Price Analysis January 30th, 2024 – BTC, ETH, BNB, DOGE, XRP, and SOL
Strong economic growth in the US and positive indicators that inflation is slowly declining caused Bitcoin to start this week on a high after falling below $40,000 last week. There is a growing optimism that the the Fed will maintain interest rates during its meeting on January 31st.
According to data on the FedWatch Tool, crypto investors believe that the US central bank will start cutting interest rates in March. Such a move will be considered positive for risky assets like stocks and cryptocurrencies.
That said, let’s check the price charts to determine whether Bitcoin and other digital coins will continue recovering to hit key resistance levels or trend down toward crucial support points.
Bitcoin Price Analysis
Sellers tried to block Bitcoin from crossing above the 50-day Simple Moving Average of $42,764 on January 29th, but the buyers were too strong for them. Bitcoin cleared the hurdle to reach $43,428 as of this writing.
The rising Relative Strength Index (61.86) means the advantage has shifted to the bulls’ side. The buyers will now attempt to push BTC to $44,678, where the presence of bears is expected. If the coin reverses from there, it would suggest that Bitcoin will continue trading between $38,756 and $44,678 for a while. However, a break above $44,678 opens the possibility of a surge to $49,860.
Ethereum Price Analysis
On January 28th, a long-wick red candle formed on the Ethereum price chart, signaling that the sellers were still booking profits. However, at the start of the week, the bulls intensified buying pressure, pushing ETH above the $2,300 resistance to $2,309 as of this writing. They will now attempt to propel the token to the 20-day Exponential Moving Average of $2,342. Clearing this hurdle could cause Ethereum to rally to $2,400.23. Meanwhile, if ETH starts reversing now, it may cross below the $2,201 support to touch $2,169.
BNB Price Analysis
BNB has been inside a descending triangle for a while. The token needs to go above $312 to break out of the triangle. It’s now trading at $310.54, above the 20-day Exponential Moving Average of $303.88. This is a positive sign for the bulls. If they propel BNB above $312, the bearish setup will no longer be valid, and the digital currency could head toward $337.90.
On the other hand, a bearish setup will finish forming when BNB falls below $289.03. In this scenario, a drop to $261.19 will seem possible.
XRP Price Analysis
XRP has failed to break out of the $0.4793739 – $0.7402519 trading range over the past four months. That means buyers have been buying the dip at major support levels, and sellers have been booking profits at key resistance levels.
The bulls have successfully defended the $0.5003724 support over the past month. XRP now trades at $0.5479026. If the token jumps above $0.5608934, it may rally to $0.6702632. On the negative side, if $0.5003724 crumbles, the bears could pull XRP to $0.4607004.
Solana Price Analysis
After the bulls pushed Solana above $98.63 on January 29th, the bearish pattern was rendered invalid. The move signaled that the corrective phase was coming to an end. Solana is currently changing hands for $104.27. A break above $107.63 could be another sign that the advantage is finally shifting in favor of the buyers.
If the $107.63 hurdle is cleared, a rally to $127.09 becomes likely. Conversely, a drop below $98.63 will signal the bears’ comeback. SOL might then fall to $80.50.
Dogecoin Price Analysis
DOGE rallied briefly last week when Elon Musk, the owner of X, hinted at adopting the meme coin to facilitate payments on his social media platform. The token crossed above the 20-day Exponential Moving Average of $0.0800973 on January 27th, but the bulls could not sustain high prices, causing Dogecoin to drop to $0.0789695, where they bought the dip to push the meme coin’s price to $0.0815862 as of this writing.
The buyers are now targeting $0.1089392. On the other hand, the bears could drag DOGE to $0.7004925 if $0.0789695 cracks.
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