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BTC, ADA, BNB, AVAX and DOT Price Analysis for January 2

Price Predictions
Sun, 01/02/2022 - 15:21
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Denys Serhiichuk
Can altcoins remain more powerful than Bitcoin (BTC)?
BTC, ADA, BNB, AVAX and DOT Price Analysis for January 2
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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By the end of the week, bulls have managed to seize the initiative as the coins are trading in the green zone again.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has increased by 0.29% since yesterday.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) remains trading in the channel with neither bullish nor bearish signals. The rate is located in the zone of the most liquidity around $47,150, which means that the chief crypto is accumulating power for a further sharp move.

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If buyers can hold this area and get BTC to $50,000, there is a good chance of seeing a restest of the resistance level at $53,300 next week.

Bitcoin is trading at $47,189 at press time.

ADA/USD

Cardano (ADA) has gained more than BTC with a price rise of 2.19%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) is trading similarly to Bitcoin as the rate has bounced back from the middle of the channel.

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In case the rise continues, bulls can come back to the purple level at $1.479 soon. Such a scenario is relevant until the end of the next week.

ADA is trading at $1.359 at press time.

BNB/USD

Binance Coin (BNB) is not an exception to the rule, going up by 1.10%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Bulls keep holding the initiative as the price remains trading above the vital mark of $500. This level is crucial for bulls as, if they lose it, bears can return the rate to the support at $489. In other words, a further rise may be a prerequisite for continued growth to $573.

BNB is trading at $522 at press time.

AVAX/USD

Avalanche (AVAX) is rising by 4.44% over the last 24 hours.

AVAX/USD chart by Trading View
AVAX/USD chart by Trading View

Despite today's rise, bulls may not have accumulated enough power as the price remains trading in the middle of the channel between the support at $101 and the resistance at $147. Sideways trading is also confirmed by the low trading volume. If AVAX keeps trading above $110, there is a possibility to see $150 shortly.

AVAX is trading at $115.38 at press time.

DOT/USD

Polkadot (DOT) is the biggest gainer today as its price has rocketed by 7.72%.

DOT/USD chart by Trading View
DOT/USD chart by Trading View

Polakdot (DOT) has bounced back to the zone of the most liquidity at $27.91. If the price keeps growing, it is likely to test the resistance zone at $38.77 within the next few days.

DOT is trading at $29.24 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.