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BTC, ETH and XRP Price Analysis for January 22

Price Analysis
Sat, 01/22/2022 - 15:22
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Denys Serhiichuk
Can one expect the bounceback of the market soon?
BTC, ETH and XRP Price Analysis for January 22
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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The sell-off has continued on the cryptocurrency market as the coins have followed the sharp drop of Bitcoin (BTC).

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has lost the least compared to other coins from the list. It has dropped by 7.23% since yesterday.

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

On the daliy chart, Bitcoin (BTC) has fixed below the support of $39,573, having confirmed the bears' dominance over bulls. At the moment, the price is located in the channel with the new support at the area around $30,000.

Related
BTC, DOGE and SHIB Price Analysis for January 21

If sellers keep the drop, there are chances to expect short-term growth from the support level; however, the trend remains bearish.

Bitcoin is trading at $35,665 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser today with a fall of almost 12% over the last 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) has confirmed the support level at $2,410, having successfully bounced back from it. At the moment, one needs to pay close attention to where the daily candle closes. If bulls can hold the crucial level at $2,500, there is a possibility to see the correction to the mirror level at $2,900 next week.

Ethereum is trading at $2,468 at press time.

XRP/USD

XRP is not an exception to the rule, going down by 11%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

From the technical point of view, XRP is trading similarly to Bitcoin (BTC) as it is also located between the resistance of $0.6959 and the support of $0.50. The selling trading volume has increased, which means that traders may have begun fixing their short positions.

Related
BTC, ETH and ADA Price Analysis for January 19

In this case, the ongoing fall might be stopped soon, followed by a bounceback.

XRP is trading at $0.6028 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.