litecoin

Bitcoin and select altcoins continue to consolidate near their recent highs, increasing the possibility of an upside breakout.

After two weeks of a stupendous rally, Bitcoin’s (BTC) price has largely been flat this week. This is a positive sign as it shows that market participants are not growing nervous before a slew of central bank meetings take place next week. The United States Federal Reserve, European Central Bank and Bank of England are scheduled to announce their policy decisions next week.

The confidence of the bulls received another boost after the U.S. core personal consumption expenditures (PCE) data for December showed the slowest annual rate of increase since October 2021. The core PCE rose 4.4% from a year ago, meeting analyst expectations.

According to a report by Markus Thielen, the head of research and strategy at Matrixport, U.S. institutions have not abandoned the cryptocurrency markets. The financial services firm arrived at this conclusion by assuming that if the gains happened during U.S. trading hours, it is because institutions are buying. Using this metric, the firm said that 85% of the rally in January was due to institutional buying.

Could Bitcoin and select altcoins shrug off their range-bound action and resume the uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin soared to $23,816 on Jan. 25 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

The repeated failure of the BTC/USDT pair to maintain above $23,000 may tempt short-term traders to book profits. The immediate support is at $22,292. If this level gives way, the pullback could reach the 20-day exponential moving average ($21,172).

This is an important level to keep an eye on because a sharp rebound off it will suggest strong demand at lower levels. The pair could then again try to resume its up-move and reach the critical overhead resistance at $25,211.

On the other hand, if the price turns down and plummets below the 20-day EMA, it will signal that bulls may be rushing to the exit. The bears may gain back control below $20,400.

ETH/USDT

Buyers could not build upon Ether’s (ETH) solid rebound off the 20-day EMA ($1,520) on Jan. 25, which suggests that bears are selling on recoveries near the overhead resistance of $1,680.

The bears will have to pull the price below the horizontal support near $1,500 to tilt the short-term advantage in their favor. The ETH/USDT pair could then start its decline toward the strong support at $1,352.

If bulls want to avoid this near-term bearish view, they will have to quickly drive the price above the overhead resistance at $1,680. If they manage to do that, the pair could start its journey to $2,000, with a brief stop-over at $1,800.

BNB/USDT

BNB (BNB) has been sandwiched between the 20-day EMA ($293) and the overhead resistance of $318 for the past few days. This shows that bulls are buying the dips to the 20-day EMA and bears are selling on rallies near $318.

The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate buyers have a slight edge. To build upon this advantage, the bulls will have to propel and sustain the price above $318. If they succeed, the BNB/USDT pair could pick up momentum and surge to $360.

The bears are likely to have other plans. They will try to fiercely protect the $318 level and tug the price below the 20-day EMA. If they do that, the pair could drop to $281. This level may act as a minor support but if cracks, the pair could touch the 50-day simple moving average ($270).

XRP/USDT

XRP (XRP) jumped from the 20-day EMA ($0.39) on Jan. 25 and rose above the $0.42 overhead resistance but the buyers could not sustain the price above it.

The repeated failure to clear the overhead hurdle may tempt the short-term bulls to book profits. That could drag the price below the 20-day EMA and open the doors for a possible drop to the 50-day SMA ($0.37).

This negative view could invalidate in the near term if the price turns up from the 20-day EMA and ascends the $0.42 to $0.44 zone. The XRP/USDT pair could then start a strong rally that could touch $0.51.

ADA/USDT

Cardano (ADA) rose above the $0.38 overhead resistance on Jan. 26 but the bulls could not sustain the higher levels. Still, it is pertinent to note that if a resistance gets pierced frequently, it tends to weaken.

The bulls will once again try to thrust the price above the overhead resistance. If they can pull it off, the ADA/USDT pair could spurt to $0.44. This level may again act as a formidable barrier but if the bulls do not give up much ground, the pair could continue its uptrend.

The upsloping 20-day EMA indicates advantage to buyers but the negative divergence on the RSI cautions that the bullish momentum may be weakening. The bears will have to sink the price below the 20-day EMA to start a deeper correction to the 50-day SMA ($0.30).

