Price analysis 1/5: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin
(BTC)
and
most
major
altcoins
are
stuck
in
a
tight
range
with
bulls
buying
near
the
support
and
bears
selling
at
resistance
levels.
Usually,
such
tight
ranges
are
followed
by
an
expansion
in
volatility.

Although
a
few
analysts
have
not
ruled
out
a

quick
drop
to
low
$40,000s
,
most
traders
expect
Bitcoin
to
rebound
sharply
and
move
up
to
$60,000.

Goldman
Sachs
said
in
a
note
to
investors
that
if
Bitcoin
continues
to
increase
its
market
share
over
gold
as
a
store
of
value
and
crosses
the
50%
mark,
then
it
could

rally
to
$100,000
over
the
next
five
years
.


Daily
cryptocurrency
market
performance.
Source:



Coin360

On-chain
analytics
provider
Glassnode
said
in
its
report
on
Jan.
3
that
Bitcoin’s

illiquid
supply
has
increased

to
more
than
76%
of
the
total
circulating
supply.
According
to
Glassnode
researchers,
the
drop
in
liquid
supply
suggests
that
price
capitulation
looks
unlikely
in
the
near
future.

Could
Bitcoin
surprise
with
a
sharp
move
down
and
pull
the
major
altcoins
lower?
Let’s
study
the
charts
of
the
top
10
cryptocurrencies
to
find
out.

BTC/USDT

Bitcoin’s
price
is
sandwiched
between
the
20-day
exponential
moving
average
(EMA)
($48,033)
and
the
critical
support
at
$45,456.
Although
both
moving
averages
are
sloping
down,
the
relative
strength
index
(RSI)
is
attempting
to
form
a
positive
divergence.
This
indicates
that
the
selling
pressure
could
be
reducing.


BTC/USDT
daily
chart.
Source:
TradingView

If
bulls
push
and
sustain
the
price
above
the
20-day
EMA,
the
BTC/USDT
pair
could
rise
to
$51,936.33.
This
level
is
likely
to
act
as
a
stiff
resistance.
If
the
price
turns
down
from
it,
the
pair
could
remain
range-bound
between
$51,936.33
and
$45,456
for
a
few
more
days.

A
break
and
close
above
$51,936.33
will
suggest
the
start
of
an
up-move
that
could
reach
$60,000.
On
the
contrary,
if
the
price
turns
down
and
plummets
below
$45,456,
the
selling
could
intensify
and
the
pair
could
then
drop
to
the
$42,000
to
$40,000
support
zone.

ETH/USDT

Ether
(ETH)
turned
down
from
the
20-day
EMA
($3,881)
but
the
positive
sign
is
that
bulls
are
not
giving
up
much
ground.
This
indicates
buying
on
dips.
The
bulls
will
now
attempt
to
push
the
price
back
above
the
20-day
EMA.


ETH/USDT
daily
chart.
Source:
TradingView

If
they
do
that,
it
will
indicate
that
the
correction
could
be
ending.
The
ETH/USDT
pair
could
then
rise
to
the
50-day
SMA
($4,086),
which
could
again
act
as
a
resistance.
A
break
and
close
above
this
level
will
suggest
the
start
of
an
up-move
to
$4,488
and
then
to
the
all-time
high
at
$4,888.

Contrary
to
this
assumption,
if
the
price
turns
down
from
the
20-day
EMA,
a
drop
to
the
$3,643.73
to
$3,503.68
support
zone
is
possible.
This
is
an
important
support
for
the
bulls
to
defend
because
a
break
and
close
below
it
could
open
the
doors
for
a
possible
decline
to
$3,270
and
then
to
$2,800.

BNB/USDT

Binance
Coin
(BNB)
has
turned
down
from
the
20-day
EMA
($530)
and
is
currently
taking
support
at
the
psychological
level
at
$500.


BNB/USDT
daily
chart.
Source:
TradingView

If
bears
sink
and
sustain
the
price
below
the
$500
to
$489.20
support
zone,
the
selling
momentum
could
pick
up
and
the
BNB/USDT
pair
could
drop
to
$435.30.
The
downsloping
moving
averages
and
the
RSI
in
the
negative
territory
indicate
advantage
to
bears.

Conversely,
if
the
price
rebounds
off
the
current
level,
it
will
suggest
that
bulls
continue
to
defend
this
support.
They
will
then
make
one
more
attempt
to
push
the
price
above
the
20-day
EMA.
If
that
happens,
that
pair
could
rise
to
$575.

SOL/USDT

Solana
(SOL)
turned
down
from
the
20-day
EMA
($178)
on
Jan.
2,
indicating
that
bears
are
selling
on
every
minor
rally.
The
bears
will
now
try
to
pull
the
price
below
the
strong
support
at
$167.88.


SOL/USDT
daily
chart.
Source:
TradingView

If
they
succeed,
the
SOL/USDT
pair
could
drop
to
$148.04,
which
could
act
as
a
strong
support.
If
the
bounce
off
this
level
fails
to
rise
above
$167.99,
it
will
indicate
that
demand
dries
up
at
higher
levels.

That
could
intensify
the
selling
and
the
pair
could
drop
to
the
critical
support
at
$120.
The
bulls
will
have
to
push
and
sustain
the
price
above
the
moving
averages
to
signal
that
the
selling
pressure
could
be
reducing.
The
pair
could
then
rally
to
$204.75.

ADA/USDT

Cardano
(ADA)
has
been
trading
between
the
20-day
EMA
($1.36)
on
the
upside
and
$1.28
on
the
downside.
This
is
a
minor
positive
as
it
suggests
that
bulls
are
not
willing
to
cede
ground
to
the
bears.


