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BTC, DOGE and SHIB Price Analysis for January 21

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Fri, 21/01/2022 - 7:43
BTC, DOGE and SHIB Price Analysis for January 21
Cover image via www.tradingview.com

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Despite the growth yesterday, bulls cannot hold the initiative, and the market has faced a sharp dump.

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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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