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01/29 16:02
PRICE ANALYSIS JANUARY 27
PRICE ANALYSIS JANUARY 27
BTC, ETH, XRP, SOL, DOGE, ADA, LINK
Bitcoin price analysis
Bitcoin plunged below the moving averages on Jan. 27, but the bulls are trying to defend the 50-day SMA ($99,382).
Both moving averages are flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price rises and maintains above the 20-day EMA ($101,086), the bulls will again try to drive the BTC/USDT pair to $109,588.
Conversely, a close below the 50-day SMA will open the doors for a fall to the support of the range at $90,000. Buyers are expected to aggressively defend the $90,000 to $85,000 zone because a break below it will signal that the pair may have topped out in the short term.
Ether price analysis
Ether slipped below the neckline of the head-and-shoulders pattern on Jan. 27. If the price closes below the neckline, the setup will be complete.
The ETH/USDT pair could decline to $2,850, which is likely to act as a formidable support. If the price rebounds off $2,850 but turns down from the 20-day EMA ($3,308), it will indicate that bears are selling on rallies. That increases the risk of a break below $2,850. If that happens, the pair may drop to $2,400.
Time is running out for the bulls. If they want to limit the downside, they will have to quickly push the price back above the 50-day SMA ($3,455). The pair may then rally to $3,745.
XRP price analysis
XRP continued lower and broke below the breakout level of $2.91 on Jan. 27, indicating profit booking at higher levels.
The long tail on the day’s candlestick shows solid buying near the 50-day SMA ($2.54). If the price sustains above $2.91, the bulls will try to thrust the XRP/USDT pair to the downtrend line. A break and close above the downtrend line will improve the prospects of the resumption of the uptrend.
Alternatively, if the price turns down and tumbles below the 50-day SMA, it will signal that the bulls are losing their grip. That could accelerate selling, and the pair may fall to $2.20 and, after that, to $2.
Solana price analysis
Repeated failure to maintain Solana above $260 may have tempted short-term traders to book profits.
The SOL/USDT pair turned down sharply on Jan. 26 and broke below the 20-day EMA ($231) on Jan. 27. The pair could drop to the 50-day SMA ($211), which is expected to act as strong support. However, the bears are unlikely to give up and will try to sell the rallies. If the 50-day SMA cracks, the pair may dive to $200 and then to $180.
This negative view will be invalidated if the price maintains above the 20-day EMA. That will indicate solid demand at lower levels. The pair may then attempt a rally to $260.
Dogecoin price analysis
Dogecoin broke below the ascending channel pattern on Jan. 27, indicating that the bears are trying to take charge.
There is solid support at $0.30, but if the level breaks down, the DOGE/USDT pair could descend to the 61.8% Fibonacci retracement level of $0.27 and eventually to the breakout level of $0.23. Such a deep correction will suggest that the pair may have topped out in the near term.
If buyers want to make a comeback, they will have to push and sustain the price above the moving averages. The pair may ascend to $0.40 and later to $0.43.
Cardano price analysis
Cardano closed below the uptrend line of the symmetrical triangle pattern on Jan. 26, indicating that the uncertainty resolved in favor of the bears.
The bulls are defending the support at $0.87, but the recovery is expected to face selling at the moving averages. If the price turns down sharply from the moving averages, it will suggest that bears remain in control. That increases the possibility of a drop to $0.80 and subsequently to $0.76.
The first sign of strength will be a break and close above the 20-day EMA ($0.98). The ADA/USDT pair may then attempt a rally to the resistance line.
Chainlink price analysis
Chainlink’s failure to rise above the $27.41 overhead resistance may have attracted profit booking by short-term traders.
The LINK/USDT pair dropped below the moving averages, but the long tail on the candlestick shows buying at lower levels. If the price maintains above the moving averages, the bulls will make another attempt to propel the pair above $27.41. If they succeed, the pair could rise to $31.
On the contrary, a close below the moving averages will indicate a range-bound action between $20 and $27.41 for some more time.
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