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BTC, XRP, AVAX and DOT Price Analysis for January 9

Price Analysis
Sun, 01/09/2022 - 16:20
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Denys Serhiichuk
Can the upcoming week become bullish for the cryptocurrency market?
BTC, XRP, AVAX and DOT Price Analysis for January 9
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 last day of the week has turned out to be bearish for the cryptocurrency market as most of the coins are in the red zone. LUNA is the only exception to the rule, rising by 2%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 11% over the last week.

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

Bitcoin (BTC) is trading around the support level of $41,967 on the daily chart.

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If the bears' pressure continues and the rate fixes below this mark, one may expect the leading crypto to locate around the psychological area of $40,000 next week.

Bitcoin is trading at $41,622 at press time.

XRP/USD

XRP has lost more than Bitcoin (BTC) with a price change of -2.24% since yesterday.

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

XRP remains under bears' control as bulls could not seize the initiative after the test of the liquidity zone around $0.84. If the situation does not change, the fall may lead the rate of XRP to the support level at $0.652 soon.

XRP is trading at $0.7441 at press time.

AVAX/USD

Avalanche (AVAX) is the biggest loser today in terms of weekly price change, with a fall of 26%.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

On the daily chart, AVAX has almost tested the support level at $76.57, followed by a bounceback. However, the buying trading volume is low, which means that there are low chances for a bullish trend reversal.

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In this case, the most likely scenario is sideways trading between $80 and $90.

AVAX is trading at $84.80 at press time.

DOT/USD

Polkadot (DOT) is also following the drop of other coins, declining by 2.50%.

DOT/USD chart by TradingView
DOT/USD chart by TradingView

From the technical point of view, DOT is trading similarly to AVAX as it has also almost tested the support zone. Until the rate is above $22.66, bulls have the chance to get back in the game return the rate to the nearest resistance at $27.61. If they fail to do so, there is a possibility to see a breakout of the support and a sharp drop to $20.

DOT is trading at $24.35 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.