DOGE/USDT

Dogecoin (DOGE) bounced off the 20-day EMA ($0.08) on Jan. 25 but the bulls could not continue the recovery on Jan. 26. The price turned down and slipped to the 20-day EMA on Jan. 27.

The DOGE/USDT pair is stuck between $0.09 and the 20-day EMA for the past few days. If the price turns up from the current level and rises above $0.09, the likelihood of a rally to the next resistance at $0.11 increases.

Alternatively, if the price continues lower and plunges below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair could then dive to the strong support at $0.07. Such a move could point to a possible range-bound action between $0.07 and $0.09 for a few more days.

MATIC/USDT

Polygon (MATIC) rebounded off the 20-day EMA ($0.97) on Jan. 25 and skyrocketed above the crucial resistance of $1.05 on Jan. 26. The break above this level indicates that the uncertainty of the range resolved in favor of the bulls.

The buyers continued to build upon the momentum and the MATIC/USDT pair crossed the minor resistance at $1.16 on Jan. 27. This clears the path for a possible rally to $1.30 where the bears may again mount a strong defense. If bulls surmount this obstacle, the rally could extend to $1.50.

Contrarily, if the price turns down sharply and breaks below $1.05, it will suggest that the breakout may have been a bull trap. The pair could then slide to $0.91.

Related: Litecoin 'head fake' rally? LTC price technicals hint at 65% crash

LTC/USDT

Litecoin (LTC) has been oscillating between the 20-day EMA ($85) and the overhead resistance at $92 for the past few days. This suggests uncertainty among the bulls and the bears about the next directional move.

Although the upsloping moving averages indicate advantage to the bulls, the negative divergence on the RSI suggests that the buying pressure seems to be decreasing. The bears will gain the upper hand if they succeed in pulling the price below the 20-day EMA.

That could trigger the stops of short-term traders and the LTC/USDT pair could then tumble to $81 and later to $75.

If bulls want to assert their dominance, they will have to kick and sustain the price above $92. That could signal the resumption of the uptrend. The pair could then travel to $100 and subsequently to $107.

DOT/USDT

Polkadot (DOT) has been trading near the resistance line for the past few days. Usually, a tight consolidation near a strong overhead resistance shows that buyers are holding on to their positions as they anticipate a move higher.

If buyers catapult the price above the resistance line, the DOT/USDT pair could signal a potential trend change. The pair could then start its journey toward $8.05, with a short stop-over at $7.42.

Conversely, if the price fails to maintain above the resistance line, it will suggest that demand dries up at higher levels. That could attract profit-booking by the short-term traders. The pair could first drop to the 20-day EMA ($5.88) and if this level collapses, the decline could reach $5.50.

AVAX/USDT

The bulls tried to propel Avalanche (AVAX) above the resistance line on Jan. 26 but the bears thwarted their attempt. The bulls did not cede ground to the bears and are again trying to overcome the barrier on Jan. 27.

The upsloping moving averages and the RSI near the overbought territory indicate the path of least resistance is to the upside. If the price breaks above the resistance line, the AVAX/USDT pair could rally to $22 and thereafter to $24.

On the downside, a break and close below the 20-day EMA ($16.31) will be the first indication that the buying pressure is reducing. That could open the doors for a possible drop to $14.65 and thereafter to the 50-day SMA ($13.69).

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and the wider crypto market began to correct after the bullish momentum that drove last week’s rally to year-to-date highs started to fizzle out.

Bitcoin (BTC) has been consolidating near $23,000 for the past few days. The next big question troubling investors is whether the rally is over or if Bitcoin resume its recovery.

The strong year-to-date rally in Bitcoin has turned several analysts bullish in the short term. They anticipate Bitcoin to extend its up-move and reach $25,000 and even $30,000.

However, for the slightly longer term, analysts seem to be divided. In comments to Cointelegraph, economist Lyn Alden said Bitcoin could face “considerable danger” in the second half of 2023 as liquidity risks rise.

On the other hand, ARK Invest CEO and chief investment officer Cathie Wood said in a company video blog on Jan. 23 that crypto assets could witness a huge turnaround in 2023 as the Fed pivots due to falling inflation.

