Cardano

Bitcoin

Avalanche

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 <p class=""><strong>Bitcoin (BTC) has exhibited unexpected downside movement ahead of a potential decision on a spot ETF, while alternative cryptocurrencies are experiencing upward momentum as Ethereum’s sentiment turns bullish.</strong></p> 
 <p class="">On January 9th, there was a significant turn of events when the United States Securities and Exchange Commission (SEC) posted on social media that they had approved applications for spot Bitcoin (BTC) exchange-traded funds. However, they later clarified that their social media account had been compromised, and no ETF approvals had been granted.</p> 
 <p class="">Following the erroneous tweet, Bitcoin saw a rapid price increase to approximately $48,000, only to retreat and fall to $46,000 within minutes. QCP Capital, a trading firm, observed the subdued market response and suggested that the anticipated approval may have already been factored into prices, potentially limiting the extent of any significant post-approval rally.</p> 
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    <em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">Although the event may boost volatility in the short term, the long-term trend could remain intact. Even if the markets sell off after one or more spot Bitcoin ETFs are greenlit, the downside will likely be limited as the long-term investors may view the dips as a buying opportunity.</p> 
 <p class="">What are the crucial support and resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.</p> 
 <h2 class="wp-block-heading" id="bitcoin-btc-price-analysis">Bitcoin (BTC) price analysis</h2> 
 <p class="">Bitcoin closed above the ascending triangle pattern on January 8th, indicating the start of the next leg of the uptrend. The pattern target of the bullish setup is $49,178.</p> 
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    <em><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The bears try to pull the price back below the breakout level of $44,700 and trap the aggressive bulls. If they do that, the BTC/USDT pair may witness long liquidation and drop to the 50-day simple moving average ($42,078). The selling could accelerate below this support, and the pair may dive to $37,980.</p> 
 <p class="">Instead, if the price rebounds off $44,700, it will suggest that the bulls are trying to flip the level into support. That will improve the rally prospects to $49,178 and, after that, to $52,000.</p> 
 <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) price analysis</h2> 
 <p class="">Ether&nbsp;<a target="_blank" rel="noreferrer noopener">rose sharply from the 50-day SMA ($2,232) on January 9th, indicating solid buying at lower levels. The bulls continued their purchase on January 10th and kicked the price above the overhead resistance of $2,400.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">If buyers sustain the price above $2,400, it will indicate the resumption of the uptrend. The ETH/USDT pair could jump to $2,700 and then toward the psychologically important level of $3,000.</p> <p class="">This optimistic view will be invalidated soon if the price turns down and breaks below the 20-day EMA ($2,294). That will suggest a range-bound action between $2,100 and $2,400 for some more time.</p> <h2 class="wp-block-heading" id="bnb-price-analysis">BNB price analysis</h2> <p class="">The bulls managed to maintain BNB&nbsp;above the 20-day EMA ($298) on Jan. 8 and 9 but failed to start a meaningful recovery. This suggests a lack of demand at higher levels.</p> 
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     <em><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage to the bulls or the bears. If the price closes below the 20-day EMA, the BNB/USDT pair may plunge to the neckline.</p> <p class="">The bulls must push and sustain the price above $310 to suggest that the selling pressure is slowing down. The pair could then attempt a rally to $327 and later to the high of $338.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) price analysis</h2> <p class="">Solana&nbsp;snapped back from the uptrend line on January 8th, but the bulls could not overcome the obstacle at the downtrend line.</p> 
