How great are the chances to see the fall of the cryptocurrency market?
The bulls could not keep the rise going after yesterday’s bounceback, and all of the top 10 coins are in the red zone again.
BTC/USD
Yesterday afternoon, buyers were able to restore the price of Bitcoin (BTC) to the level of $38,950. At the end of the day, the fuse of the bulls dried up, and the bears immediately returned the pair below the level of the two-hour EMA55.
Tonight, the BTC price decline continued below the support of $36,000. During the day, the pair may sink to the $34,400 mark.
If the pressure of the bears does not weaken at this level, then in the second half of this week, the price can test the support of $32,500.
Bitcoin is trading at $37,036 at press time.
ETH/USD
Yesterday, the price of Ethereum (ETH) recovered to the $2,700 mark. The daily high is fixed at $2,725. Late in the evening, selling volumes began to pick up, and the bears pushed the price below the two-hour EMA55.
This morning, the pair rolled back to the area of $2,450, and if buyers fail to stop the price from sliding below the level of $2,300, then by the end of the week, one can see an update of the January low around the psychological level of $2,000.
Ethereum is trading at $2,514 at press time.
XRP/USD
Despite yesterday’s daily high at $0.66, the price of XRP has not been able to gain a foothold above the two-hour EMA55. By the end of the day, the sellers returned the price to the support of $0.60, and at night, the bears pushed the pair even lower.
As of this morning, the price of XRP has tested the level of $0.59.
If the bulls fail to seize the initiative in this area for further recovery to the resistance of $0.70, then the pair may reach the support of 0.50 USD before the upcoming weekend.
XRP is trading at $0.6146 at press time.
BNB/USD
Binance Coin (BNB) has followed the decline of Bitcoin (BTC), falling by 4.83% since yesterday.
After Binance Coin (BNB) has bounced off the support at $336, it keeps trading sideways, slightly approaching the zone of the most liquidity around $400. If bulls can get to this mark and fix above it, there are chances to see a bullish trend reversal. Such a scenario is relevant until mid-February.
BNB is trading at $375.4 at press time.
ADA/USD
Cardano (ADA) has lost less than BNB with a fall of $3.82.
Cardano (ADA) has come back to the zone above $1, which is good for bulls. If buyers can hold this mark and the trading volume increases, the current accumulation may be a prerequisite for further growth to the zone of the most liquidity around $1.30.
ADA is trading at $1.058 at press time.
Source: https://u.today/btc-eth-xrp-bnb-and-ada-price-analysis-for-january-27