What are the critical support and resistance levels to watch out for? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been witnessing a see-saw battle near $22,800. The bears want to stall the up-move at this level but the bulls are not willing to surrender.

The rising 20-day exponential moving average ($20,700) and the relative strength index (RSI) in the overbought zone suggest that bulls have the upper hand. Buyers will have to kick the price above $23,371 to start the next leg of the rally to $25,211.

If the price turns down from the current level and breaks below $22,292, it could trigger the stops of several short-term traders. That could intensify selling and the BTC/USDT pair could dive to $21,480.

If the price rebounds off this level, the bulls will again try to resume the up-move. The short-term trend may turn bearish below $20,400.

ETH/USDT

After forming Doji candlestick patterns on Jan. 22 and 23, Ether (ETH) turned down sharply on Jan. 24, indicating that the uncertainty resolved in favor of the bears.

The ETH/USDT pair corrected to the 20-day EMA ($1,496) on Jan. 25, which is a crucial support to keep an eye on. If the price bounces off this level, it will suggest that the sentiment remains positive and traders are buying near support.

The pair could then retest the resistance at $1,680. A break above this level could signal the start of the next leg of the up-move. The pair could first rise to $1,800 and thereafter dash toward $2,000.

This bullish view could be negated in the short term if the price plunges below the 20-day EMA. The pair could then fall to $1,352.

BNB/USDT

BNB (BNB) soared above the overhead barrier at $318 on Jan. 24 but the bulls could not maintain the breakout as seen from the long wick on the day’s candlestick.

The bulls purchased the dip to the 20-day EMA ($290) on Jan. 25 as seen from the long tail on the candlestick. This suggests that the BNB/USDT pair could swing between the 20-day EMA and $318 as the bulls and the bears try to assert their supremacy.

If the price rises above $318, it will indicate that the bulls have overpowered the bears. That could catapult the pair to $360. Conversely, a collapse below the 20-day EMA could tilt the advantage in favor of the bears. The pair could then plunge to the 50-day SMA ($270).

XRP/USDT

XRP (XRP) broke above the $0.42 overhead resistance on Jan. 23 but that proved to be a bull trap. The bears yanked the price back below the breakout level on Jan. 24.

The critical level to watch on the downside is the 20-day EMA ($0.38). If the price rebounds off this support, it will indicate that lower levels continue to attract buyers. The bulls will then try to drive the price above the $0.42 to $0.44 zone. If they succeed, the XRP/USDT pair could start an up-move to $0.51.

If bears want to strengthen their position, they will have to drag the price below the 20-day EMA. That could tempt short-term traders to book profits and the pair may plummet to the 50-day SMA ($0.37).

ADA/USDT

Cardano’s (ADA) rally seems to have hit a wall near $0.38. The bears repeatedly thwarted attempts by the bulls to overcome this barrier between Jan. 22 and Jan. 24.

The RSI is showing signs of a negative divergence, signaling that the bullish momentum could be slowing down. Sellers could strengthen their position further if they pull and sustain the price below the 20-day EMA ($0.34). The ADA/USDT pair could first slump to $0.32 and after that to the 50-day SMA ($0.30).

Alternatively, if the price turns up and ascends above $0.38, it will negate the negative divergence. The pair could then travel to $0.44.

DOGE/USDT

Dogecoin (DOGE) has been facing strong resistance at $0.09. The price once again turned down from this level and slipped to the 20-day EMA ($0.08) on Jan. 24.

If the price continues lower and breaks below the moving averages, it will suggest that the bulls may be losing their grip. The DOGE/USDT pair could then extend its stay inside the $0.07 to $0.09 range for a few more days.

On the contrary, if bulls want to retain their edge, they will have to quickly propel and sustain the price above $0.09. That could open the doors for a rally to $0.11, which may again act as a formidable resistance.

MATIC/USDT

The bulls again tried to thrust Polygon (MATIC) above the overhead resistance at $1.05 on Jan. 24 but the bears did not budge. That pulled the price down to the 20-day EMA ($0.93).

