Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX and DOGE are on Kriptokoin.com. BTC and altcoins are trying to end January on a positive note by overcoming the general resistance levels, with Bitcoin aiming to return the $40,000 support. Can Bitcoin and major altcoins end the month with a strong level? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Forecasts for BTC, ETH and BNB
BTC/USDT. Bitcoin has pulled back in a strong downtrend. The first sign of a change in sentiment would be a break and close above the 20-day exponential moving average ($39,318). Such a move would indicate that demand exceeded supply near the 20-day EMA resistance. The BTC/USDT pair could then move towards the 50-day simple moving average ($43,791). Conversely, if the price drops from the current level or the 20-day EMA, it will indicate that the bears are defending this level aggressively. According to the analyst, the pair could decline to $35,507.01 later on.
ETH/USDT. Ether (ETH) is facing resistance near the breakout level at $2,652. This shows that traders are buying the dips as seen from the long tail on the January 31 candlestick. The bulls will now again attempt to push the price above the critical resistance at $2,652 and the 20-day EMA ($2,802). If they succeed, it will suggest that selling pressure may drop. The bulls will then see an opening and try to push the pair to the resistance line of the channel. Contrary to this assumption, if the price breaks from the current level or the 20-day EMA, the bears will try to pull the ETH/USDT pair into the $2,300 to $2,159 support zone.
BNB/USDT. Binance Coin (BNB) re-entered the channel on January 25, but the recovery fell close to $400. This shows that the bears have not given up yet and are selling on the rallies. If the bears sink and sustain the price below the channel, the BNB/USDT pair could retest the critical support zone between $330 and $320. The falling moving averages and RSI in the negative territory suggest that the sellers hold the upper hand. This negative view will be invalidated by a breakout in the short term and close above the 20-day EMA. The pair may then rise to the resistance line of the channel.
ADA/USDT. The failure of the bulls to make a meaningful recovery from the psychological support of $1 indicates a lack of aggressive buying at this level. The bears will now try to increase their advantage and push Cardano (ADA) below $1. Both moving averages are sloping down and the RSI is in negative territory, suggesting bears dominate. A break and close below $1 could mark the start of the next leg of the downtrend. The ADA/USDT pair could decline to $0.80 and then to the support line of the channel.
SOL/USDT. Solana (SOL) has been consolidating in a tight range between $80.83 and $104.82 for the past few days. The bulls tried to push the price above the range but failed and now the bears will try to seize the opportunity and push the altcoin below $80.83. If they are successful, the SOL/USDT pair could resume its downtrend. The pair may first drop to the support line of the channel where the bulls can try to stop the decline. If they fail in their efforts, the pair could drop to $66.03.
XRP/USDT. Ripple (XRP) has been consolidating between $0.54 and $0.65 for the past few days. After failing to break through the overhead resistance, the price may now drop to the support of the range. The downward sloping moving averages and the RSI in the oversold zone point to the advantage for the bears. The critical level to watch on the downside is $0.54 because if it breaks, the XRP/USDT pair could drop to $0.50. On the upside, a break and close above the 20-day EMA ($0.66) will be the first sign of a bulls reversal.
LUNA/USDT. Terra’s LUNA token is struggling to sustain rebound from the descending channel’s support line. This suggests sentiment is negative and demand is drying up at higher levels. If the bounce fails to sustain higher levels again, sellers could smell an opportunity and try to push the LUNA/USDT pair below the channel. If the current recovery continues, the bulls will attempt to initiate a relief rally that could reach the 20-day EMA ($63). If the price declines from this resistance, the pair could return to $37.50.
Forecasts for DOGE, AVAX and DOT
DOGE/USDT. Dogecoin (DOGE) has been consolidating between $0.13 and $0.15 for the past few days. This suggests that the bulls bought near the support but failed to push the price above the overhead resistance. A minor positive is that the RSI is forming a bullish divergence, indicating that selling pressure could drop. However, if buyers fail to push the price above $0.15, the bears could regroup and try to push the DOGE/USDT pair below the support. A close below $0.13 could result in more selling and push the pair to the psychological level of $0.10.
DOT/USDT. The weak recovery of Polkadot (DOT) from the strong support at $16.81 points to a lack of buying at current levels. The downward sloping moving averages and the RSI near the oversold zone suggest the path of least resistance is to the downside. If the bears sink and hold the price below the $16.81 to $15.83 support zone, it will indicate a resumption of the downtrend. The DOT/USDT pair could later decline towards the strong support at $10.37. Contrary to this assumption, if the price rises from the current level, the bulls will make another effort to push the pair above the 20-day EMA ($20.98).
AVAX/USDT. AVAX is facing stiff resistance at the breakout level at $75.50, which indicates that the sentiment remains negative and the bears are selling on the rallies. The falling moving averages and the RSI in the negative zone suggest that the bears have the upper hand. Sellers will now attempt to push the price below the immediate support at $61.06. If they do, the AVAX/USDT pair could drop into the strong support zone between $51.04 and $47.66. Bulls are likely to strongly defend this area. The first sign of strength will be a break and a close above $75.50. Alternatively, a drop below $47.66 could signal a resumption of the downtrend.
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