polkadot
(DOT)
bounced
off
the
$22.66
support
on
Jan.
10,
indicating
that
the
bulls
are
defending
the
support.
The
rebound
has
reached
the
20-day
EMA
($26.85),
which
could
act
as
a
resistance.


DOT/USDT
daily
chart.
Source:
TradingView

If
the
price
turns
down
from
the
20-day
EMA,
the
bears
will
again
try
to
sink
and
sustain
the
DOT/USDT
pair
below
the
$22.66
support.
If
they
pull
it
off,
the
pair
could
resume
its
downtrend.
The
next
level
to
watch
on
the
downside
is
$16.81.

Conversely,
if
bulls
drive
the
price
above
the
moving
averages,
the
pair
could
rally
to
the
resistance
of
the
range
at
$32.78.
The
buyers
will
have
to
push
and
sustain
the
price
above
this
level
to
signal
the
start
of
a
new
up-move.

AVAX/USDT

Although
Avalanche
(AVAX)
closed
below
the
uptrend
line
of
the
symmetrical
triangle
on
Jan.
8
and
again
on
Jan.
10,
the
bears
could
not
sustain
the
lower
levels.
This
suggests
that
the
bulls
bought
the
dips.


AVAX/USDT
daily
chart.
Source:
TradingView

The
bulls
pushed
the
price
back
into
the
triangle
on
Jan.
11
and
have
followed
that
with
another
up-move
on
Jan.
12.
The
relief
rally
is
likely
to
face
stiff
resistance
at
the
moving
averages.

If
the
price
turns
down
from
this
overhead
resistance,
the
bears
will
make
one
more
attempt
to
sink
and
sustain
the
AVAX/USDT
pair
below
the
triangle
and
the
critical
support
at
$75.50.

Conversely,
if
bulls
drive
and
sustain
the
price
above
the
moving
averages,
the
bulls
will
sense
an
opportunity
and
try
to
push
the
pair
above
the
downtrend
line
of
the
triangle.

DOGE/USDT

The
bears
attempted
to
pull
Dogecoin
(DOGE)
below
the
Dec.
4
intraday
low
at
$0.13
but
the
bulls
thwarted
their
attempt
on
Jan.
10.
The
buyers
pushed
the
price
back
above
$0.15
on
Jan.
11
but
hit
a
roadblock
at
the
20-day
EMA
($0.16).


DOGE/USDT
daily
chart.
Source:
TradingView

The
downsloping
moving
averages
and
the
RSI
in
the
negative
territory
suggest
that
bears
have
the
upper
hand.
If
the
price
turns
down
from
the
20-day
EMA,
the
bears
will
attempt
to
pull
the
price
below
$0.13.

If
they
succeed,
the
DOGE/USDT
pair
could
slide
to
the
psychological
support
at
$0.10.
This
negative
view
will
invalidate
if
bulls
drive
and
sustain
the
price
above
the
moving
averages.
That
could
indicate
a
possible
change
in
trend.
The
bullish
momentum
may
pick
up
on
a
break
and
close
above
$0.19.


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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