If buyers want to keep the upper hand, they will have to protect the 20-day EMA with vigor. The MATIC/USDT pair could then again rise to $1.05. Usually, a tight consolidation near a stiff overhead resistance resolves to the upside. If that were to happen, the pair could ascend to $1.16 and subsequently to $1.30.

Contrary to this assumption, if the price turns down and tumbles below the 20-day EMA, it will suggest that the pair could remain stuck inside the range between $0.69 and $1.05 for a while longer.

Related: Six on-chain metrics suggesting Bitcoin is a ‘generational buying opportunity’

LTC/USDT

Litecoin (LTC) remains in a strong uptrend. Buyers pushed the price above $93 on Jan. 23 but the bears sold at higher levels as seen from the long wick on the day’s candlestick.

The price has pulled back to the 20-day EMA ($84), which is likely to act as a strong support. Buyers will have to push and sustain the price above $92 to signal the resumption of the up-move. The LTC/USDT pair could then jump to $100 and later to $107.

Contrarily, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that traders are booking profits. That could start a correction to the breakout level of $75.

DOT/USDT

Polkadot (DOT) nudged above the resistance line on Jan. 23 and Jan. 24 but the bulls could not sustain the higher levels. This suggests that bears are selling on rallies.

While the upsloping 20-day EMA ($5.73) indicates advantage to buyers, the negative divergence on the RSI suggests that the bullish momentum may be weakening.

If the price rebounds off the 20-day EMA with strength, it could increase the possibility of a break above the resistance line. The DOT/USDT pair could then climb to $7.42 and later to $8.05.

The bears will gain the upper hand if they sink the price below the 20-day EMA. That could start a deeper correction to $5.50 and below that to the 50-day SMA ($5.08).

AVAX/USDT

Avalanche (AVAX) turned down from the resistance line on Jan. 24, indicating that bears are defending this level aggressively.

The important support to watch on the downside is the 20-day EMA ($15.79) as the bulls are expected to buy the dips to this level. If the price rebounds off the 20-day EMA, the buyers will again try to clear the overhead hurdle. If they manage to do that, the AVAX/USDT pair could rise to $22 and thereafter to $24.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then decline to the 50-day SMA ($13.48).

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and altcoins appear to have shaken off the Genesis bankruptcy news by bouncing off their immediate support levels and rallying higher.

The United States equities markets are on track to finish the week in the red but that has not resulted in a deeper loss for Bitcoin (BTC). The news of cryptocurrency lender Genesis filing for Chapter 11 bankruptcy also did not have any meaningful impact on Bitcoin’s price. This shows that the selling pressure could be reducing.

However, trading firm QCP Capital warned in the latest edition of its regular markets newsletter that the current recovery in Bitcoin was only a bear market relief rally. They anticipate this recovery to be followed by another bout of selling which could sink the price of Bitcoin and Ether (ETH) below their 2022 low. QCP used the Elliott Wave analysis to arrive at this conclusion.

After an extended bear phase, the price action always climbs a wall of worry during the initial days of a new bull market. At that time, several analysts remain in disbelief as they keep expecting the price to move lower but traders could catch a change in trend if they keep an eye on the formation of higher highs and higher lows.

Are Bitcoin and select altcoins showing signs of a bottom formation? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s price has been trading in a tight range between $20,400 and $21,650 for the past few days. Usually, a tight consolidation near a stiff resistance is a positive sign as it shows that traders are not rushing to book profits.

The upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside. Buyers will have to drive and sustain the price above $21,650 to signal the resumption of the up-move. The BTC/USDT pair could then start its journey toward $25,211.

Conversely, if bears do not allow the price to rise above $21,650, several traders who may have purchased at lower levels could be tempted to book profits. The selling could magnify on a break below $20,400.

The next support on the downside is the 20-day exponential moving average ($19,268). If the price rebounds off this support, the bulls will again try to clear the overhead hurdle at $21,650 but if the 20-day EMA cracks, the correction could extend to $18,388.

ETH/USDT

The sellers tried to start a deeper correction in Ether but the bulls purchased the dip near $1,500 on Jan. 18. This shows that the bulls are buying on minor pullbacks.