ADA/USDT
daily
chart.
Source:
TradingView

The
20-day
EMA
is
flattening
out
and
the
RSI
is
just
below
46,
suggesting
that
the
selling
pressure
could
be
reducing.
If
bulls
thrust
the
price
above
the
moving
averages,
the
ADA/USDT
pair
could
rise
to
$1.60
and
then
to
the
resistance
line
of
the
channel.

A
break
and
close
above
the
channel
will
signal
that
the
downtrend
could
be
over.
This
positive
view
will
invalidate
if
the
price
turns
down
and
breaks
below
$1.18.
That
could
pull
the
price
to
the
crucial
support
at
$1.

XRP/USDT

Ripple
(XRP)
turned
down
from
the
20-day
EMA
($0.86)
on
Jan.
3
suggesting
that
the
sentiment
remains
negative
and
traders
are
selling
on
relief
rallies.


XRP/USDT
daily
chart.
Source:
TradingView

The
long
tail
on
the
Jan.
4
candlestick
shows
strong
buying
in
the
$0.77
to
$0.75
support
zone.
The
XRP/USDT
pair
could
now
consolidate
between
$0.75
and
the
20-day
EMA
for
the
next
few
days.

A
break
and
close
above
the
moving
averages
could
clear
the
path
for
a
rally
to
$1.
If
bulls
clear
this
hurdle,
the
pair
could
start
its
journey
toward
the
stiff
overhead
resistance
at
$1.41.
Alternatively,
if
the
price
breaks
and
closes
below
$0.75,
the
pair
could
drop
to
$0.60
and
then
to
$0.50.

LUNA/USDT

Terra’s

LUNA

token
turned
down
from
the
overhead
resistance
at
$93.81
on
Jan.
3
and
has
reached
the
20-day
EMA
($83).
This
suggests
that
bears
are
selling
on
rallies.


LUNA/USDT
daily
chart.
Source:
TradingView

If
bears
pull
the
price
below
$81.11,
the
selling
could
intensify
as
short-term
traders
may
rush
to
the
exit.
The
LUNA/USDT
pair
could
first
drop
to
$76.72
and
then
extend
the
decline
to
the
50-day
SMA
($67).

Contrary
to
this
assumption,
if
the
price
bounces
off
$81.11,
it
will
suggest
that
bulls
continue
to
buy
on
dips.
The
bulls
will
then
make
one
more
attempt
to
clear
the
overhead
barrier
at
$93.81
and
push
the
pair
to
the
all-time
high
at
$103.60.



Related:




Bitcoin
monthly
RSI
lowest
since
September
2020
in
fresh
‘oversold’
signal

DOT/USDT

Polkadot
(DOT)
has
been
trading
between
the
20-day
EMA
($28)
and
the
overhead
resistance
at
$31.49
for
the
past
few
days.
The
flat
20-day
EMA
and
the
RSI
just
above
the
midpoint
suggest
a
balance
between
supply
and
demand.


DOT/USDT
daily
chart.
Source:
TradingView

If
the
price
breaks
and
closes
above
the
$31.49
to
$32.78
resistance
zone,
it
will
indicate
that
the
balance
has
tilted
in
favor
of
the
bulls.
The
DOT/USDT
pair
could
then
start
its
northward
march
toward
$40.

Conversely,
if
the
price
turns
down
and
breaks
below
the
20-day
EMA,
the
pair
could
extend
its
stay
inside
the
range
between
$31.49
and
$22.66
for
a
few
more
days.
The
bears
will
have
to
sink
and
sustain
the
price
below
$22.66
to
signal
the
resumption
of
the
down
move.

AVAX/USDT

Avalanche
(AVAX)
slipped
below
the
moving
averages
on
Jan.
4,
indicating
that
bears
are
aggressively
defending
the
downtrend
line.
The
flat
20-day
EMA
($107)
and
the
RSI
just
below
the
midpoint
suggest
a
state
of
equilibrium
between
the
bulls
and
the
bears.


AVAX/USDT
daily
chart.
Source:
TradingView

If
the
price
sustains
below
the
moving
averages,
the
bears
will
attempt
to
sink
the
AVAX/USDT
pair
below
$98.
If
they
manage
to
do
that,
the
pair
could
drop
to
the
strong
support
at
$75.50.

On
the
contrary,
if
bulls
drive
the
price
back
above
the
moving
average,
the
pair
could
rise
to
the
downtrend
line.
A
break
and
close
above
this
level
will
signal
a
possible
change
in
trend.
The
pair
could
first
rise
to
$128
and
then
retest
the
all-time
high
at
$147.

DOGE/USDT

Dogecoin
(DOGE)
has
been
trading
in
a
tight
range
between
the
20-day
EMA
($.0.17)
and
$0.16
for
the
past
few
days.
This
suggests
that
both
the
bulls
and
the
bears
are
not
placing
large
bets
and
are
playing
it
safe.


DOGE/USDT
daily
chart.
Source:
TradingView

Usually,
tight
ranges
are
followed
by
sharp
moves.
The
downsloping
moving
averages
and
the
RSI
in
the
negative
zone
suggest
the
path
of
least
resistance
is
the
downside.

If
the
price
breaks
below
$0.16,
the
bears
will
attempt
to
pull
the
DOGE/USDT
pair
below
the
strong
support
at
$0.15.
If
they
succeed,
it
could
result
in
a
decline
to
$0.13
and
then
to
$0.10.

On
the
other
hand,
if
the
price
turns
up
from
the
current
level
and
rises
above
the
20-day
EMA,
the
pair
could
rally
to
the
stiff
overhead
resistance
at
$0.19.
The
bulls
will
have
to
clear
this
hurdle
to
signal
a
possible
change
in
trend.


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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