On Tuesday, drama erupted when the US Securities and Exchange Commission wrote on its X account that all applications for spot Bitcoin ETF had been approved but later informed investors that the account was compromised and that the commissioners hadn’t approved any ETF.
Immediately after the hacker sent out the tweet, Bitcoin rose to nearly $48,000, but a few minutes later, it lost all the gains and plunged below $46,000. On Wednesday, the SEC finally approved all the Bitcoin exchange-traded funds, a move that caused BTC to surge above $47,000.
Is this the start of a bull run? Only time will tell. For now, let’s explore various price charts to identify key levels that we need to monitor.
Bitcoin Price Analysis
After staying inside the ascending triangle for the better part of the week, BTC has now broken above the triangle to trade at $47,126. The breakout suggests a move to $49.201 is possible over the coming days. If Bitcoin reaches there and the bulls manage to overcome the hurdle, the coin may surge to $52,064.
On the other hand, If Bitcoin breaks below the ascending triangle, it may move towards the support at $44,580. In case buying activity does not happen here, a move to the 50-day Simple Moving Average of $42,106 would be possible.
Ethereum Price Analysis
Since rebounding from the 50-day Simple Moving Average of $2,276 on January 9th, Ethereum has been surging, crossing above the $2,405.22 overhead resistance level on Wednesday. It now trades at $2,643. If the buyers push and sustain ETH above $$2,200.53, then we anticipate a rally to $3,000.26, where a tough battle between the bulls and the bears is expected.
The current upward trend would no longer be valid if Ethereum reverses and drops below $2,276. That’s because the digital asset might fall to $2,100.86 or even $2,000.
BNB Price Analysis
The bulls’ effort to keep BNB above the 20-day Exponential Moving Average of $297.89 is finally paying off. The token began a rally yesterday, crossing above the $310.50 resistance level on Thursday morning. BNB is now valued at $316.37, per data from CoinGecko. The current price means the selling pressure is cooling down. Intense buying activity will likely push the Binance Coin to the $327.90 and the $338.40 resistance levels.
On the negative side, a fall below $297.89 might cause BNB to plummet toward the 50-day Simple Moving Average of $265.04.
Solana Price Analysis
SOL has finally crossed above $100.87. The buyers now have to push the token above the downtrend line at around $110 to take charge of the market. If this is achieved, Solana could rally to $127.98 after overcoming a minor obstacle at $117.69. On the other hand, if the token plunges below the 20-day Exponential Moving Average of $97.04, it may witness a dip correction to $67.92, where intense buying activity is expected.
XRP Price Analysis
With XRP now trading at $0.6100632, it means that the bulls have won the tough battle at the $0.5750162 support level. The Relative Strength Index (59.94) indicates an advantage to the buyers. They may capitalize on it to push XRP to $0.6707392. Conversely, if the 20-day Exponential Moving Average of $0.5939332 doesn’t hold when the token reverses, a downward move to $0.5069961 is anticipated.
Polygon Price Analysis
Polygon is among the layer-2 networks expected to perform well this year. For starters, a layer-1 network is designed to boost the scalability of the underlying blockchain. Polygon’s native token MATIC has grown 15% over the past 24 hours. It now changes hands for $0.9580253 after the bulls defeated the bears at the 50-day Simple Moving Average of $0.8509723. The buyers’ target at the moment is to push and sustain Polygon above $1. If this milestone is achieved, the crypto asset might grow to $1.22. On the contrary, a price fall below $0.8509723 will indicate the presence of sellers who may pull MATIC to the $0.6896034 strong support.
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