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Price Analysis January 23rd, 2025 – BTC, XRP, ETH, DOGE, and SOL

Bitcoin has seen massive profit-booking near its new all-time high ($109,587) this week, but the positive news is that the vital support at $100,000 hasn’t broken. This signals buyers’ intentions to hold on to their advantage and trigger a further uptrend in the coming days.

As short-term Bitcoin investors continue taking profits, long-term investors, on the other hand, are capitalizing on the latest dips to accumulate more coins. On Monday, the largest BTC institutional holder, MicroStrategy, revealed that it had acquired 11,000 coins from January 13th to 20th. The company has bought over 14,500 since the start of the year.

Meanwhile, analysts at 10x Research have noted that BTC has been recording an average increase of $17,500 before consolidating since spot Bitcoin exchange-traded funds entered the US market. They anticipate a rally to $122,000 in February, followed by a deep correction.

So, which levels do we need to monitor if BTC breaks below $100,000 or above $109,587? Let’s explore the charts to find out.

Bitcoin Price Analysis

BTC is currently priced at $101,984, above the 20-day Exponential Moving Average of $99,875. This indicates that market sentiment around the coin remains positive. If traders keep purchasing the dips, they could push BTC above the $108,322 resistance and fuel a move to $126,650.

Conversely, if $99,875 gives way, Bitcoin will likely drop below the 50-day Simple Moving Average of $98,556 and head toward the $90,049 support, where buyers are expected to be camping.

Ethereum Price Analysis

After multiple failed attempts to push Ethereum toward the 50-day Simple Moving Average of $3,503, the bulls have given in to selling pressure, allowing the bears to pull ETH to $3,193 at press time. This price action also means the bearish setup (H&S pattern) is now valid. Therefore, we anticipate that Ether may plummet further, hitting the $2,854 support or $2,400.29.

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Meanwhile, if the bulls wish to become dominant again, they must cause a solid rally above the 20-day Exponential Moving Average of $3,342.96. As such, Ethereum’s chances of reaching $3,503 and then moving to $3,740 will rise significantly.

XRP Price Analysis

XRP has lost almost all the gains it recorded on January 20th after the US Securities and Exchange Commission confirmed the departure of its former Chair, Gary Gensler. It’s now priced at $3.07. If a drop below $3 occurs, the bears could target the 20-day Exponential Moving Average of $2.82. Although unlikely, XRP may reach the 50-day Simple Moving Average of $2.49 if selling pressure intensifies.

From a bullish point of view, a journey to the all-time high ($3.40) could begin if the buyers push and keep XRP above the $3.15 resistance. Furthermore, the Ripple-issued digital currency could rally toward $4.

Solana Price Analysis

After surging 43% over the weekend following the launch of Donald Trump’s meme coin, Solana has reversed to $243, down from its all-time high of $294. The good news is that the token’s price is way above the 20-day Exponential Moving Average of $223. This improves the prospects of a massive rally to $360 after the bulls overcome pressure from the bears at $294.

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On the other hand, SOL could fall to the 50-day Simple Moving Average of $209.78 and later to $190 if $223 crumbles and the bears fuel a solid downtrend.

Dogecoin Price Analysis

Dogecoin has posted extraordinary gains since Elon Musk proposed the creation of the Department of Government Efficiency (DOGE) a few months ago. However, the hype around it started to fade earlier this week after its profile picture was removed from the DOGE official website.

The move has caused Dogecoin to drop below the 20-day Exponential Moving Average of $0.3683, hitting $0.3462 as of this writing. If the bears keep applying pressure, the number one meme coin by market valuation risk falling below $0.3005 to find support at $0.2744. On a positive note, a surge to $0.4213 is possible if the bulls overcome resistance at the 50-day Simple Moving Average of $0.3708.


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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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