BTC, ETH, XRP, BNB, ADA and SOL Price Analysis for January 24
Have the major cryptocurrencies found their support level yet?
Another week has begun with another cryptocurrency market correction with all the top 10 coins in the red zone.
The price of Bitcoin (BTC) has fallen by 5.14%.
On the daily chart, the decline continued after bulls lost the $39,573 level. Right now, one should pay close attention to the around $30,000 support. There is a chance that bears will lose their ground.
In this case, Bitcoin could recover to $35,000.
Bitcoin is trading at $33,869 at the time of writing.
Ethereum (ETH) underperforms Bitcoin (BTC). The top cryptocurrency is down 8%.
Ethereum (ETH) is looking worse than Bitcoin (BTC), with price falling below the key support at $2,410. If the correction continues, the ETH could fall as low as $1,730. But if buyers can seize the opportunity and get back to $2,500, there could be a price hike in the near term.
Ethereum is trading at $2,266 at the time of printing.
XRP is no exception and is down 6.75%.
XRP is in the middle of the channel between the support at $0.50 and the resistance at $0.69. Until the coin starts trading sideways, neither bulls nor bears dominate the market. All in all, there is a slim chance that XRP will make another sharp move.
XRP is trading at $0.5786 at the time of writing.
Cardano (ADA) underperforms XRP, falling 9.31%.
Cardano (ADA) has broken below the vital support at $1,072 on the daily chart with increasing trading volume. If bears manage to do that, there is a possibility to see a further drop to $0.80 within the next few days.
ADA is trading at $1,017 at the time of writing.
Binance Coin (BNB) has followed the decline of Bitcoin (BTC) and is down 8.10% in the past day.
After the resistance test at $385, BNB continued its fall. At the moment, bears are more powerful than bulls and if buyers are unable to hold onto the fall price, the decline could soon push BNB below $300.
BNB is trading at $350.3 at the time of writing.
Solana (SOL) is the biggest loser today, down 12%.
From a technical standpoint, Solana (SOL) is well away from its USD 130 resistance level.
One should pay attention to the area around $100. If the daily candle stays above this key zone, there is a chance of a short term correction.
SOL is trading at $87.62 at the time of writing.