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BTC, DOGE and SHIB Price Analysis for January 23

Price Analysis
Sun, 01/23/2022 - 15:57
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Denys Serhiichuk
How great are the chances to see a market rise next week?
BTC, DOGE and SHIB Price Analysis for January 23
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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On the last day of the week, the rates of some coins have recovered to a certain extent.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Despite a slight bounceback today, the rate of Bitcoin (BTC) has declined by 17% over the last week.

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

On the daily chart, Bitcoin (BTC) has not continued the fall today against the increased trading volume. Currently, neither bulls nor bears are dominating as the price is located in the middle of the channel.

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If buyers can hold the rate above $35,000, the correction may lead BTC to the mirror level at $39,573 by the end of the month.

Bitcoin is trading at $35,869 at press time.

DOGE/USD

Unlike Bitcoin (BTC), the price of Dogecoin (BTC) has risen by 4% since yesterday.

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

Despite the fall, the price has bounced back to the support level at $0.1310. Until it remains above it, bulls keep controlling the situation on the market. But in case the sellers' pressure continues and a breakout occurs, the fall might last until the psychological area around $0.1.

Related
BTC, DOGE and SHIB Price Analysis for January 21

All in all, one needs to pay attention to the support level and buyers' reaction.

DOGE is trading at $0.1392 at press time.

SHIB/USD

SHIB is the greatest gainer among the top 20 coins today. The meme coin has grown by 10.33% over the last 24 hours.

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

From the technical point of view, SHIB is trading similarly to DOGE as it has also bounced back from its support level at $0.00002010. However, it is too early to consider a possible market reversal as the coin has not accumulated enough power yet. In this case, the more likely price action is sideways trading in the range around $0.000020-$0.000021.

SHIB is trading at $0.00002221 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.