BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, SUI, LINK

Bitcoin (BTC) has fallen near $95,000, indicating that bears are trying to strengthen their position. A small advantage in favor of the bulls is that U.S. spot Bitcoin exchange-traded funds saw inflows of $52.4 million on January 7, despite Bitcoin falling more than 5%, according to Farside Investors data. This means that investors are not dumping their positions in anticipation of a resumption of the bull market.

Bitcoin could benefit from the addition of up to $612 billion in new liquidity in the first quarter of 2025, BitMEX co-founder Arthur Hayes said in a blog post. This could offset delays in implementing “cryptocurrency and business-friendly legislation” proposed by President-elect Donald Trump’s team.

Analysts are also reacting positively to Ethereum (ETH) along with Bitcoin. Head of research, Dr. Sean Dawson, told Cointelegraph that with a regulatory-friendly environment and a successful Pectra update, Ether could grow to $12,000 by the end of the year.

What are the important support levels to watch out for in Bitcoin and altcoins? Let’s analyze the top 10 cryptocurrencies chart to find out.

Bitcoin Price Analysis

If Bitcoin fails to stay above $100,000, short-term buyers may be tempted to take profits. This caused the price to fall below the January 7 moving average.

Both moving averages are flattening and the Relative Strength Index (RSI) is just below the midpoint, indicating that bullish momentum is waning. The BTC/USDT pair could fall towards $90,000, which is likely to act as solid support. Sellers would need to pull the price below the $90,000-$85,000 support zone to signal a near-term trend reversal.

Conversely, if the price rises from the current level and breaks above the moving average, it indicates that every small dip is being bought. This would improve the prospects of a rally above $102,725. If that happens, the pair could retest its all-time high of $108,353.

Ether Price Analysis

Ethereum continued to decline, falling below the January 7th breakout level of $3,555. This suggests that the January 3rd breakout of the ascending triangle pattern was a bull trap.

Sellers pulled the price below the rising trend line, invalidating the triangle pattern. Failure of a bullish setup is a bearish signal. The ETH/USDT pair may fall to $3,102 and then to $3,000. Buyers are expected to aggressively defend the $3,000-$2,850 zone.

Any recovery is expected to be sold off the moving average. Bulls would need a break above the 50-day simple moving average ($3,576) to signal recovery. The pair could rise to $3,745 and later to $4,094.

XRP Price Analysis

Buyers have been unable to push XRP (XRP) above the resistance line, indicating that the price may remain inside the triangle for some time.

If the price slips below the 20-day exponential moving average ($2.28), the XRP/USDT pair may fall towards support. A breakout and close below the triangle is a sign that the pair may have topped out in the short term. This could lead to a decline to $1.90, which is the 61.8% Fibonacci retracement level, and then to $1.62.

If buyers push the price above resistance and hold it there, the trend will be in their favor. The pair could rise to $2.73 and then to $2.91.

BNB price analysis

BNB (BNB) narrowly traded higher above $722 on January 6, but the bulls failed to sustain higher levels.

Prices fell sharply on January 7, locking in an aggressive bull run. There is some support at the 50-day SMA ($688), but a break of the level is likely. The BNB/USDT pair could then fall to solid support at $635.

Time is running out for the bull. To maintain control, buyers must quickly raise the price above $745. This could open a potential rebound path to $794, which is expected to act as strong resistance.

Solana Price Analysis

The recovery in Solana (SOL) was unable to stay above its 50-day SMA ($217), indicating that bears are active at higher levels.

Prices fell sharply on January 7, falling below the moving average. This opens the door for a significant support break from the uptrend line. If bears push the price below the uptrend line, the SOL/USDT pair could fall to $175 and later to $165.

Conversely, if the price bounces off the uptrend line, it is a sign that the bulls are fiercely defending. The bulls will then attempt to push the price above the 20-day EMA ($204). Buyers take orders again at the break and close above $223.

Dogecoin price analysis

Dogecoin (DOGE)’s failure to break through the $0.40 resistance may have encouraged short-term buyers to book profits.

The DOGE/USDT pair declined sharply, falling below the January 7 moving average. If the price stays below the 20-day EMA ($0.35), a range-limiting action between $0.30 and $0.40 becomes more likely. While doing it. A flat moving average and RSI near the midpoint do not provide a clear advantage to either bulls or bears.

Buyers would need to keep the price above $0.40 to set up a retest of $0.48. The downside is that a drop below $0.30 could send the pair down to $0.23.

Cardano Price Analysis

Cardano (ADA) broke above the $1.12 resistance level on January 7, but the breakout turned out to be a bulltrap.

The price declined sharply, falling to the 20-day EMA ($0.98). If the 20-day EMA is broken, the ADA/USDT pair may fall towards solid support at $0.80. A bounce near $0.80 increases the chances of a range formation. The pair may fluctuate between $0.80 and $1.18 over several days.

Buyers will have to drive and keep the price above $1.18 to get back in the driver’s seat. The pair could then rise to $1.33.

relevant: Why did XRP price fall today?

Avalanche Price Analysis

Avalanche (AVAX) closed above its 50-day SMA ($43.38) on January 6th, but the bulls were unable to sustain the breakout.

Prices fell sharply on January 7, falling below the moving average. This indicates aggressive selling on the downside. Sellers will try to sink the AVAX/USDT pair into a strong support zone between $35 and $33.60.

If the price rebounds from the support zone and rises above the 20-day EMA ($40.53), it may consolidate between $33.60 and $45 for some time. Conversely, if it falls below $33.60, the price could fall to $30.

sui price analysis

Sui (SUI) is undergoing a correction in an upward trend. The price has reached the 20-day EMA ($4.58), an essential short-term support level to watch out for.

If the price rebounds strongly from the 20-day EMA, it is a sign that buyers remain in control. Bulls will then attempt to resume the uptrend by pushing the price above the overhead resistance of $5.36.

Instead, if the price falls below the 20-day EMA, the SUI/USDT pair may fall towards the 50-day SMA ($4.16). Sellers need to drive the price below the 50-day SMA to take control. That could start a decline towards $3.50.

Chainlink Price Analysis

The bears pulled Chainlink (LINK) below its moving average on January 7, indicating a higher selling level.

The LINK/USDT pair could drop to the neckline of the H&S pattern at $20, with buyers expected to show strong defense. If the price rebounds from $20 and rises above the moving average, it indicates the possibility of consolidation in the near term. For some time, this pair may fluctuate between $20 and $26.

On the other hand, a close below $20 would complete a bearish setup and pave the way for further declines. The pair may fall to $16 and then to $14.