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BTC, DOGE and SHIB Price Analysis for January 21

Price Analysis
Fri, 01/21/2022 - 07:43
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Denys Serhiichuk
Have the major coins touched their support levels for a bounceback?
BTC, DOGE and SHIB Price Analysis for January 21
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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Despite the growth yesterday, bulls cannot hold the initiative, and the market has faced a sharp dump.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has dropped much less compared to the other main coins. It has declined by 7.84% over the last day.

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

On the daily chart, the price broke the vital support at $39,573, having confirmed the bearish trend. Until the rate is located below this level, bears control the situation on the market.

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The next area where a short-term bounceback may happen is the mirror level at $36,623.

Bitcoin is trading at $38,621 at press time.

DOGE/USD

The rate of DOGE has gone much deeper than Bitcoin (BTC), falling by 7.86% since yesterday.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

DOGE has been going down for six days in a row with no bounceback signals. At the moment, sideways trading is the more likely scenario until the price is above the support level at $0.1310.

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However, if the bears' pressure continues and the daily candle fixes below, one may expect a further drop to $0.10.

DOGE is trading at $0.1516 at press time.

SHIB/USD

The decline of SHIB was the biggest, going down by almost 8%.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

From the technical point of view, one needs to pay close attention to the support level at $0.00002537 as, if the price breaks it, the price drop may get SHIB to the area around $0.00002010 shortly.

SHIB is trading at $0.00002552 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.