Fresh Forecasts for BTC, ADA, XRP, DOGE and These 6 Altcoins Are Out!

Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX and DOGE cryptocoin.com‘in. Selling pressure on BTC and altcoins is starting to ease, but data shows it’s too early to reverse the trend. Bitcoin and certain altcoins are showing some buying signs near support levels. While analysts are split on Bitcoin predictions, let’s examine the charts of the top 10 cryptocurrencies to find the path of least resistance.

Both directions are possible for XRP

BTC/USDT. The bears are trying to pull Bitcoin towards the strong support at $39,600 but the long tail on the candlesticks of the last two days indicates that the bulls have other plans. Buyers are buying on the dips, but one minor downside is their inability to push the price above the 20-day exponential moving average ($43,804). Both moving averages are sloping down and the relative strength index (RSI) remains in negative territory, suggesting that the bears have prevailed. If the price drops from the current level or the 20-day EMA, the bears will again try to drop the BTC/USDT pair to $39,600. If the price continues above the 50-day simple moving average ($47,070), the downside will be invalidated and the pair could rise to the stiff overhead resistance at $52,088.

ETH/USDT. Ether (ETH) resumed the bearish move and it is near the $2,928.83 support. The bulls can try to defend this level and start a relief rally. If this happens, the ETH/USDT pair could rise to the 20-day EMA ($3,381). This is an important resistance to watch out for because a break above this will be the first indication that the bears are losing strength. A break and close above the channel will signal a possible change in trend. The pair could then start a bullish walk towards $4,200. Conversely, if the price declines from the current level or the 20-day EMA, it will increase the likelihood of a break below $2,928.83.

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BNB/USDT. Binance Coin (BNB) continues to trade within the descending channel pattern. The 20-day EMA ($485) has started to drop and the RSI has dropped below 43, indicating that the bears are taking advantage. The bulls are trying to defend the minor support at $450. If the price rises above this level, buyers will make one more attempt to break the overhead barrier at $500. If they are successful, it will indicate a possible change in trend. The BNB/USDT pair could then start its upward walk to $572 and later to $617.

ADA/USDT. Cardano (ADA) climbed to the resistance line of the descending channel on Jan. 18, but the bulls failed to push the price above the channel. The ADA/USDT pair has dropped to the moving averages, which could act as a strong support. The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, giving buyers an advantage. If the price bounces back from the current level, the bulls will try to push the price back above the channel and the developing neckline of a possible reversal head and shoulders pattern. If this happens, the pair could start a new uptrend.

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SOL/USDT. Solana (SOL) approaches minor support at $130. The bulls held this level on January 10 and may try to do so again during the current decline. If the price bounces back from support, the bulls will again try to push the SOL/USDT pair above the 20-day EMA ($151). If successful, the pair could recover towards the resistance line of the descending channel. This is an important level to watch out for because a break and close above it will signal the possible start of a new upward move. Conversely, if the $130 support is broken, the pair could decline to the critical support at $116. A break below this level could push the price towards the support line of the channel.

XRP/USDT. Ripple (XRP) has been stuck between the 20-day EMA ($0.78) and the $0.75 support for the past few days, which has now resolved to the downside. This suggests that the bears are crushing the buyers. The downward sloping moving averages and the RSI in the negative zone indicate that the path of least resistance is to the downside. If the price stays below $0.75, the bears will try to leverage their advantage and drop the XRP/USDT pair to $0.69. Contrary to this assumption, if the price rises from the current level and rises above the moving averages, it will show bulls piling up on the dips.

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Will Luna shine?

LUNA/USDT. Terra’s LUNA token fell below the 50-day SMA ($76) on Jan. 18, but the bulls bought the dip and pushed the price back above the 20-day EMA ($80). If the bulls hold the price above the 20-day EMA, the LUNA/USDT pair could rise to the downtrend line. A break and close above this level indicates that selling pressure may decrease. The pair could then rally higher to the 61.8% Fibonacci retracement level from the $87.88 high to $93.81 later. This positive view will be invalidated if the price drops below $73.95.

DOT/USDT. Polkadot (DOT) continues to decline towards the strong support at $22.66, where the bulls will attempt to stop the decline. If the bounce rises above the moving averages, it will suggest accumulation at lower levels. The DOT/USDT pair could then rise to the overhead resistance at $32.78. A break and close above this level will mark the start of a new uptrend. Conversely, if the price drops from the moving averages, it will indicate that sentiment remains negative and traders are selling on rallies. This will increase the likelihood of a breakout and a close below $22.66.

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AVAX/USDT. Avalanche (AVAX) continues to slide towards the strong support at $75.50. Price action over the past few days has formed a descending triangle pattern that will complete a breakout and close below $75.50. Both moving averages are sloping down and the RSI is in the negative territory, suggesting that the bears have prevailed. Sellers will have to push and sustain the price below $75.50 to signal the start of a new downtrend. If the price bounces back from this support, the AVAX/USDT pair could reach the moving averages. If buyers push the price above the moving averages, the pair could rally to the downtrend line.

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DOGE/USDT. Dogecoin (DOGE) fell below both moving averages on Jan. 18, bringing the $0.19 to $0.13 range. The 20-day EMA ($0.16) and the RSI just below the midpoint suggest a balance between supply and demand. If the price stays below the moving averages, the DOGE/USDT pair could gradually drop to $0.15, and if this level is broken, the drop could extend to $0.13. A break and close below $0.13 will indicate the resumption of the downtrend.

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