Siacoin

Cardano

Pepe Coin

<img width="1200" height="675" src="https://coingape.com/wp-content/uploads/2024/01/altcoins-e1705924817350.jpg" class="attachment-full size-full wp-post-image" alt="Crypto Price Prediction" decoding="async" style="float:right; margin:0 0 10px 10px;">
Crypto Price Prediction: The cryptocurrency market continues on a downward trajectory, witnessing a 2% loss in market cap in the last 24 hours to stand at $1.61 Trillion. The leading digital coin <a href="https://coingape.com/markets/bitcoin-price-at-risk-15-as-sellers-break-50-day-support/">Bitcoin</a> and <a href="https://coingape.com/markets/ethereum-price-dive-below-2400/">Ethereum</a> showcased a 1.5-2% drop currently trading at $40971 and $2404, respectively. 
However, the renowned trader Michaël van de Poppe stated a technical chart view on this correction projecting that we may see a period of consolidation before the next significant surge. This phase is crucial for laying the groundwork for the upcoming market momentumThe crypto market is poised for an upward trend, aiming for a $2.1 trillion valuation. However, this growth is expected to be driven by altcoins rather than Bitcoin.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-175905" src="https://coingape.com/wp-content/uploads/2024/01/GEReUBkW4AAYUNN-e1705924015336.jpeg" alt="Crypto marketcap" width="1200" height="592"> 
In today’s article, we’ll analyze the daily chart of Bitcoin (BTC), Cardano (ADA), and Siacon (SC) to determine the extent of correction and the possibility of renewed recovery. 
<h2 id="b-is-bitcoin-btc-price-poised-for-further-downfall-b">Is Bitcoin (BTC) Price Poised For Further Downfall</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/s/seJfn5y2.png" alt="Bitcoin (BTC) Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Bitcoin (BTC) Price| TradingView Chart
 </figcaption>
</figure> 
The largest cryptocurrency by market cap Bitcoin has witnessed a sharp correction in the last two weeks, with its price dropping from $49000 to $40500, accounting for a 21% loss. 
The selling pressure is largely due to <a href="https://coingape.com/bitcoin-price-wont-see-any-move-until-complete-liquidation-of-grayscale-bitcoin-trust/">Grayscale</a> selling its holdings, responding to investors offloading GBTC ETF shares. The declining price has recently breached the support trendline of a rising wedge pattern, strengthening the seller’s grip over this asset. 
The <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> losing support that bolstered nearly two months of recovery could intensify selling pressure and plunge the coin to $38100. This support wavering close to the 50% Fibonacci retracement level could create a solid foothold for buyers to counterattack.&nbsp; 
The coin price above 100-and-200-day EMA reflects the long-term view on this asset remains bullish. 
<h2 id="b-bullish-pattern-at-key-support-sets-cardano-b-b-ada-b-b-price-for-40-rally-b">Bullish Pattern at Key Support Sets Cardano (ADA) Price&nbsp; for 40% Rally</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/a/AGqG4IhH.png" alt="Cardano (ADA) Price " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Cardano (ADA) Price| TradingView Chart
 </figcaption>
</figure> 
ADA, Cardano’s native cryptocurrency, has demonstrated notable resilience amidst the recent market downturn, effectively maintaining its value in the $4.8-$4.6 support range. This support level aligns with the 50% Fibonacci retracement level, suggesting that the altcoin is undergoing a healthy correction, a necessary phase before potentially initiating a new surge. 
Using the $4.8 as base support, the <a href="https://coingape.com/price/cardano/">Cardano price</a> is forming a bullish reversal pattern called the double bottom pattern. 
Moreover, in a recent tweet from @ali_charts, an ‘X’ account run by a renowned crypto analyst highlights the <a href="https://coingape.com/cardano-price-tipped-for-growth-amid-whale-transactions-jump/">Cardano</a> whales bought over 14 million $ADA, worth around $8.40 million, amid this correction phase. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 In the last two weeks, <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> whales bought over 14 million <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a>, worth around $8.40 million! <a href="https://t.co/Jq6b66NLGI">pic.twitter.com/Jq6b66NLGI</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1742899225430561012?ref_src=twsrc%5Etfw">January 4, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Thus, with a higher possibility of a bullish reversal, the buyers may drive a 25% rally to hit the pattern’s neckline resistance at $0.61. A successful breakout above this barrier will bolster buyers for higher recovery and surpass the last swing high of $0.677. 
<h2 id="b-high-momentum-rally-is-siacoin-sc-price-eyes-2-5-next-b">High-Momentum Rally Is Siacoin (SC) Price Eyes $2.5 Next</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/j/j8eYQKkD.png" alt="Siacoin (SC) Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Siacoin (SC) Price| TradingView Chart
 </figcaption>
</figure> 
Amid the broader market recovery, the Siacoin price entered an aggressive recovery mode in mid-October 2023. Initiated around $0.0028, the coin price rallied 364% within 100 days to currently trade at $0.013. 
Moreover, a look at the daily time frame chart shows, that the SC price is developing a well-known bullish reversal pattern called <a href="https://coingape.com/glossary/rounding-bottom-pattern/">rounding bottom</a>. This chart setup indicates the bottom formation in an asset and provides a new entry opportunity with a neckline breakout. 
The rising SC price has recently breached a significant resistance level of $0.0122, offering a new stepping stone to lead to another 12.5% surge to challenge the neckline resistance of $0.0147. 
Should Siacoin effectively breach this key resistance level, it would signal a stronger confirmation of the trend reversal and bolster buyers to chase a potential target of $0.275. 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/crypto-prices-today-bitcoin-pepe-coin-retreat-as-manta-advances/">Crypto Prices Today: Bitcoin &amp; Pepe Coin Dip As MANTA Leads Rally</a></li> 
 <li><a href="https://coingape.com/bitcoins-maintains-lukewarm-performance-amid-sp-500-record-high/">Bitcoin’s Maintains Lukewarm Performance Amid S&amp;P 500 Record High</a></li> 
 <li><a href="https://coingape.com/bitcoin-etf-options-spark-new-crypto-wave-say-experts/">Bitcoin ETF Options Spark New Crypto Wave, Say Experts</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/crypto-price-prediction-today-january-22-btc-ada-sc/">Crypto Price Prediction For January 22: BTC, ADA, SC</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Price Prediction For January 22: BTC, ADA, SC

Table of Contents

Coingape News Media

Other articles published on Jan 22, 2024

Over $600K Stolen in YouTube Stream Hijacking: Scammers Use Deepfake and AI for ‘Double Your Mone...

Chainlink and Litecoin investors examining Pushd presale

Pakistan’s Agricultural Revolution: Embracing AI for a Sustainable Future

Bitcoin ETF Issuers Accumulate Billions in BTC Shortly After Launch

Crypto Expert Predicts Over 700,000 Bitcoin Sell-Off In 2024: Here’s Why

Large-Cap Coin Holders Flock to Zeebu: What's Behind the Surge?

Join our free newsletter for daily crypto updates!