Price analysis 1/10: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC), fell below $40,000 on Jan. 10, for the first time since September 20,21. Strong selling was not only seen in crypto markets. The U.S. equity market also saw strong selling as traders sought to reduce risk and invested in the 10-year Treasury yield. This yield soared to 1.8% from 1.51% at 2021’s end.

Jan Hatzius (chief economist at Goldman Sachs) stated that the U.S. Federal Reserve could raise rates by four quarter percentage points in 2022.

Alex Krueger, an analyst, warned that crypto markets might not be able ignore the Fed if “decides to go out all out wielding deflationary machete.” Pentoshi and Arthur Hayes, ex-BitMEX CEOs, also saw a bearish picture.

Everyday cryptocurrency market performance. Source: Coin360

Benjamin Cowen, a Quant Analyst, gave hope to bulls by stating that extreme fear on the Crypto Fear & Greed Index has only occurred four times since 2018. These were followed up by bullish reversals which resulted in strong returns of 17% to 1,585 in Bitcoin.

Will Bitcoin and other altcoins see a sustained recovery? Let’s look at the charts for the top 10 cryptocurrency coins to see what happens.

BTC/USDT

Bitcoin fell to $39,650 Jan. 10, when buyers intervened and bought aggressively. This can be seen in the long tail of the candlestick. The price could move towards the 20-day exponentially moving average (EMA), which is $45,369. If buyers continue to rebound.

Daily chart of BTC/USDT Source: TradingView

Both moving averages are falling and the relative strength indicator (RSI), is in the oversold area, suggesting that bears have taken control. The BTC/USDT pair may drop to $39,600 strong support if the price drops below the 20-day EMA. However, it will remain range-bound for a few more days between these levels.

The selling could accelerate further if the support at $39600 is broken and the pair could begin its march towards $30,000.

If bulls push the price above the 20 day EMA, the pair may rally to the strong overhead resistance at $52,088. Breaking and closing above this resistance could indicate a change in trend.

ETH/USDT

For the past few days, the bulls have been protecting the support line of descending channel but have not been capable to create a strong rebound. This indicates that demand is drying up at higher levels. Ether (ETH), which attempted a recovery Jan. 9, could not surpass the $3,250 breakdown level.

Daily chart of ETH/USDT Source: TradingView

On Jan. 10, the price fell again and bears attempted to lower the ETH/USDT pairs below the descending channel. The selling could get more intense if they succeed and the pair could fall to $2,652.

This is an important support that the bulls must defend as if it breaks, the pair could fall to the $2,000. psychological support.

If the price reboundes from the current level, bulls will attempt to clear the overhead hurdle of $3,250 and push it to the resistance line.

BNB/USDT

Binance Coin (BNB), although it fell below the support line for the descending channel on January 8, the candlestick’s long tail showed that buying was at lower levels. On Jan. 9, the bulls brought the price back into channel, but it failed to hold the price above $435.30.

Daily chart BNB/USDT TradingView

The price fell once more on Jan. 10, and bears are trying to keep the BNB/USDT currency pair below the channel. The pair could fall to $392.20 if they succeed. This is an important support that the bulls need to protect as if it fails, it could lead to $392.20.

The RSI is now in the oversold area, which indicates that selling may have been overdone. This could lead to a slight recovery or range-bound action within the next few days. The first sign that sellers are losing control is a break or close above the 20 day EMA ($492)

SOL/USDT

Solana (SOL), attempted a recovery Jan. 8, but the bulls couldn’t push the price above $150. This indicates that bears may be selling during relief rallies.

Daily chart of SOL/USDT Source: TradingView

The SOL/USDT pair may drop to $116 if bears can maintain the price below $133. The moving averages are both sloping downward and the RSI is near the oversold zone. This indicates that bears have control.

The pair could fall to the support line if the $116 level is broken. The selling could intensify if this support is also broken down and the pair could fall to $82. A break and close above $162 will signal strength.