The bulls will try to propel the price above the overhead resistance zone between $1,610 and $1,680. If they succeed, the ETH/USDT pair could move to $1,800. This level may again act as a barrier but if bulls overcome it, the pair could reach $2,000.

If bears want to weaken the momentum, they will have to defend the overhead zone and yank the price below $1,500. The pair could then slide to the 20-day EMA ($1,428), which may attract buyers.

BNB/USDT

BNB (BNB) bounced off the 20-day EMA ($281) on Jan. 19 but the bulls are struggling to sustain the momentum as higher levels are attracting sellers.

The zone between the 20-day EMA and the 50-day SMA ($268) is an important one to keep an eye on because if the price turns up from it, the bulls will again try to thrust the BNB/USDT pair above $318. If they do that, the pair will complete a bullish inverse head and shoulders pattern.

On the other hand, if the price continues lower and breaks below the moving averages, it could clear the path for a possible drop to $240 and later to $220.

XRP/USDT

XRP (XRP) found support at the moving averages on Jan. 18 and turned up on Jan. 19. This indicates strong buying at the 20-day EMA ($0.37).

Buyers will try to maintain the tempo and push the price to the overhead resistance at $0.42. This is a key level for the bears to defend because if it gets taken out, the XRP/USDT pair could surge to $0.51 as there is no major obstacle in between.

The bears are likely to have other plans as they will again try to pull the price below the moving averages. If they manage to do that, the pair could plummet to the support line where buying may emerge.

ADA/USDT

Cardano (ADA) turned up from the support line of the flag pattern on Jan. 19, which is a positive sign. Buyers will try to propel the price above the flag to signal the start of the next leg of the up-move.

On a break above the flag, the bears may mount a strong defense at $0.37 but if bulls overcome this barrier, the ADA/USDT pair could soar to $0.44. This level may again prove to be a sticking point for the bulls.

This positive view could invalidate in the near term if the price turns down and plummets below the flag. That could attract further selling from short-term traders and the pair may slump to the 50-day SMA ($0.29).

DOGE/USDT

Buyers attempted to kick Dogecoin (DOGE) above $0.09 on Jan. 18 but the bears aggressively protected the level as seen from the long wick on the day’s candlestick.

The bulls held the 20-day EMA ($0.08) support on the downside but the weak bounce on Jan. 19 and Jan. 20 indicates hesitation to buy aggressively. This may embolden the bears who will try to sink the DOGE/USDT pair below the 20-day EMA.

If they do that, the pair could tumble to the strong support near $0.07. The flattening 20-day EMA and the RSI just above the midpoint indicate a possible range-bound action in the near term.

If bulls want to maintain their advantage, they will have to clear the hurdle at $0.09. The pair could then start its northward march to $0.11.

MATIC/USDT

Polygon (MATIC) is trading inside the large range between $0.69 and $1.05. Generally, in a well-established range, traders buy near the support and sell close to the resistance.

That is what happened with the MATIC/USDT pair which turned down from the overhead resistance at $1.05. The first line of support is at the 20-day EMA ($0.90). Buyers held this level on Jan. 19 but they will need to propel the price above $1.05 to start a new up-move.

Alternatively, if the price breaks below the 20-day EMA, it will indicate that the pair may extend its stay inside the range for a few more days. The short-term advantage could tilt in favor of the bears on a break below the 50-day SMA ($0.86).

Related: Bitcoin eyes $21.4K zone as analyst predicts BTC price will chase gold

LTC/USDT

Litecoin (LTC) sprung back from the 20-day EMA ($81) on Jan. 19, indicating that the bulls are viewing the dips as a buying opportunity.

The bulls will try to propel the price to $91 where they may run into strong resistance by the bears. If the bulls bulldoze their way above $91, the LTC/USDT pair could accelerate and reach the psychologically important level of $100 and then $107.

Another possibility is that the bounce fizzles out and does not rise above $91. That could increase the likelihood of a break below the 20-day EMA. The pair could then collapse to the breakout level of $75.

DOT/USDT

Polkadot (DOT) continues to witness a see-saw battle near the downtrend line. This indicates that lower levels are attracting buyers but the bears are selling on rallies.

