Here are Fresh Forecasts for Bitcoin, XRP, DOGE and These 7 Altcoins!

Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX and DOGE cryptocoin.com‘in. Bitcoin and altcoins are in a strong relief rally, but overall resistance levels and anticipated comments from the Federal Reserve could influence the recovery. Bitcoin (BTC) and most major altcoins have bounced off strong support levels, but can the rally continue to the extent that traders are confident a bottom has been found? Can Bitcoin and most major altcoins prolong these rallies? Let’s examine the charts of the top 10 cryptocurrencies to find out.

Can Bitcoin sustain the rally?

BTC/USDT. The long tail on Bitcoin’s January 24 candlestick indicates aggressive buying at the lower levels. Continued buying by the bulls pushed the price above the immediate resistance at $37,332.70. The BTC/USDT pair could reach the 20-day exponential moving average ($40,438), which acts as a strong resistance during the relief rallies. If the price breaks down from this resistance, the bears will attempt to push the pair below $32,917.17. If they are successful, the pair could drop to strong support at $30,000.

ETH/USDT. As seen from the long tail on the day’s candlestick, Ether (ETH) jumped sharply from $2,159 on Jan. 24. This indicates that the bulls are buying aggressively lower. The sustained buying pushed the price back into the channel today. This is the first sign of strength. Buyers will now try to push and sustain the price above the overhead resistance at $2,652. If the price drops below the 20-day EMA, it will indicate that sentiment is negative and traders are selling in rallies. The bears will then try to continue the downtrend by pulling the pair below $2,159.

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BNB/USDT. Binance Coin (BNB) rebounded sharply from the $330 support on Jan. 24 as seen from the long tail on the day’s candlestick. This indicates that buyers are aggressively accumulating around $330. The bulls pushed the price back inside the channel on January 25 and will now attempt to pull the BNB/USDT pair to the 20-day EMA ($435). If this hurdle is overcome, the pair could rise to the resistance line of the channel. Conversely, if the price drops from the current level or the 20-day EMA, it will indicate that traders continue to sell in the rallies.

ADA/USDT. Cardano (ADA) is trying to bypass the strong support at $1, which indicates that the bulls are buying on dips to this level. The relief rally can now reach the 50-day SMA ($1.28). If the bulls push the price above the 50-day SMA, the ADA/USDT pair could rise towards the resistance line of the descending channel. A break and close above the channel will signal a possible change in trend. Conversely, if the price drops from the moving averages, it will indicate that the bears continue to sell on rallies to strong resistance levels. The bears will then try to push and sustain the price below $1.

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SOL/USDT. As seen from the long tail on the day’s candlestick, the bulls again successfully defended the support line of the descending channel on January 24. Solana (SOL) could reach the 20-day EMA ($125) if the bulls push the price above $104.82. A break and close above the 20-day EMA will be the first sign that selling pressure may drop. The SOL/USDT pair could then rise to the resistance line of the descending channel. The bulls will have to push the price above the channel to signal a change in trend. Conversely, if the price drops from the 20-day EMA, it will show that the bears continue to sell in the rallies.

XRP/USDT. Ripple (XRP) has been trading in a tight range between $0.65 and $0.54 for the past few days. This shows that both bulls and bears are playing it safe and not placing big bets. The falling 20-day EMA ($0.70) and the relative strength index (RSI) near the oversold zone suggest that the bears have prevailed. If the price drops from $0.64, the XRP/USDT pair could drop to the psychological support at $0.50. Contrary to this assumption, if the bulls push the price above $0.64, the pair could challenge the 20-day EMA. A break and close above this resistance could open the doors for a rise to the 50-day SMA ($0.79).

Forecasts Released for Exploding Terra (LUNA):

LUNA/USDT. Terra’s LUNA token continues to trade within the descending channel pattern. The falling 20-day EMA ($73) and the RSI in the negative zone point to an advantage for the sellers. If the bears pull the price below $59.13, the LUNA/USDT pair could drop back to the support line of the channel. This level was held during the previous two declines, so the bulls will again try to defend it. If they do, the pair could rally to the 20-day EMA and then rally towards the downtrend line of the channel. A break and close above the channel will be the first sign that the downtrend may be ending.

Will the rally last for DOGE?

DOGE/USDT. Buyers once again bought the drop below $0.13 on Jan. 24, as seen from the long tail on the day’s candlestick. This started a relief rally that pushed Dogecoin (DOGE) to the 20-day EMA ($0.15). If the bulls push the price above the moving averages, the DOGE/USDT pair could rise to the critical overhead resistance at $0.19. If the price breaks down from this resistance, the pair might extend its stay in the $0.19 to $0.13 range for the next few days. Contrary to this assumption, if the price turns down from the moving averages, it will indicate that demand is drying up at higher levels.

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DOT/USDT. The bulls have successfully held Polkadot (DOT) above the critical support at $16.81 for the past few days. This could attract more buying by short-term traders who pushed the price towards the $22.66 breakout level. The 20-day EMA ($22.77) is sloping down and the RSI is in negative territory, suggesting that the bears have prevailed. The DOT/USDT pair is likely to face stiff resistance at this level. If the price breaks from the 20-day EMA, the bears will try to pull the pair back to $16.81. If this support continues, the pair could remain range-bound for a few days.

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AVAX/USDT. Failure by the bears to break AVAX below the $51.04 to $47.66 support zone may have drawn buying from aggressive bulls that pushed the price above the 200-day SMA ($65). The AVAX/USDT pair could rally higher to the breakout level at $75.50, where the bears may form stiff resistance. This is an important level to watch out for as it is placed just above the 20-day EMA ($80). If the price breaks down from the breakout level, the bears will try to push the pair below the 200-day SMA. If they are successful, the pair could drop back to $51.04. Alternatively, a break and close above the 20-day EMA could open the doors for a possible rally to the downtrend line.

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