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Price Analysis January 10th, 2024 – BTC, ETH, BNB, SOL, and XRP

Crypto traders are keenly waiting for the US Securities and Exchange Commission to announce its decision regarding spot Bitcoin ETF today. Many expect that the regulator will approve at least one ETF.

On Tuesday, the SEC’s official X account wrote that the Commission had approved all ETFs. But about an hour later, the regulator released a statement saying its X account was hacked and that the previous post was unauthorized. The update has caused Bitcoin’s price to fall slightly as of this writing.

So, what are the expectations after the SEC approves a spot Bitcoin ETF? Well, analysts are still divided in regard to this matter. Some anticipate Bitcoin to continue rallying, while others expect a sell-off after the news.

Regardless of what happens after the SEC’s approval in the short term, ETF hitting the market is a bullish signal for long-term Bitcoin investors. Moreover, this investment vehicle will enhance the sentiment of the crypto space and could boost the chances of Ethereum ETF applications being approved.

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Will cryptocurrencies witness intense buying activity over the coming days, or is a sell-off imminent? We study the price charts to get answers.

Bitcoin Price Analysis

Following the SEC’s update about the hacking incident, Bitcoin briefly dropped below $46,000 to $45,582. The bulls have pushed the coin to $46,083 at press time. With BTC staying above $45,102, it means that the formation of a bullish ascending triangle has been completed. The largest coin by market cap is now targeting to retest the $49,184 resistance. Clearing this hurdle makes $52,063 an easy level to attain.

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However, this positive view will no longer be valid if Bitcoin plummets below $45,102. The coin may drop to $40,000 and then head toward the $37,887 support later.

Ethereum Price Analysis

ETH has yet to break out of the $2,108 – $2,401.67 range, where it has been stuck over the last few days. This suggests a balanced supply and demand of the token. However, if Ethereum continues trading above the 20-day Exponential Moving Average (EMA) of $2,267.92, the chances of a breakout above $ 2,401.67 will increase. If the hurdle is cleared, the crypto asset might begin a second leg of the rally to $3,001.50, where a sell-off is expected.

Meanwhile, a drop below the 50-day Simple Moving Average of $2,216.70 could cause $2,108 to crack. If that happens, Ethereum might fall to $1,900.45.

BNB Price Analysis

BNB reversed from $326.86 on January 5th and dropped below the 20-day Exponential Moving Average of $296.97 at the start of this week, indicating that the sellers are aiming to regain control of the market. However, the buyers appear not to be willing to let go of their advantage. They have managed to thrust BNB to $304.21 as of this writing. If the crypto asset closes above $326.86, it may grow to $350.09. On the other hand, a sustained price below $296.97 could allow the bears to pull BNB to the 50-day Simple Moving Average of $262.12.

XRP Price Analysis

With XRP now trading below the support level of $0.5790236, a bearish descending triangle has been successfully formed. Moreover, the Relative Strength Index (33) has entered a negative zone, suggesting that sellers could be taking control. If they do, XRP might depreciate toward the $0.5000973 psychological support. Meanwhile, the buyers must push the digital currency above the 50-day Simple Moving Average of $0.6100985 to regain total control.

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Solana Price Analysis

SOL bulls are still unable to sustain the digital currency’s price above $100, indicating the active presence of the bears at high levels. At the start of the week, Solana crossed below the 20-day Exponential Moving Average of $96.73 to find support at the 50-day Simple Moving Average of $87.79. If this level cracks over the coming days, a plunge to $67.80 becomes possible. On the positive side, if SOL surges above $110, it will trade above the downtrend line, making an upward move likely.


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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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