Price Analysis January 27th, 2024 - BTC, DOGE, ETH, BNB, and SOL
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Bitcoin and Ethereum have now crossed above key resistance levels, indicating that the buyers are not looking to slow down any time soon. According to a report released by crypto exchange Bybit last week, institutional traders have continued to inject more funds into Bitcoin in recent weeks. The report shows that these traders are holding 36% of Bitcoin’s circulating supply. Many of them anticipate a price surge in January when the United States Securities and Exchange Commission is expected to approve at least one Bitcoin spot ETF.

Meanwhile, Matrixport’s crypto analyst Markus Theilen took to X over the weekend to reveal an interesting trend. He said the three previous cryptocurrency bears were followed by a 3-year bull run. He predicts Bitcoin to hit $65,000 by May next year and $130,000 by December 2025.

Will Bitcoin and other leading crypto assets continue rallying or should we expect the bears to make a comeback? We take a look at the price charts to find out.

Bitcoin Price Analysis

BTC is currently on a strong upward trend. This comes after the bears failed to protect the resistance at $40,100. The largest coin by market cap is now valued at $42,216. It hasn’t traded this high since April last year.

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The Relative Strength Index has entered the overbought territory, suggesting that we may soon witness a minor price correction. However, in some cases, when the upward trend is super strong, the Relative Strength Index tends to stay in the overbought zone for long. That said, Bitcoin could rally to $48,500 over the coming days.

Every price growth is making it tough for the sellers to cause a market downturn. If they wish to regain control of the market, they must pull Bitcoin below the 20-day Exponential Moving Average (EMA) of $37,897. Achieving this may cause BTC to correct to $34,782.

Ethereum Price Analysis

The Relative Strength Index on the Ethereum price chart formed a bullish setup after the token crossed above $2,210 a few days ago. Moreover, the 20-day EMA of $2,074 is rising, indicating that ETH’s price is likely to continue growing. One crucial point we need to watch out for is the $2,555 support level. A price reverse from this point can lead to a massive correction to the 50-day Simple Moving Average of $1,913.02. On the positive side, we could witness Ethereum grow to $3,026 if buyers overcome the challenge at $2,555.

BNB Price Analysis

BNB is still in a consolidation phase. The fourth biggest cryptocurrency has been trading between $223.16 and $239.78 since the final month of November. This shows that the bears and bulls remain undecided.

However, if BNB crosses above $239.77 and the bulls manage to sustain its price from there, the token may pick up a bullish momentum and rise to retest the resistance at $264.92. Conversely, a fall below $223.16 could motivate the bears to drag BNB to the support at $203.65.

XRP Price Analysis

Buyers managed to keep XRP above the 20-day Exponential Moving Average of $0.6199904 from Saturday to Monday. However, the buying activity wasn’t sufficient to push the token to higher levels, thus causing XRP to drop to $0.6154774 as of this writing. Nonetheless, the recent drop does not mean the bears have an advantage, given that the Relative Strength Index is at 51.72, suggesting a balance between demand and supply.

However, if XRP continues falling and crosses below the support at $0.5409351, a drop to $0.4600945 becomes likely. On the other hand, intense buying activity above $0.6199904 can cause the crypto asset to rally to $0.6791025.

Solana Price Analysis

Despite trading above the $60.93 resistance level since Friday, Solana has yet to retest $68.04, indicating a lack of demand at these high levels. But if the bulls succeed in thrusting and sustaining SOL above $68.04, the digital currency may hit $85.20 for the first time since April 2022. On the contrary, if Solana drops below $60.93 and the buyers fail to guard the 20-day EMA of $57.22, a fall to the $51.80 support is anticipated.

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James Davis

By James Davis

James Davis is a prominent crypto writer and analyst at Herald Sheets, recognized for his well-researched articles and thorough analysis of the dynamic digital currency market. Holding a degree in Economics from Harvard University, James combines his academic background with a keen interest in cryptocurrency to provide readers with the latest industry insights and trends.