Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX and DOGE cryptocoin.com‘in. Bitcoin and most major altcoins took a turn for the worse after the BTC price dropped below $42,000. Bitcoin’s (BTC) volatility has been shrinking for the past few days. The standard deviation of daily Bitcoin returns for the last 30 and 60 days as calculated by the Bitcoin Volatility Index is at 2.63%, the lowest volatility since November 2020. Generally, narrow gaps are followed by strong price increases. Can Bitcoin start a new bullish move or will the bears push the price below support levels, triggering a sell-off in altcoins? Let’s examine the charts of the top 10 cryptocurrencies to find out. Let’s examine the charts of the top 10 cryptocurrencies to find out.
Predictions for BTC, ADA and 8 altcoins
BTC/USDT. Bitcoin has been trading near the 20-day exponential moving average (EMA) ($44,181) for the past few days. If the price rises from the current level or $41,725.95, the bulls will make another attempt to break the overhead resistance at the 20-day EMA and the horizontal resistance at $45,456. If they do, the pair could rally to the 50-day simple moving average (SMA) ($47,680), where the bulls could again face stiff bears resistance. A break and close above this resistance could push the pair to $52,088. Conversely, if the price dips below $41,725.95, the BTC/USDT pair could drop to the strong support at $39,600.
ETH/USDT. Ether’s (ETH) rebound from the descending channel’s support line remains near the 20-day EMA ($3,439), suggesting that the sentiment remains negative and traders are selling in the rallies. The bears will now try to push the price below $3,188. If they manage to do so, the ETH/USDT pair could drop to $2,928.83. This is an important support to watch out for because if it crashes, the drop could extend to $2,652. Contrary to this assumption, if the price rises from the current level and rises above the 20-day EMA, the bulls will try to push the pair above the resistance line of the channel. If this happens, the pair could rally to $4,200.
BNB/USDT. Binance Coin (BNB) failed to break above the resistance line of the descending channel pattern on January 16. If the bears pull the price below $466.50, the BNB/USDT pair could decline towards the support line of the channel. The flat moving averages and the RSI just below the midpoint show the balance between the bulls and the bears. If the price bounces back from $466.50, the bulls will try to push the price back above the channel and the 50-day SMA ($530). If they are successful, it will signal a possible change in trend.
ADA/USDT. Cardano (ADA) broke above the 50-day SMA ($1.34) on Jan. 16 and closed. The price can now reach the resistance line of the descending channel. The moving averages are on the verge of a bullish crossover and the RSI has bounced into the positive zone, suggesting that the bulls have the upper hand in the short term. If the buyers advance and sustain the price above the channel, it will signal a change in trend. According to the analyst, the ADA/USDT pair could rise to $1.87 first, and if this level is breached, the next move could be $2.47.
Solana continues to bleed
SOL/USDT. Popular altcoin Solana (SOL) continues to trade within the descending channel pattern. The bulls tried to push the price above the 20-day EMA ($154) on Jan. 13 but failed. The bears will now try to push the price below the $130 support. If successful, the SOL/USDT pair could decline to strong support at $116. This is an important level for the bulls to defend, as a breakout pair below it could sink to the support line of the channel. Contrary to this assumption, if the price rises from the current level and rises above the 20-day EMA, the pair could rise to the resistance line of the channel.
XRP/USDT. Ripple (XRP) is trading between the 20-day EMA ($0.79) and the $0.75 support. If the price breaks below $0.75, the XRP/USDT pair could resume its downtrend and drop to $0.69 and then $0.60. The downward sloping moving averages and the RSI in the negative zone point to the advantage for the bears. Contrary to this assumption, if the price rises above $0.75 and rises above the moving averages, it will suggest accumulation lower. According to the analyst, the pair could then start its upward walk towards the firm overhead resistance at $1.
LUNA/USDT. Terra’s LUNA token failed and failed to rise above the 61.8% Fibonacci retracement level at $87.88 on January 15 and 16. The price dropped to the 20-day EMA ($80.17), which could act as support. According to the analyst, if the price rises from the current level, the bulls will again try to push and sustain the LUNA/USDT pair above $87.88. If they are successful, the pair could rally to the 78.6% Fibonacci retracement level from the $94.80 high. Alternatively, if the price dips below both moving averages, it will indicate that traders are rushing to the exit.
DOT/USDT. Polkadot (DOT) rallied above the 20-day EMA ($26.90) on Jan. 12 but the bulls failed to push the price above the 50-day SMA ($28.15). The bears pulled the price back below the 20-day EMA on Jan. 17. If the sellers sink the price below $25.45, the DOT/USDT pair could decline to strong support at $22.66. The 20-day EMA is flat and the RSI is just below the midpoint, showing an equilibrium between supply and demand. This suggests that the pair could remain range-bound between $22.66 and $32.78 for a few more days. If the price rises from the current level and rises above the 50-day SMA, the pair could rally to $32.78.
AVAX/USDT. AVAX bounced back from the 20-day EMA ($95) on Jan. 16, indicating that the bears continue to defend this level aggressively. If the price stays below the bullish line of the symmetrical triangle, the next stop could be $75.50. The downward sloping moving averages and the RSI in the negative zone suggest that the bears have the upper hand. The close and below $75.50 could complete a descending triangle pattern that could signal the start of a new downtrend. According to the analyst, the AVAX/USDT pair could drop to $57.02 and then to $50. This negative view will be invalidated if the price rises from the current level and rises above the downtrend line.
DOGE/USDT. The failure of Dogecoin (DOGE) to break above and sustain above the overhead resistance of $0.19 on Jan. 15 may have attracted profit booking from short-term traders. This brought the price to the 20-day EMA ($0.16). The flattening 20-day EMA and RSI just below the midpoint indicate a consolidation in the near term. If the bears hold the price below the moving averages, the DOGE/USDT pair could drop to $0.13. Conversely, if the price bounces back from the current level, the bulls will make another attempt to propel and sustain the pair above $0.19. If they succeed, it will indicate the start of a new upward move.
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