Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX and DOGE cryptocoin.com‘in. Technical analysis points to early dips in BTC and altcoins, but analysts are predicting another sharp downside move. Bitcoin (BTC) and most major altcoins are falling from overhead resistance levels, suggesting that sentiment is downside and traders are selling at every available opportunity. Could Bitcoin and most major altcoins bottom near current levels? Let’s take a look at the charts of the top 10 cryptocurrencies on Kriptokoin.com to find out.
BTC, ADA and other major altcoins
BTC/USDT. Bitcoin is facing stiff resistance between $37,332.70 and $39,600. This shows that the bears do not want to give up their advantage and sell in the rallies. The pullback of the last few days has resolved the oversold levels in the relative strength index (RSI). The bears will now try to continue the downtrend by pulling the BTC/USDT pair below $32,917.17. If they are successful, the next stop could be $30,000. Alternatively, if the price rises from the current level and rises above $37,332.70, it will suggest accumulation lower.
ETH/USDT. Ether climbed above the overhead resistance at $2,652 on Jan. 26, but the bears aggressively sold higher and dragged the price below the channel. Since then, buyers have struggled to push the price back into the channel. The bears will now attempt to continue the downtrend by pushing the price below $2,159, the intraday low of January 24. If they are successful, the ETH/USDT pair could drop to $2,000 and then to $1,700. The RSI has been stuck in the oversold zone for the past few days, suggesting that the oversold may have been oversold in the near term. Therefore, the bulls may attempt an aid rally that could reach the 20-day EMA ($2,856) again.
BNB/USDT. Binance Coin (BNB) recovered from the $330 support and re-entered the descending channel on Jan. 25, but the bulls are struggling to push the price towards the 20-day EMA ($424). This indicates a lack of demand at higher levels. The bears will detect an opportunity and try to pull the price back to the strong support zone between $330 and $320. This is an important area for the bulls to defend because if it breaks, the BNB/USDT pair could drop to $250.
ADA/USDT. Cardano (ADA) has been trading near the psychological support at $1 for the past few days. This shows that the bulls defended the support but were unable to push the price higher. 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 bears sink and hold the price below $1, the ADA/USDT pair could drop to $0.80. This negative view will be invalidated in the short term if the price rises above the current level and rises above the moving averages. The pair could then test the resistance line of the channel.
Technical view at Solana
SOL/USDT. Solana (SOL) has been trading close to the support line of the descending channel for the past few days. This shows that the bulls defended the support line but failed to gain a strong rebound. The RSI has been trading in the oversold territory for the past few days, signaling that the correction may have been overbought in the short term. This indicates the possibility of consolidation or a minor pullback in the next few days. If this happens, the SOL/USDT pair could rise to the 20-day EMA ($118). A break and close above this level could open the way for a possible rally to the resistance line of the channel.
XRP/USDT. The bulls tried to push Ripple (XRP) above the overhead resistance at $0.65 but the long wick on the day’s candlestick indicates that the bears are not in a mood to give up. Both moving averages are sloping down and the RSI is in the oversold zone, suggesting bears dominate. Sellers will now try to push the XRP/USDT pair below $0.54 and challenge the psychological support at $0.50. This negative view will be invalidated if the bulls push and sustain the price above the 20-day EMA ($0.68). Such a move would be the first sign that selling pressure could drop.
LUNA/USDT. Terra’s LUNA token again slipped to the support line of the descending channel. This indicates that traders continue to sell in the rallies. The falling 20-day EMA ($68.8) and the RSI near the oversold zone suggest the bears have prevailed. If the bears sink the price below the support line of the channel, selling could intensify and the LUNA/USDT pair could drop to $37.82. Contrary to this assumption, if the price rises above the current level, the bulls will make another attempt to push the pair to the 20-day EMA. This level is likely to act as a stiff resistance again, but if the bulls break it, the pair could rise to the downtrend line.
DOGE/USDT. Dogecoin (DOGE) dropped from the 20-day EMA ($0.15) on Jan. 26, indicating that the bears are selling near this overhead resistance. The price has bounced back inside the narrow range of $0.15 to $0.13. The falling 20-day EMA points to the advantage for the bears, while the bullish divergence on the RSI indicates that selling pressure may be fading. This state of uncertainty is unlikely to continue for long. If the bulls push and sustain the price above the 20-day EMA, the DOGE/USDT pair could rally towards the overhead resistance at $0.19. Conversely, if the price slides and dips below $0.13, the pair could drop to the psychological support at $0.10.
DOT/USDT. Polkadot (DOT) has been trading near the strong support at $16.81 for the past few days but on a minor downside, the bulls have failed to make a strong rebound. This indicates a lack of demand at higher levels. The bears will now try to push and sustain the price below $16.81. If they do, the selling could intensify and the DOT/USDT pair could drop towards the next major support at $10.37. The downward sloping moving averages and the RSI in the oversold zone indicate that the path of least resistance is to the downside.
AVAX/USDT. The long wick on Avalanche’s (AVAX) candlestick on Jan. 26 shows that the bears are holding the breakout level at $75.50. The bears will now try to push the price towards the strong support at $51.04. If the price rises above $51.04, it indicates that the bulls are buying on dips to this level. This could hold the AVAX/USDT pair between $75.50 and $51.04 for a few days. A break and close above $75.50 will be the first indication that the correction may be coming to an end. The pair may then rise to the downtrend line.
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