Price analysis 1/3: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin’s
(BTC)
price
action
has
been
uneventful
in
the
first
few
days
of
the
new
year
and
it
continues
to
languish
below
the
psychological
level
at
$50,000.
The
Crypto
Fear
and
Greed
Index
is
in
the
fear
zone
registering
a
value
of
29/100. 

On-chain
analytics
resource
Ecoinometrics
said
stages
of

extreme
fear
rarely
remain

for
long,
which
means
“there
is
a
limited
downside
at
30
days.”

Bitcoin
continues
to
garner
support
from
various
quarters.
Wharton
School
finance
professor
Jeremy
Siegel
said
in
an
interview
with
CNBC
that

Bitcoin
has
replaced
gold
as
an
inflation
hedge

in
the
minds
of
Millennials.


Daily
cryptocurrency
market
performance.
Source:



Coin360

Savvy
investors
have
been
turning
to
Bitcoin
to
protect
their
portfolios
against
the
possible
debasement
of
fiat
currencies.
Hungarian-born
billionaire
Thomas
Peterffy
advocated
putting

2%
to
3%
of
one’s
portfolio
in
crypto

to
hedge
in
case
fiat
“goes
to
hell.”

Could
Bitcoin
shed
its
range-bound
action
and
start
a
trending
move?
Let’s
study
the
charts
of
the
top-10
cryptocurrencies
to
find
out.

BTC/USDT

Bitcoin’s
failure
to
rise
above
the
20-day
exponential
moving
average
(EMA)
($48,449)
suggests
that
bears
are
selling
on
every
minor
rally.
Both
moving
averages
are
sloping
down
and
the
relative
strength
index
(RSI)
is
in
the
negative
zone,
indicating
advantage
to
bears.


BTC/USDT
daily
chart.
Source:
TradingView

The
bears
will
now
try
to
sink
the
price
below
the
strong
support
at
$45,456.
If
they
succeed,
it
will
suggest
the
resumption
of
the
down-move.
The
BTC/USDT
pair
could
first
drop
to
the
Dec.
4
intraday
low
at
$42,000
and
if
this
level
cracks,
the
next
stop
could
be
$40,000.
The
longer
the
price
sustains
below
the
20-day
EMA,
the
greater
the
possibility
of
a
move
down.

Conversely,
if
the
price
turns
up
and
breaks
above
the
20-day
EMA,
it
will
suggest
that
bulls
are
attempting
a
comeback.
The
pair
could
then
rise
to
the
50-day
simple
moving
average
(SMA)
($51,938),
which
may
act
as
a
strong
barrier.
If
bulls
thrust
the
price
above
this
level,
it
will
suggest
a
possible
change
in
trend.
The
pair
could
then
start
an
up-move
to
$60,000.

ETH/USDT

Ether’s
(ETH)
rebound
off
the
$3,643.73
to
$3,503.68
support
zone
has
reached
the
20-day
EMA
($3,899)
where
the
bears
are
mounting
a
stiff
challenge.


ETH/USDT
daily
chart.
Source:
TradingView

The
gradually
downsloping
moving
averages
and
the
RSI
in
the
negative
zone
indicate
that
bears
have
the
upper
hand.

If
the
price
continues
lower,
the
bears
will
again
try
to
pull
the
ETH/USDT
pair
below
the
support
zone.
If
they
manage
to
do
that,
the
pair
could
start
its
downward
journey
to
$3,270
and
then
to
$2,800.

On
the
contrary,
if
bulls
push
the
price
above
the
moving
averages,
it
will
suggest
that
the
corrective
phase
could
be
over.
The
pair
could
then
rally
to
$4,488

BNB/USDT

Binance
Coin
(BNB)
bounced
off
the
strong
support
at
$500
and
reached
the
20-day
EMA
($536)
where
the
recovery
is
facing
resistance.
Both
moving
averages
are
turning
down
and
the
RSI
is
in
the
negative
zone,
suggesting
a
minor
advantage
to
the
bears.


BNB/USDT
daily
chart.
Source:
TradingView

If
bulls
push
the
price
above
the
20-day
EMA,
the
BNB/USDT
pair
could
rise
to
the
overhead
resistance
at
$575.
This
level
may
again
act
as
a
stiff
resistance.
If
the
price
turns
down
from
this
level
the
pair
could
extend
its
stay
inside
the
range
between
$500
and
$575
for
a
few
more
days.

Conversely,
if
the
price
turns
down
from
the
20-day
EMA,
the
bears
will
again
attempt
to
sink
the
pair
below
$500.
If
they
manage
to
do
that,
the
selling
could
intensify
and
the
pair
could
start
a
new
downtrend
to
$450.

SOL/USDT

Solana
(SOL)
has
been
trading
between
$167.88
and
the
20-day
EMA
($180)
for
the
past
few
days
but
this
tight
range
trading
is
unlikely
to
continue
for
long.


SOL/USDT
daily
chart.
Source:
TradingView

Both
moving
averages
are
turning
down
and
the
RSI
is
in
the
negative
zone,
indicating
that
bears
are
in
control.
If
sellers
pull
the
price
below
$167.88,
the
SOL/USDT
pair
could
drop
to
$148.04
and
then
to
$120.

Conversely,
if
bulls
thrust
the
price
above
the
20-day
EMA,
the
pair
could
rise
to
$204.75.
This
level
may
again
act
as
a
resistance
but
if
bulls
overcome
this
hurdle,
the
pair
could
rise
to
the
resistance
line
of
the
falling
wedge
pattern.

ADA/USDT

Cardano
(ADA)
has
been
trading
close
to
the
20-day
EMA
($1.37)
for
the
past
few
days,
which
suggests
a
stalemate
between
the
bulls
and
the
bears.


