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BTC, DOGE and SHIB Price Analysis for January 29

Price Analysis
Sat, 01/29/2022 - 16:30
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Denys Serhiichuk
Can one expect a market reversal soon?
BTC, DOGE and SHIB Price Analysis for January 29
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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Most of the coins have returned to the bullish trend at the beginning of the weekend.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has started the weekend with continued growth, rising by 3.24%.

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

On the daily chart, Bitcoin (BTC) is coming back to the recently formed local resistance level at $38,050 against the declining trading volume. If bulls can break it and fix above, there are high chances to see a test of the zone around $40,000 next week.

Bitcoin is trading at $37,837 at press time.

DOGE/USD

DOGE is following the rise of Bitcoin (BTC), going up by 2.36%.

DOGE/USD chart by TradingView
DOGE/USD chart by TradingView

Despite today's rise, the rate of DOGE remains trading in the channel between the support at $0.1310 and the resistance at $0.1506. In this case, neither bulls nor bears are dominating while the meme coin is trading sideways. However, if the price slightly approaches the $0.1506 mark, one may expect a bullish trend reversal.

DOGE is trading at $0.1426 at press time.

SHIB/USD

SHIB is not an exception to the rule, rising by almost 3% over the last 24 hours.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

From the technical point of view, SHIB is trading similarly to DOGE as the price is located in the middle of the channel. Currently, one needs to pay close attention to the support and resistance levels. If bulls cannot fix above the zone of $0.000020, there is a possibility to see the retest of the resistance soon.

SHIB is trading at $0.00002154 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.