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01/28 16:05
SOL, LINK, OM, and RAY flash bullish signs
As Bitcoin traders wait for BTC’s next move
Bitcoin price analysis
Bitcoin is squeezed between the 20-day exponential moving average ($101,493) and the overhead resistance of $108,353.
The rising 20-day EMA and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside. A break and close above $109,588 could signal the start of the next leg of the uptrend. The BTC/USDT pair may surge to $126,706.
Contrarily, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $90,000 and $109,588 for a few days. Sellers will have to yank the price below the $90,000 to $85,000 support zone to gain the upper hand.
The 4-hour chart shows that the pair is trading between $100,000 and $109,588 for the past few days. The flattening 20-EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
A break and close above $107,250 could push the pair to the overhead resistance of $109,588. If this level is cleared, the pair may climb to $119,176. On the downside, a break and close below $100,000 could sink the pair to $90,000.
Solana price analysis
Solana has been witnessing a tough battle between the bulls and the bears near the $260 level.
The upsloping 20-day EMA ($232) and the RSI above 65 indicate buyers are in command. A close above $273 could open the doors for a rise to $296. This level may pose a strong challenge, but if cleared, the SOL/USDT pair could rise to $375.
This optimistic view will be negated in the near term if the price turns down and breaks below $229. The pair may then drop to the 50-day simple moving average ($212) and eventually to $180.
The pair has formed a symmetrical triangle pattern on the 4-hour chart, indicating uncertainty about the next directional move. The bulls will seize control on a break and close above the triangle. That could propel the pair to $296 and later to $312.
On the contrary, a break and close below the triangle will signal the start of a deeper correction. The pair may drop to the solid support at $229, but if this level gets taken out, the next stop may be at $206.
Chainlink price analysis
Chainlink is facing selling at $27.41, but a positive sign is that the buyers have not ceded much ground to the sellers.
The 20-day EMA ($23.91) is turning up, and the RSI is in positive territory, indicating that the bulls have the edge. If the price rises above $27.41, the momentum could pick up, and the LINK/USDT pair may rally to $31 and subsequently to $33.36.
If bears want to prevent the upside, they will have to yank the price back below the moving averages. That will open the doors for a fall to the critical support at $20, where buyers are expected to step in.
The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating indecision between the bulls and the bears. If buyers push the price above the triangle, the pair could rally to $27.41. This level may act as a stiff barrier, but if buyers overcome it, the pair could climb to the pattern target of $28.81.
This positive view will be invalidated in the near term if the price turns down and breaks below the triangle. The pair may then slump to $22.19.
MANTRA price analysis
MANTRA surged above the $4.63 overhead resistance on Jan. 26, but the bulls are struggling to sustain the higher levels.
If the price closes below $4.63, the bears will try to pull the OM/USDT pair toward the moving averages. If they manage to do that, it will suggest that the pair could remain inside the $4.63 to $3.39 range for some more time.
Instead, if the price closes above $4.63, it will indicate that the buyers are in control. The bulls will then try to overcome the barrier at $5.11, starting the next leg of the rally to $5.87 and, after that, to $6.32.
Raydium price analysis
Raydium resumed its uptrend after breaking out of the $6.50 resistance on Jan. 18, indicating that bulls are in control.
The RAY/USDT pair pulled back from $8.70 but is finding support at the 38.2% Fibonacci retracement level of $6.95. If the price rises above $8, the pair could retest the $8.70 resistance. A break and close above this level could catapult the pair to $10.
The $6.50 level is the crucial support to watch out for on the downside. A break and close below $6.50 will suggest that the bulls are rushing to the exit. That could pull the pair down to the 50-day SMA ($5.51).
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