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01/23 16:07

Price Analysis January 20 BTC, TRUMP, ETH, XRP, S

Price Analysis January 20

BTC, TRUMP, ETH, XRP, SOL, DOGE, ADA, LINK

Bitcoin price analysis

Bitcoin rebounded off the 20-day EMA ($99,257) on Jan. 20 and skyrocketed to a new all-time high of $109,588.

If buyers maintain the price above $108,353, it will suggest the start of the next leg of the uptrend. The bulls will then try to thrust the price toward $126,706.

On the contrary, if the price fails to sustain above $108,353, it will suggest that the bears are fiercely defending the level. Sellers will have to pull the price below the moving averages to weaken the bullish momentum. The BTC/USDT pair could then consolidate between $109,588 and $90,000 for a few days.

 Official Trump price analysis 

Due to the enormous popularity and volatility of the TRUMP memecoin, Cointelegraph is providing short-term analysis. A 30-minute chart has been used since there is little price history to look to for deeper insights.

The TRUMP/USDT pair has dipped below the symmetrical triangle pattern, signaling that the bulls are losing their grip. If the price maintains below the uptrend line, the pair could tumble to $38. This is a critical level to watch out for in the near term because a break below it may sink the pair to $24.

On the contrary, a strong bounce off the current level will suggest buying at lower levels. The bulls will then try to push the pair back into the triangle. Buyers will be back in command on a close above the downtrend line.

Ether price analysis

Ether bulls are defending the neckline of the head-and-shoulders pattern but are facing selling near the 50-day SMA ($3,537).

 The downsloping 20-day EMA ($3,362) and the RSI near the midpoint indicate a slight edge to the bears. A break and close below $3,125 could accelerate selling, pulling the ETH/USDT pair toward $2,850. 

Buyers will have to push and maintain the price above the 50-day SMA to indicate that the selling pressure is reducing. The pair could then rally to $3,745, which is likely to behave as a stiff hurdle.

XRP price analysis

XRP bounced off the breakout level of $2.91 on Jan. 20, indicating that the bulls are trying to flip the level into support.

The XRP/USDT pair is likely to pick up momentum after buyers push and sustain the price above the $3.40 overhead resistance. That could start the next leg of the uptrend toward the pattern target of $4.84.

 The first sign of weakness will be a break and close below the 20-day EMA ($2.75). The pair may then sink to the 50-day SMA ($2.46). This is an important level to watch out for because a drop below the 50-day SMA could start a decline to $2.

Solana price analysis

Solana has been hugely volatile for the past two days, indicating an intense battle between the bulls and the bears.

The upsloping 20-day EMA ($214) and the RSI near the overbought zone suggest that buyers are in command. A close above $260 improves the prospects of a retest of the all-time high at $295. If this level is scaled, the SOL/USDT pair may surge to $300 and eventually $375.

Contrary to this assumption, if the price turns down and breaks below $229, it will signal that the bulls are rushing to the exit.  The pair may then drop to the 20-day EMA. A deep correction is likely to delay the start of the next leg of the uptrend.

Dogecoin price analysis

Dogecoin has been rising inside an ascending channel pattern for the past few days, indicating buying on dips and selling on rallies.

The 20-day EMA ($0.36) is flattening out, and the RSI is near the midpoint, signaling a balance between supply and demand. If the price dips below the channel, the DOGE/USDT pair could slide to the $0.27 to $0.23 support zone. Buyers are expected to fiercely defend the zone.

The bulls will be back in the driver’s seat on a close above the channel. That could clear the path for a rally to $0.48. Sellers are expected to vigorously defend the $0.48 level because a break above it may propel the pair to $0.59.

 Cardano price analysis

Cardano has been trading inside the symmetrical triangle pattern, indicating indecision between the bulls and the bears.

It is difficult to predict the direction of the breakout with certainty as the flattish moving averages and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. 

If buyers drive the price above the triangle, the ADA/USDT pair could pick up momentum and rally to $1.33. If this level is crossed, the rally could extend to $1.64. On the other hand, a break and close below the triangle could sink the pair to $0.80.

Chainlink price analysis

Chainlink bounced off the 20-day EMA ($22.72) on Jan. 19, indicating that the sentiment remains positive, and traders are buying on dips.

The LINK/USDT pair rose above the $26 overhead resistance on Jan. 20, indicating that the bulls remain in control.  If the price sustains above $26, the pair could retest the overhead resistance at $31.

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