Earlier this week, the US Securities and Exchange Commission gave the green light to spot Bitcoin ETFs, which began trading on January 11th. On the first day of trading, Bitcoin Exchange-Traded Funds posted a combined volume of $4.5 billion, indicating interest among traditional and crypto investors. With investor focus shifting to ETFs, Bitcoin and other crypto assets have witnessed price falls over the past few days.
Let’s look at the price charts to see which support levels are likely to attract buying over the coming days.
Bitcoin Price Analysis
Bitcoin bears have been selling on every rally since Friday. This has allowed them to pull BTC below the $44,694 breakout level. The coin is now trading at $42,903. The bulls must guard the support at the 50-day SMA (Simple Moving Average) of $42,397 to prevent a deeper correction. If they manage to propel Bitcoin above $44,694, the digital asset may rise to $49,201 and even to $52,050.
On the downside, if $42,397 does not hold, BTC could head toward $40,150. Also, it may reach $37,904 if selling pressure intensifies.
Ethereum Price Analysis
Although ETH’s price has stayed above the $2,402.10 resistance since January 10th, the bulls haven’t been able to defeat the bears at $2,700. The sellers’ resistance has caused the second-biggest token by market capitalization to plummet below the $2,567.03 support level as of this writing. If Ethereum continues trending downwards, it may find another support at $2,501.04. The buyers’ failure to start a recovery rally at this level might trigger a sharp fall to the $2,405 breakout level.
Conversely, if ETH starts an upward move now and the bulls overcome bears’ resistance at $2,700, the digital asset could rise to $3,000.38.
BNB Price Analysis
BNB’s price correction stopped at the 20-day Exponential Moving Average (EMA) of $295.78, suggesting that investor sentiment on the token remains positive. The native token on the Binance crypto exchange is now valued at $305.12. Increased buying activity could propel BNB to $351.04. If this tough hurdle is cleared, the token could surge to $400.28. On the contrary, we may witness a fall to the 50-day Simple Moving Average of $267.29 if $295.78 crumbles.
Solana Price Analysis
After bouncing off from the $92.21 support on Wednesday, SOL couldn’t grow past $106.83 the following day, indicating minimal buying interest at high prices. Solana now trades for $97.99, just near the 20-day Exponential Moving Average of $97.02. If it falls below that level, the bears might deepen the price correction to $67.89 after pulling SOL below $92.21. On the positive side, a rise to $126.25 is possible if the bulls thrust the digital currency above $110.03.
Avalanche Price Analysis
AVAX started rallying after hitting the 50-day Simple Moving Average of $34.81 on January 10th. It crossed above $40 on January 11th, but the buyers couldn’t sustain the digital currency above that price, causing Avalanche to drop to $36.03 as of this writing. Although the Relative Strength Index (48.94) shows a balanced demand and supply, we may see AVAX drop to $31.59 if $34.81 crumbles. On the other hand, a sustained rally above $40 could help Avalanche touch $44.73.
Dogecoin Price Analysis
Bulls met strong resistance at the 20-day Exponential Moving Average of $0.0899067 on January 11th. The sellers viewed this level as perfect for booking profits, prompting Dogecoin to decline to $0.0824309 at press time. They are now looking to drag the meme coin to $0.0702270, where the bulls are expected to mount buying pressure. If buyers push DOGE above $0.0899067, a rise to $0.1079482 might be possible.
Polkadot Price Analysis
DOT bulls have maintained the digital currency above the 50-day Simple Moving Average of $7.10 since Thursday. However, prices above the $7.91 overhead resistance have been difficult for the bulls to sustain. Polkadot now trades at $7.65. If it reverses and plunges below $7.10, a move to $6.50 is likely. On the contrary, sustaining DOT above $7.91 opens room for a price rise to $9.60.
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