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

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Fri, 21/01/2022 - 15:52
ETH, XRP, ADA and BNB Price Analysis for January 21
Cover image via www.tradingview.com

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After the failed attempt of bulls to seize the initiative, the rates of the main coins have continued their drop.

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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.

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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.

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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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