Bitcoin bulls attempted to start a solid recovery rally on January 10th. However, the bears have been booking profits at prices above $95,000, signaling that selling pressure at higher levels continues to rise. The good news is that the bulls view prices below $95,000 as an opportunity to buy the dip.
On Thursday, Head of Research at BlockTrends, Caue Oliveira, noted that several large buyers have kept accumulating BTC every time it fell below $95,000 since the start of the year.
Meanwhile, asset management firm Bitwise expects demand for cryptocurrencies to grow in the coming months following its recent research findings, which showed that 57% of US financial advisers are planning to purchase digital assets under Donald Trump’s administration.
The arrival of these advisers could push cryptocurrencies into the ‘everything goes up’ phase, according to CEO Raoul Pal.
So, if increased demand triggers recovery rallies, what vital resistance areas do we need to monitor? Let’s take a look at the charts to find answers.
Bitcoin Price Analysis
Bitcoin reversed from $91,302 on January 9th, reaching $95,903 on January 12th. However, the bears have pulled it to $92,903 at press time and could be targeting the $90,093 support. If BTC hits $90,093 and the bulls let their guard down, the bears could fuel a downtrend to $85,123.
On the other hand, a sustained rally above $95,000 could allow Bitcoin to grow to $102,834 and later to $108,328, where selling seems likely.
Ethereum Price Analysis
ETH has trended downwards since completing a head-and-shoulders pattern last week. However, the bulls have continued to protect the uptrend line from collapsing, signaling their intentions to keep the coin above the $3,000.97 vital support.
But the Relative Strength Index (37.48) indicates that the bears have an edge, meaning if they keep applying pressure, $3,000.97 could give way, prompting a move to $2,848.75. Meanwhile, Ethereum could head toward the 20-day Exponential Moving Average of $3,453.92 if a solid recovery starts now.
XRP Price Analysis
XRP continues to consolidate inside the symmetrical triangle, suggesting balanced demand and supply. Nonetheless, the bulls are slightly advantaged, considering the coin is trading above the 20-day Exponential Moving Average of $2.27.
If the bulls cause a breakout at the resistance line of the triangle, XRP could rally to $2.72 and subsequently to $2.89, where profit-booking is likely. On the contrary, a close below the triangle’s support line would mean that the bears have become dominant. As such, XRP might drop below $2.03 to find support at $1.82 or even $1.63.
Sui Price Analysis
The support at the 20-day Exponential Moving Average of $4.63 has cracked, fueling a dip to $4.41 as of this writing. The sellers could now be aiming to pull Sui toward the 50-day Simple Moving Average of $4.22 and later to $4. Conversely, we may see the token rising to the $5.36 resistance if the buyers trigger a solid rally above $4.63.
Toncoin Price Analysis
TON bounced off near the $4.73 support over the weekend, hitting $5.07 at press time. If the bulls continue to mount pressure, a rally to the 20-day Exponential Moving Average of $5.56 and then to the 50-day Simple Moving Average of $5.96 could happen. On the contrary, SUI risks plunging to the $4.42 support if the bulls let $4.73 collapse.
BNB Price Analysis
The Binance Coin has now fallen below the 50-day Simple Moving Average of $692. If it trades below this vital level for an extended time, it will signal that the bears are in charge. As such, BNB could head the $634.16 support and later to $600. On the bullish side, thrusting the currency above the 20-day Exponential Moving Average of $700.83 could enable the buyers to cause a surge to $748.39.
Dogecoin Price Analysis
DOGE is still in a consolidation phase ($0.3023 – $0.4026). If it eventually breaks out at $0.3023, a journey to $0.2718 will begin. From a positive point of view, Dogecoin could rally to $0.4811 if a breakout happens at $0.4026.
