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BTC, ETH, XRP, BNB, ADA, and SOL Price Analysis for January 24

Price Analysis
Mon, 01/24/2022 - 16:42
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Denys Serhiichuk
Have the main cryptocurrencies already found their support levels?
BTC, ETH, XRP, BNB, ADA, and SOL Price Analysis for January 24
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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 A new week has started with another cryptocurrency market correction, with all the top 10 coins being in the red zone.  

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has gone down by 5.14%.

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

On the daily chart, the fall has continued after bulls lost the $39,573 level. At the moment, one needs to pay close attention to the support of around $30,000. There is a chance of bears losing their ground.

Related
BTC, ETH and XRP Price Analysis for January 22

In this case, Bitcoin could recover to $35,000.

Bitcoin is trading at $33,869 at press time.

ETH/USD

Ethereum (ETH) is performing worse than Bitcoin (BTC). The top cryptocurrency has dropped by 8%.

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

Ethereum (ETH) is looking worse than Bitcoin (BTC), with its price being below key support at $2,410. If the correction continues, ETH might plunge to $1,730. But if buyers can seize the opportunity and come back to $2,500, there might be a short-term price uptick.  

Ethereum is trading at $2,266 at press time.

XRP/USD

XRP is not an exception, falling by 6.75%.

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

XRP is located in the middle of the channel between the support at $0.50 and the resistance at $0.69. Until the coin starts trading sideways, neither bulls nor bears are dominating the market. All in all, there is a small chance of XRP making another sharp move.   

XRP is trading at $0.5786 at press time.

ADA/USD

Cardano (ADA) is performing worse than XRP, dropping by 9.31%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) has broken below the vital support at $1.072 on the daily chart with increasing trading volume. If bears manage to do that, there is a possibility of seeing a further drop to $0.80 within the nearest days.

ADA is trading at $1.017 at press time.

BNB/USD

Binance Coin (BNB) has followed the decline of Bitcoin (BTC), going down by 8.10% over the last day.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

After the test of the resistance at $385, BNB has continued its fall. At the moment, bears are more powerful than bulls and if buyers are not able to hold teh price from the fall, the drop may get BNB below $300 shortly.

BNB is trading at $350.3 at press time.

SOL/USD

Solana (SOL) is the biggest loser today, dropping by 12%.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

From the technical point of view, Solana (SOL) is located far away from its resistance level at $130.

Related
ETH, XRP, ADA and BNB Price Analysis for January 21

One needs to pay attention to the area around $100. If the daily candle fixes above this important zone, there is a chance of seeing a short-term correction.

SOL is trading at $87.62 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.