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BTC, ETH and XRP Price Analysis for January 12

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Wed, 12/01/2022 - 15:49
BTC, ETH and XRP Price Analysis for January 12
Cover image via www.tradingview.com

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Bulls might have seized the initiative as all coins from the top 10 list have come back to the green zone.

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Top coins by CoinMarketCap

BTC/USD

Yesterday, on the second try, buyers were able to overcome the resistance of the two-hour EMA55 and gain a foothold above $42,447.

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BTC/USD chart by TradingView

Today, one should watch the further movement of the pair. If the bulls can continue the recovery toward $45,000, then a retest of the resistance at $46,000 can be expected this week.

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If the bears break through the level of average prices and do not allow the pair to gain a foothold above the $42.447 level for a long time, then the market decline will not be over yet and the decline can continue below the psychological mark of $40,000.

Bitcoin is trading at $43,912 at press time.

ETH/USD

Yesterday afternoon, the Ethereum (ETH) price broke through the resistance of the EMA55 moving average and, by this morning, it has consolidated in a narrow consolidation around the $3,335 mark.

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ETH/USD chart by TradingView

If, today, the bulls continue to rise above the resistance of $3,400, then one can consider the possibility of further growth in the area of $3,800.

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If the pair is unable to overcome the resistance level, then it is too early to talk about a reversal.

Ethereum is trading at $3,372 at press time.

XRP/USD

The XRP price rebounded above the two-hour EMA55 yesterday. At the end of the day, the pair consolidated above the level of average prices and tonight continued weak growth to the level of $0.77.

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XRP/USD chart by TradingView

If, today, the volume of purchases increases and the growth continues above the resistance of $0.80, then one can count on a recovery to the POC line ($0.829).

XRP is trading at $0.7979 at press time.

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