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     <em><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The 20-day EMA ($96) has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. This suggests that the SOL/USDT pair may remain stuck between the uptrend and downtrend lines for some time.</p> <p class="">If bears sink the price below the uptrend line, the selling could worsen, and the pair may plummet to $67. Alternatively, if the price turns up and breaks above the downtrend line, it will suggest that the bulls are back in the game. The pair may then rise to $117.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been oscillating around the $0.57 level for some time, indicating a tough battle between the bulls and the bears.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The 20-day EMA ($0.59) slows down, and the RSI is below 38, indicating that bears hold the edge. If the price skids below $0.54, the selling could pick up, and the XRP/USDT pair may plummet to $0.50.</p> <p class="">On the upside, the bulls must propel the price above the moving averages to indicate strength. The short-term trend could tilt in favour of the buyers after the price rises above the downtrend line. The pair may climb to $0.67 and subsequently to $0.74.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Cardano’s&nbsp;</a><a target="_blank" rel="noreferrer noopener">sharp bounce off the $0.46 support on January 8th stalled near the 20-day EMA ($0.55), signalling that the bears have not given up.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The price could slide to the $0.46 support, which remains critical to watch out for. Buyers are expected to fiercely guard this level because a break below it may intensify selling and sink the ADA/USDT pair to $0.37.</p> <p class="">If the price rebounds off $0.46, the bulls will again try to overcome the barrier at the 20-day EMA. If they succeed, the pair could rise to the downtrend line, where the bulls will likely encounter strong resistance from the bears.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) price analysis</h2> <p class="">Avalanche&nbsp;turned down from the neckline of the head-and-shoulders pattern on January 9th, indicating that the bears are trying to defend the level aggressively.</p> 
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     <em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The AVAX/USDT pair could drop to $31, a critical level to watch out for. If the $31 support cracks, the selling could intensify, and the pair may descend toward the pattern target of $26.</p> <p class="">On the contrary, if the price rebounds off the $31 level with force, it will suggest that the bulls vigorously protect this level. That could keep the pair between $31 and $38 for some time. A break and close above $38 will indicate that the bears may be losing their grip.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) price analysis</h2> <p class="">Dogecoin’s&nbsp;recovery attempt on January 9th fizzled out near the 20-day EMA ($0.09), indicating that the bears are active at higher levels.</p> 
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     <em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bears will try to strengthen their position further by pulling the price to the next support at $0.07. This level may attract buyers, but if the bulls fail to clear the hurdle at the 20-day EMA, the likelihood of a drop to $0.06 increases.</p> <p class="">Contrary to this assumption, if buyers kick the price above the 20-day EMA, it will suggest that the selling pressure could be reduced. The DOGE/USDT pair may rise to the $0.10 to $0.11 overhead resistance zone.</p> <h2 class="wp-block-heading" id="polkadot-dot-price-analysis">Polkadot (DOT) price analysis</h2> <p class="">The bears pulled Polkadot&nbsp;below the 50-day SMA ($6.96) on January 8th, but they could not sustain the lower levels, as seen from the long tail on the candlestick.</p> 
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     <em><strong><sub>DOT/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">A minor negative is that the bulls could not maintain the tempo and push the price above the 20-day EMA ($7.58). This suggests that the bears try to flip the 20-day EMA into resistance. If the price dips below the $6.50 support, the DOT/USDT pair will complete a bearish H&amp;S pattern. The pair may then tumble to $5.</p> <p class="">Bulls must drive the price above the $7.90 resistance if they want to prevent the downward move. That may open the gates for a rally to $8.80.</p> <h2 class="wp-block-heading" id="polygon-matic-price-analysis">Polygon (MATIC) price analysis</h2> <p class="">Polygon&nbsp;bounced off $0.73 on January 8th, but the recovery faces selling near the 50-day SMA ($0.85).</p> 
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     <em><strong><sub>MATIC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The downsloping 20-day EMA ($0.87) and the RSI just below the midpoint indicate a minor advantage to the bears. If the price turns down from the moving averages, the MATIC/USDT pair may again slump toward the strong support at $0.70.</p> <p class="">Contrarily, if buyers drive the price above the moving averages, it will suggest solid demand at lower levels. The pair may then attempt a rally to the overhead resistance at $1, which may be a difficult hurdle to cross.</p> <h4 class="wp-block-heading"><em>Source – Rakesh Upadhyay</em></h4> </a>
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Latest Market Overview 10th Jan: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, MATIC

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