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BTC, XRP, and BNB Price Analysis for January 1

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Sat, 1/01/2022 - 18:38
BTC, XRP, and BNB Price Analysis for January 1
Cover image via www.tradingview.com

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The new year has started with a cryptocurrency market correction, with all coins from the top 10 list being in the red zone.

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Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has gone down by 2.24% over the last 24 hours.

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BTC/USD chart by TradingView

Despite the dip, the chief crypto is located in the middle of a wide channel between the support level at $41,967 and the resistance level at $53,300. In this case, one needs to wait until the price comes back to the green line and finds footing below it. 

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If that happens, bears might completely seize the opportunity to push the price of BTC down to the vital level of $40,000.

Bitcoin is trading at $46,934 at press time.

XRP/USD

XRP is flat-lining today, with its price going down by a mere 1% since yesterday.

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XRP/USD chart by TradingView

XRP is trading similarly to Bitcoin (BTC) as it is also located in a wide range. The volume is low, which means that bears are not ready to give up despite the price recovering to the area of $0.8.

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If buyers cannot hold this mark, there is a high chance of seeing a prolonged drop to the nearest support at $0.652.

XRP is trading at $0.8440 at press time.

BNB/USD

Binance Coin (BNB) is not an exception today, falling by 1%.

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BNB/USD chart by TradingView

The price of the native exchange coin is located around the zone of the most liquidity around $525. The volume is low, which confirms the absence of strong buyers or sellers. Respectively, the price might continue declining if the daily candle fixes below $489. Such a scenario is relevant within the next few weeks.

BNB is trading at $517.6 at press time.

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