The rising 20-day EMA ($5.34) and the RSI in the positive territory suggest that the uncertainty may resolve in favor of the bulls. The buyers will have to thrust the price above $6.53 to take charge. If they can pull it off, the DOT/USDT pair could soar to $7.42 and thereafter to $8.05.

Contrary to this assumption, if the price turns down and dives below the 20-day EMA, it will indicate that bears have overpowered the bulls. That could pull the price down to the 50-day SMA ($5).

AVAX/USDT

Avalanche (AVAX) turned down from the resistance line on Jan. 14 but the bears failed to pull the price to the 20-day EMA ($14.72). This suggests that the sellers may be losing their grip.

Buyers will make one more attempt to drive the price above the resistance line. If they succeed, the AVAX/USDT pair could pick up momentum and rally to $22 and thereafter to $24. The rising 20-day EMA and the RSI near the overbought zone indicate advantage to buyers.

This positive view could be negated in the short term if the price turns down and plunges below the 20-day EMA. That could attract further selling and the pair could then extend its decline to the 50-day SMA ($13.09).

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Positive U.S. economic data initially propped up crypto and stock markets, but it appears that bulls lack the might to keep the rally rolling.

The United States producer price index (PPI) fell 0.5% for the month, which was much more than the 0.1% decline estimated by economists surveyed by Dow Jones. The largest monthly decline since April 2020 was also aided by a sharp drop in energy prices. 

Another report showed that the retail sales data dropped 1.1% in December, a tad bit more than the anticipated 1% decrease.

Although both data points show inflation is cooling off, the U.S. stock markets failed to hold on to their initial gains. Similarly, several cryptocurrencies sold off from their intraday highs, indicating that traders may have booked profits ahead of the Federal Reserve’s meeting on Feb. 1.

The strong crypto recovery in the past few days has seen traders return to the fore. Bitcoin’s (BTC) trading volume soared 114% over seven days. Strong volume accompanied by a sharp rise in prices usually indicates aggressive buying by the bulls. This increases the likelihood that Bitcoin’s November low at $15,476 may not be breached.

How far could Bitcoin and altcoins correct and what are the important support levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rose above the overhead resistance of $21,480 on Jan. 17 and Jan. 18 but the bulls could not sustain the higher levels as seen from the long wick on the candlesticks. This shows that the bears are protecting the level.

The failure to sustain above the overhead resistance may attract profit-booking by short-term traders. That could start a short-term correction in the BTC/USDT pair. The first strong support is the 38.2% Fibonacci retracement level of $19,489.

If the price springs back from this level, it will suggest that shallow dips are attracting buyers. The bulls will then again attempt to thrust the price above $21,480. If they succeed, the pair could start the next leg of the up-move to $25,000.

This bullish view could be invalidated if the price continues lower and breaks below the 20-day exponential moving average ($18,865).

ETH/USDT

The $1,600 level in Ether (ETH) has proven to be a formidable resistance for the bulls. Although buyers managed to break above this resistance, they could not achieve a close above it.

The ETH/USDT pair could start a pullback that could reach the 38.2% Fibonacci retracement level of $1,439 and then the 20-day EMA ($1,400).

This zone could entice buyers who may have missed the bus previously. That could result in a retest of the $1,600 resistance. If this level is scaled on a closing basis, the pair could soar to $1,800 and then make a dash to $2,000.

If bears want to invalidate this positive view, they will have to pull the price back below the 20-day EMA.

BNB/USDT

BNB (BNB) retreated from the overhead resistance of $318 on Jan. 14 and reached the 20-day EMA ($280) on Jan. 18. Buyers bought this dip with vigor as seen from the long tail on the day’s candlestick.

Buyers will try to build upon this momentum and catapult the price above the overhead resistance at $318. If they manage to do that, the BNB/USDT pair could march toward $338. The bears may mount a strong defense at this level but if bulls clear this hurdle, the pair could skyrocket to $400.

Contrary to this assumption, if the price breaks below the 20-day EMA, it will suggest that the pair may oscillate inside the large range between $250 and $338 for a while longer.

