Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT and DOGE cryptocoin.com‘in. Buyers stepped in to buy BTC’s dip to $39,650, but there are also signs that the market-wide correction is not over. However, at the time of writing, BTC had risen above $ 43 thousand due to the Fed chairman’s statements about crypto markets.
Predictions for Bitcoin
Can Bitcoin and major altcoins start a sustainable recovery? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin / USDT. Bitcoin dropped to $39,650 on Jan 10 when buyers stepped in and bought aggressively as seen from the long tail on the candlestick. If buyers continue to rally, the price may attempt to move towards the 20-day exponential moving average (EMA) ($45,369). If the support at $39,600 loses its way, the sell-off could intensify further and the pair could begin its march towards $30,000. Conversely, if the bulls push the price above the 20-day EMA, the pair could rally towards the stiff overhead resistance at $52,088. A break and close above this resistance could signal a possible change in trend.
ETH/USDT. The bulls have been protecting the support line of the descending channel for the past few days but have failed to gain a strong rebound. This indicates that demand is drying up at higher levels. Ether (ETH) attempted a recovery on January 9, but failed to rise above the $3,250 breakdown level. The price fell again on January 10 and the bears are trying to pull the ETH/USDT pair below the descending channel. If they manage to do so, the sell-off could intensify and the pair could drop to the next strong support at $2,652. This is an important support for the bulls’ defense because if it breaks, the pair could drop to the psychological support at $2,000.
BNB/USDT. Binance Coin (BNB) fell below the support line of the descending channel on January 8, but the long tail on the day’s candlestick showed buying at lower levels. The bulls pushed the price back into the channel on January 9 but failed to sustain the price above the breakout level of $435.30. The price dropped once again on January 10 and the bears are trying to keep the BNB/USDT pair below the channel. If they are successful, the pair could drop to $392.20. This is an important support for the bulls’ defense because if it breaks, the next stop could be at $330. The RSI has fallen into the oversold zone, which indicates that the oversell may be oversold in the short term.
SOL/USDT. Solana (SOL) attempted a recovery on Jan 8 but the bulls failed to push the price above $150. If the bears hold the price below $133, the SOL/USDT pair could decline to the strong support at $116. Both moving averages are sloping down and the RSI is close to the oversold zone, indicating that the bears are in control. If the $116 level is broken, the pair could drop to the support line of the channel.
ADA/USDT. Cardano (ADA) broke and closed below the $1.18 support on Jan. 9, marking the resumption of the downtrend. Next support on the downside is critical. The bulls are likely to defend this level aggressively as it has not been breached in the past few months. If the price rises above $1, the pair could rally to the 50-day SMA ($1.39), where the bears are expected to form strong resistance.
XRP/USDT. Ripple (XRP) closed below the $0.75 support on Jan. 8 but rallied above the level on Jan. 9. This suggests that the bulls are trying to trap the aggressive bears, but the recovery attempt was short-lived. The price dropped below $0.75 on Jan. 10, suggesting that the bears are selling on every minor rally. The downward sloping moving averages and the RSI near the oversold zone suggest bears dominate. According to the analyst, if the price stays below $0.75, the XRP/USDT pair could drop to its December 4 intraday low at $0.60.
LUNA/USDT. Terra’s LUNA token fell below its descending channel pattern on Dec. 8 but the long tail on the day’s candlestick suggests buying at lower levels. The bulls pushed the price back into the channel and above the 50-day SMA ($70) on Dec. The relief rally hit a barrier at $75.67 and the price dropped below the 50-day SMA on Jan. This shows that the bears continue to sell in the rallies. The 20-day EMA ($78) is falling and the RSI is close to 43, suggesting that the bears are in control.
DOT/USDT. Polkadot (DOT) tried to recover from strong support at $22.66 but the bulls failed to push the price to the 20-day EMA ($26.95). This indicates that demand is drying up at higher levels. The downward sloping moving averages and the RSI in the negative zone suggest that the bears have the upper hand. If the bears sink and hold the price below $22.66, the DOT/USDT pair could start its downside journey at $16.81. Alternatively, if the price bounces back from the current level, the bulls will try to push the pair back above the 20-day EMA.
Predictions for AVAX
AVAX/USDT. AVAX fell below the bullish line of the symmetrical triangle on January 8, but the bears failed to develop this advantage. The bulls pushed the price back into the triangle on Jan. However, the recovery was short-lived as the bears pulled the price below the triangle. This indicates that the sentiment is negative and traders are selling on every minor rally. There is strong support at $75.50 but if it collapses, the AVAX/USDT pair could drop to $57.02 and then to $50. On the other hand, if the price bounces back from the current level or $75.50 support and continues inside the triangle, it will suggest accumulation lower. According to the analyst, the pair could later rally to $98, where the bears could form a strong resistance.
DOGE/USDT. Dogecoin (DOGE) broke below the critical support at $0.15, signaling the start of the next leg of the downtrend. The bearish moving averages and RSI in the oversold region indicate that the path of least resistance is to the downside. If the bears hold the price below $0.15, the DOGE/USDT pair could drop to its December 4 intraday low of $0.13. Contrary to this assumption, if the price rises above the current level, the bulls will try to push the pair above the moving averages. If they do, it will open the $0.19 to $0.15 range and the pair could rally to $0.19.
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