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

Price Analysis
Fri, 01/21/2022 - 15:52
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Denys Serhiichuk
Can one expect any short-term rise soon?
ETH, XRP, ADA and BNB Price Analysis for January 21
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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After the failed attempt of bulls to seize the initiative, the rates of the main coins have continued their drop.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ETH/USD

Yesterday, the bullish momentum broke through the $3,200 support, and the Ethereum (ETH) price tested the POC line ($3,250). After a daily high at $3,270, a sharp decline started.

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

The bearish momentum was so strong that it broke through the psychological support of $3,000 and marked the January low at $2,806.

Related
BTC, ETH and ADA Price Analysis for January 19

Now the fall has stopped and some recovery is possible. But in the near future, we should expect a continuation of the decline to the area of $2,600.

Ethereum is trading at $2,775 at press time.

XRP/USD

Yesterday morning, the XRP/USD pair recovered above the average price level and reached a daily high at $0.76.

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

In the evening, the market collapsed, and by the end of the day, the price of XRP broke through the support of $0.70. As of this morning, a minimum is marked at $0.686. One believes that today the bears can push the pair even lower, to the area of $0.65.

XRP is trading at $0.6734 at press time.

BNB/USD

Binance Coin (BNB) has followed the fall of BTC, going down by 11.67%.

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

On the daily chart, BNB seems on the way to the mirror level at $385. Thus, ongoing seller pressure is supported by the increased trading volume, which makes the bearish trend even more powerful.

Related
BTC, XRP, and BNB Price Analysis for January 18

However, if the price fixes below $385, one may expect a further drop to the zone of the most liquidity around $340.

BNB is trading at $415.4 at press time.

ADA/USD

Cardano (ADA) is the main loser today as it has declined by 15.77% since yesterday.

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

Cardano has almost reached the support level at $1.072 against the increased trading volume. In case of a false breakout, there are chances to see a bounceback to the zone around $1.4. However, if the daily candle fixes below this mark, the drop may continue and get ADA below $1.

ADA is trading at $1.192 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.