XRP/USDT

XRP (XRP) turned down and slipped to the moving averages on Jan. 18 but the long tail on the candlestick indicates aggressive buying at lower levels.

The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls could prevail. A break and close above $0.42 could start an up-move that may hit the overhead resistance at $0.51. This level may again attract selling but if bulls pierce this resistance, the rally could stretch to $0.56.

If bears want to prevent the bulls from launching the price higher, they will have to pull and sustain the XRP/USDT pair back below the moving averages.

ADA/USDT

Cardano (ADA) has formed a bullish flag trading pattern in the past few days. If buyers propel the price above the flag, it will point to a possible resumption of the up-move.

The ADA/USDT pair could first surge to $0.44 and thereafter to the psychologically crucial level of $0.50. Such a move will suggest that the downtrend may have ended.

The bears may not want that to happen. They will try to pull the price below the flag. If they manage to do that, the pair could slump to the 20-day EMA ($0.31). If the price rebounds off this level with strength, buyers will again try to overcome the obstacle at $0.37.

Conversely, a break below the moving averages could tilt the advantage back in favor of the bears.

DOGE/USDT

Dogecoin’s (DOGE) recovery faced rejection near $0.09 on Jan. 14 and again on Jan. 18, which shows that the bears have not given up and are active at higher levels.

The bears pulled the price below the moving averages on Jan. 18 but have failed to sustain the lower levels. The gradually rising 20-day EMA ($0.08) and the RSI in the positive zone indicate that bulls have a slight edge. Buyers will try to kick the price above $0.09 and start the northward march toward $0.11.

On the contrary, if the price closes below the moving averages, the DOGE/USDT pair could tumble to the critical support at $0.07.

MATIC/USDT

Buyers again tried to thrust Polygon (MATIC) above the overhead resistance of $1.05 on Jan. 16 but the bears held their ground.

The repeated failure to clear the overhead hurdle may tempt the short-term traders to book profits. If that happens, the MATIC/USDT pair could slump to the 20-day EMA ($0.90). Such a move will suggest that the pair may extend its stay inside the large range between $0.69 and $1.05 for some more time.

Alternatively, if the price turns up and pops above $1.05, it will signal the start of a new up-move. The pair could then rally to $1.30.

Related: Ethereum price technicals hint at 35% gains versus Bitcoin in 2023

LTC/USDT

Litecoin’s (LTC) up-move faltered near $91 on Jan. 14 and the bears pulled the price back to the 20-day EMA ($80) on Jan. 18. Buyers are trying to protect the level as seen from the long tail on the day’s candlestick.

The upsloping 20-day EMA and the RSI in the positive zone indicate a mild advantage to buyers. If the price turns up and climbs above $91, the LTC/USDT pair could soar to $100 and then to $107.

On the other hand, if the price slides below the 20-day EMA, the pair could reach the breakout level of $75. This is an important level for the bulls to defend because if this support cracks, the pair could plunge to $65.

DOT/USDT

Polkadot (DOT) has been trading near the downtrend line for the past few days, indicating a tussle between the bulls and the bears for supremacy.

The 20-day EMA ($5.24) has started to turn up and the RSI is near the overbought territory indicating the path of least resistance is to the upside. If buyers drive the price above $6.53, the DOT/USDT pair could pick up momentum and travel to $7.42 and thereafter to $8.05.

Contrarily, if the price turns down and slips below $5.60, it will signal that bears are trying to make a comeback. The sellers will come out on top if they manage to sink the pair below the moving averages.

AVAX/USDT

Avalanche (AVAX) skyrocketed above the downtrend line on Jan. 11, indicating a potential trend change. The bears have not yet given up as they are trying to stall the up-move at $18.54.

The upsloping 20-day EMA ($14.42) indicates advantage to buyers but the RSI in the overbought zone suggests a few days of consolidation or a minor correction in the short term.

If the price turns down and breaks below $15.50, the AVAX/USDT pair could drop to the 20-day EMA. This is an important level to keep an eye on because a bounce off it could increase the likelihood of a rally to $20.63. The bears will gain the upper hand if the pair plummets below the 20-day EMA.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.