Here is a roundup of January’s 1st and 2nd weeks in the crypto market. In this 2 weeks crypto market roundup, you are going to find technical price breakdowns for the top 5 altcoins by price performance in the last 7 – 14 days.
Top Crypto Roundup Coin #1: Bitcoin
Bitcoin is number #1 on this bi-monthly crypto roundup report. Bitcoin is heading towards its bottom, and most believe this could be the start of the bull run, as Bitcoin begins its recovery. Already, breaking above support of $20K has managed to offset entire losses that occurred due to the crash of FTX. Between January 12 and the writing of this article, Bitcoin has been on an uptrend after breaking stiff overhead resistance at $18.38K. This is as well another indication that the bears are losing their strength in the market.
Bitcoin steered away from a weekly high of $21,230 on Jan.14 after rallying all the way from $18,338 on Jan.13. A sharp plummet to $20,224 followed the weekly surge, therefore suggesting possibilities of price consolidation. Sellers can only prevent a bullish market from taking place if they pull down the price to the 20-day EMA at $17,300. On the 1-hour chart as at the writing of this analysis, the price almost broke above the next major resistance level at $21,500. BTC set a daily high at $21,490 on the 1-hour chart.
Ethereum
Ethereum began its upward momentum on January 11, when the leading altcoin broke above the $1,352 upper resistance. The price then traced up another movement that saw the bulls break another downward trendline and resist downside pressure. On January 13, the bulls reinforced their grip and pushed the price above $1,460, after which the price underwent more momentum and rallied to $1,589. Since January 14, the price has been undergoing a head-with-shoulder pattern, until today when the price hit $1,600.
The bears have been attempting to stagnate the upward momentum, and mostly pull the price below $1,352, which is the breakout level. This will then usher in the 20-day exponential moving average which is slightly below $1,300. If this does not take place, thanks to buy-the-dip investors who will be actively trading the market. And if it’s the case, there exists a very high chance of rallying to $1,700. Analysts believe the $1,700 level is the strongest major hurdle that Ethereum will face in the medium term.
Binance Coin
Binance Coin has been struggling with the 50-day simple moving average for days now, until January 14th when the BNB/USDT pair hit a weekly high of $313. The 50-day SMA at $268 has been a huge hurdle against buyer momentum.
The RSI is showing more strength towards buyers, and the likelihood of the bulls sustaining the $300 support level. Just in case the sellers manage to pull the price downwards, the most likely support after $300 will be the 20-day EMA ($266). However, if buyers manage to win another support, the price could jump above the $338 resistance level.
Ripple (XRP)
Ripple rallied all the way to $0.40880 from $0.36363 between January 13 and 14. The positive rally met great resistance on the 14th at the weekly high of $0.40880 and immediately sank to the 50-day simple moving average at $0.37623. The next days were followed by a wavy zig-zag pattern with the highest peak being $0.39500. This happened until January 16th when the price rallied to near $0.40880, before sinking once again. The buyers need to have enough strength to sustain the 50-day SMA because sinking below this point could welcome a downward trend. However, bulls still have the upper hand in the market, judging from the look of things.
Cardano
At number #5 of the crypto roundup is Cardano. Sellers are attempting to sink the price of Cardano into a 14-day falling wedge, where the weekly low is at $0.3322. The coin’s price is below $0.3400, at which point lies the lowest bottom of a zig-zag pattern from January 14th. However, buyers have attempted to recover the price of ADA/USDT, and therefore set a daily high of $0.3640 on January 16th.
High supply at the moment can only result in a drop to the 20-day exponential moving average at $0.2900. Meanwhile, more buyers’ strength will launch the price of ADA into a rally towards $0.4400.
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