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BTC, ETH, SHIB, and DOGE Price Analysis for January 6

Price Predictions
Thu, 01/06/2022 - 17:55
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Denys Serhiichuk
Are these popular coins ready for a bounce?
BTC, ETH, SHIB, and DOGE Price Analysis for January 6
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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Sellers remain in control as top coins keep trading in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday, buyers tried to push the price of Bitcoin (BTC) to the area of ​​the two-hour EMA55, but the volume of purchases was too small, and the price could not break above this moving average.

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

In the evening, bearish pressure quickly increased, and by the end of the day, the BTC price rolled back below $44,000, and then the pair tested the $42,447 level at night.

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Since the end of last year, the support of $46,000 kept the market from a negative scenario, but the bears achieved another decline in prices. The capitalization of the entire market has rolled back to the psychological threshold of $2 trillion. The bearish pressure might ease today. In this case, the Bitcoin price can consolidate around the $42,447 level.

Bitcoin is trading at $42,813 at press time.

ETH/USD

Yesterday, the Ethereum (ETH) price tried to hold above the two-hour EMA55. Before lunchtime, the moving average EMA55 still held, but in the evening the selling volumes increased sharply, and the bears broke through the aforementioned level.

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

At night, the price fell to support at $3,400, setting a minimum of around $3,410. Despite the small rebound, one believes that the pair can test the level of $3,500 today and slow down the decline in a sideways range with the lower line serving as support.

Ethereum is trading at $3,401 at press time.

DOGE/USD

DOGE has followed the drop of Bitcoin (BTC), going down by 6.76% since yesterday.

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

Despite the fall, DOGE is trading above the vital support level at $0.1310. However, bears keep the memecoin under pressure, which is confirmed by the increasing selling volume. If the buyers cannot seize the opportunity, the price might retest the orange level by the end of the week.

DOGE is trading at $0.1572 at press time.

SHIB/USD

SHIB is underperforming DOGE today, dropping by 8% over the last 24 hours.

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

SHIB is coming back to the support level at $0.00002952 after its false breakout. If the pressure continues to mount, and the daily candle fixes below this mark, one may expect a further price decrease to the next important zone around $0.00002010. Such a scenario is relevant until mid-January.

SHIB is trading at $0.00002998 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.