DA/USDT

Cardano (ADA), broke below the $1.18 resistance on Jan. 9, indicating a resumption in the downtrend. The critical $1 support is the next support.

Daily chart ADA/USDT Source: TradingView

This level has not been broken in the last several months and is likely to be defended by bulls. The pair could reach the 50-day SMA ($1.39) if the price recovers from $1. This is where the bears will likely mount a strong resistance.

The bears will attempt to bring the ADA/USDT price below $1 if the price falls from the moving averages. If they succeed, selling could gain momentum and the pair could fall to the channel’s support line.

XRP/USDT

Ripple (XRP), closed below the $0.75 level on Jan. 8, but rose above that level on Jan. 9. This indicates that bulls tried to trap aggressive bears but their recovery was not successful.

Daily chart of XRP/USDT Source: TradingView

On Jan. 10, the price fell below $0.75, indicating that bears sell on any minor rally. Bears are in control of the market, as indicated by the RSI close to the oversold zone and the downsloping moving Averages.

The XRP/USDT price could fall to $0.60 on Dec. 4, if the price falls below $0.75. To signal a stronger recovery, the bulls must push the price higher than the 50-day SMA ($0.87).

LUNA/USDT

Terra’s LUNA token fell below the descending channel pattern Dec. 8, but the candlestick’s long tail suggests that Terra should be buying at lower levels. The bulls drove the price back into channel and above the SMA (50 days) ($70) Dec. 9.

Daily chart of LUNA/USDT Source: TradingView

The price of relief rallies hit a barrier at $75.67, and has since fallen below the 50-day SMA. This indicates that bears are continuing to sell during rallies. The 20-day EMA ($78), is sloping downward and the RSI nears 43, indicating that bears have control.

Bears could pull the price down below $62.46, which could lead to increased selling and the LUNA/USDT exchange rate could fall to $51.84. If the price moves above the resistance line and the support line, this bearish view will be retracted.

Related: Bill Miller, a billionaire investor, invests 50% of his net worth in Bitcoin

DOT/USDT

Polkadot (DOT), attempted to rebound from the strong support at $22.66, but the bulls were unable to push the price above the 20-day EMA ($26.95). This indicates that demand is drying up at higher levels.

Daily chart of DOT/USDT Source: TradingView

Bears are the dominant group, as the RSI in negative zone and the downsloping moving Averages suggest. If bears fall and keep the price below $22.66, then the DOT/USDT pairing could begin its downward spiral to $16.81.

If the price bounces off its current level, bulls will attempt to push it above the 20 day EMA. The pair could reach the 50-day SMA at $29.66 and then the overhead resistance at $32.78 if they succeed.

VAX/USDT

Avalanche (AVAX), which fell below the uptrend line in the symmetrical triangle on January 8, was not sustained by the bears. On Jan. 9, the bulls drove the price back into triangle.

Daily chart of AVAX/USDT Source: TradingView

The bears pulled the price below the triangle, but the recovery was brief. This means that traders continue to sell on any minor rally and the sentiment is still negative.

Support is at $75.50, but it could collapse to $57.02 or $50.

However, if the price bounces off the current level, or the $75.50 support, and stays inside the triangle it will indicate accumulation at lower levels. The pair could rise to $98, where bears might mount a strong resistance.

Breaking and closing above the moving averages could lead to a rally towards the downtrend line.

DOGE/USDT

Dogecoin (DOGE), which has fallen below $0.15 as the critical support, signals the beginning of the next leg in the downtrend.

Daily chart of DOGE/USDT Source: TradingView

The RSI in oversold territory and the downsloping moving Averages suggest that the path to the downside is the most likely. The DOGE/USDT pair may drop to $0.13 if bears maintain the price below $0.15.

Contrary to popular belief, bulls will push the pair higher than the moving averages if the price rebounded from the current level. The pair could rise as high as $0.19 if they achieve this.

To signal a new up-move, the bulls must push the price higher than this resistance.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-1-10-btc-eth-bnb-sol-ada-xrp-luna-dot-avax-doge

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.