ADA/USDT
daily
chart.
Source:
TradingView

If
bulls
propel
the
price
above
the
20-day
EMA,
the
ADA/USDT
pair
could
rise
to
the
overhead
resistance
at
$1.59.
A
break
and
close
above
this
level
could
push
the
pair
to
the
resistance
line
of
the
descending
channel.

The
bulls
will
have
to
push
and
sustain
the
price
above
the
channel
to
indicate
that
the
downtrend
could
be
over.
Conversely,
if
the
price
turns
down
from
the
current
level,
the
bears
will
again
try
to
pull
the
pair
below
$1.18
and
retest
the
critical
support
at
$1.

XRP/USDT

Ripple
(XRP) bounced
off
$0.80
but
the
bulls
are
struggling
to
push
the
price
above
the
20-day
EMA
($0.87).
This
suggests
that
the
sentiment
remains
negative
and
traders
are
selling
on
rallies.


XRP/USDT
daily
chart.
Source:
TradingView

If
the
price
continues
to
slide
lower,
the
bears
will
try
to
pull
the
XRP/USDT
pair
to
the
strong
support
at
$0.75.
If
this
level
cracks,
the
pair
could
start
the
next
leg
of
the
downtrend
to
$0.60.

On
the
contrary,
if
the
price
rises
above
the
moving
averages,
the
pair
could
rally
to
$1.
This
level
may
act
as
a
strong
resistance
and
if
the
price
turns
down
from
it,
the
pair
could
remain
range-bound
for
a
few
more
days.

A
break
and
close
above
$1
could
indicate
that
the
downtrend
could
be
over.
The
pair
could
then
start
its
march
toward
$1.41.

LUNA/USDT

Terra’s

LUNA

token
is
in
an
uptrend.
Both
moving
averages
are
sloping
up
and
the
RSI
is
in
the
positive
territory,
indicating
that
bulls
have
the
upper
hand.


LUNA/USDT
daily
chart.
Source:
TradingView

The
bulls
are
attempting
to
push
the
price
above
the
minor
resistance
at
$93.81.
If
the
price
sustains
above
this
level,
the
LUNA/USDT
pair
could
retest
the
all-time
high
at
$103.60.
A
break
and
close
above
this
level
could
signal
the
resumption
of
the
uptrend.

The
pair
could
first
rally
to
$135.26
and
then
reach
$150.
Contrary
to
this
assumption,
if
the
price
turns
down
from
the
current
level
and
breaks
below
the
20-day
EMA
($83),
it
could
signal
the
start
of
a
deeper
correction
to
the
50-day
SMA
($66).



Related:




Bitcoin
dips
below
$47K
as
US
dollar
surge
dampens
BTC
price
performance

AVAX/USDT

Avalanche
(AVAX)
bounced
off
the
$98
support
and
rose
above
the
moving
averages
on
Dec.
31
but
the
bulls
have
not
been
able
to
clear
the
downtrend
line.
This
suggests
that
bears
are
defending
this
level
with
vigor.


AVAX/USDT
daily
chart.
Source:
TradingView

If
bears
pull
the
price
below
the
moving
averages,
the
AVAX/USDT
pair
could
drop
to
$98.
A
break
below
this
level
could
open
the
doors
for
a
possible
drop
to
$75.50.

On
the
contrary,
if
the
price
rebounds
off
the
moving
averages,
it
will
suggest
that
the
sentiment
has
turned
positive
and
traders
are
buying
on
dips.
That
will
improve
the
prospects
of
a
break
above
the
downtrend
line.

The
pair
could
then
rise
to
$128.
A
break
and
close
above
this
level
could
complete
an
inverse
head
and
shoulders
pattern,
which
has
a
target
objective
at
$177.50.

DOT/USDT

Polkadot
(DOT)
rose
above
the
20-day
EMA
($28)
on
Jan.
2
and
the
bulls
will
now
attempt
to
clear
the
overhead
resistance
zone
at
$31.49
to
$32.78.


DOT/USDT
daily
chart.
Source:
TradingView

The
20-day
EMA
is
flat
and
the
RSI
has
jumped
into
the
positive
territory,
indicating
that
buyers
are
attempting
a
comeback.
If
bulls
drive
the
price
above
$32.78,
the
DOT/USDT
pair
could
rise
to
$40.

If
the
price
turns
down
from
the
overhead
zone,
it
will
suggest
that
the
pair
could
consolidate
between
$22.66
and
$31.49
for
a
few
more
days.
The
bears
will
have
to
pull
and
sustain
the
price
below
$22.66
to
start
the
next
leg
of
the
downtrend.

DOGE/USDT

Dogecoin’s
(DOGE)
bounce
to
the
20-day
EMA
($0.17)
is
facing
strong
resistance
from
the
bears.
The
moving
averages
continue
to
slope
down
and
the
RSI
is
in
the
negative
zone,
suggesting
that
bears
are
in
control.


DOGE/USDT
daily
chart.
Source:
TradingView

The
sellers
will
now
try
to
pull
the
price
to
$0.15.
If
the
price
rebounds
off
this
level,
the
bulls
will
again
try
to
push
the
DOGE/USDT
pair
above
the
20-day
EMA.
If
they
do
that,
the
pair
could
rise
to
the
overhead
resistance
at
$0.19.

A
break
and
close
above
$0.19
will
be
the
first
sign
that
bulls
are
back
in
the
game.
The
pair
could
first
rally
to
$0.22
and
then
to
$0.24.

Alternatively,
if
the
price
plummets
below
$0.15,
the
downtrend
could
resume.
The
pair
could
drop
to
$0.13
and
then
slide
to
the
psychological
level
at
$0.10.


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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