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BTC, ETH, XRP, BNB, and ADA Price Analysis for January 10

Price Analysis
Mon, 01/10/2022 - 16:30
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Denys Serhiichuk
Is the ongoing cryptocurrency market correction coming to an end?
BTC, ETH, XRP, BNB, and ADA Price Analysis for January 10
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 new week has started with a renewed market correction, with all 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 almost 2% since yesterday.

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

The main crypto has fixed below the support green line at $41,967, which means that bears are in control of the situation at the moment. The sellers' power is also confirmed by the increased trading volume.

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BTC, ETH, BNB, ADA and LINK Price Analysis for January 8

If this pressure continues and BTC drops below the vital mark of $40,000, there is a change seeing the price around $35,000 shortly.

Bitcoin is trading at $40,745 at press time.

ETH/USD

Ethereum (ETH) is the biggest laggard from the list, falling by 2.92%.

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

Despite the drop, Ethereum (ETH) made a false breakout of the support level at $2,897. Until the rate is located above it, bulls have a chance to seize the iniative and try to restore the bullish trend.

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

However, if the daily candle fixes below the psychological mark of $3,000, there might be a sharp drop to $2,410 within the next weeks.

Ethereum is trading at $3,008 at press time.

XRP/USD

XRP has also followed the decline of BTC and ETH, losing 2.61% of its price share over the last 24 hours.

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

That said, sideways trading remains a more likely scenario for the upcoming days as the price is located in the wide range between the support at $0.652 and the resistance at $1.01.Currently, the price is closer to the support, and if the level is broken, the decline may lead XRP to $0.50 soon.

XRP is trading at $0.7278 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.