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BTC, XRP, and BNB Price Analysis for January 1

Sat, 01/01/2022 - 18:38
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Denys Serhiichuk
Is the market ready to start the new year on a high note?
BTC, XRP, and BNB Price Analysis for January 1
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 year has started with a cryptocurrency market correction, with all coins from the top 10 list being in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

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

BTC/USD chart by TradingView
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.

XRP/USD chart by TradingView
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%.

BNB/USD chart by TradingView
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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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.