 Price analysis 1/8: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, SUI, LINK 
2025-01-09
Category: None

Bitcoin BTCUSD has pulled back near $95,000, indicating that the bears are trying to strengthen their position. A minor advantage in favor of the bulls is that the US spot Bitcoin exchange-traded funds witnessed inflows of $52.4 million on Jan. 7, even when Bitcoin fell more than 5%, per Farside Investors data. This suggests that investors are not dumping their positions as they expect the bull run to resume.
BitMEX co-founder Arthur Hayes said in a blog post that the addition of up to $612 billion in new liquidity in the first quarter of 2025 could benefit Bitcoin. That could counterbalance any delays in implementing the “proposed pro-crypto and pro-business legislation” by President-elect Donald Trump’s team.
Along with Bitcoin, analysts are also turning positive on Ether ETHUSD. Derive head of research Dr. Sean Dawson told Cointelegraph that a regulatory-friendly environment and successful Pectra update could propel Ether to $12,000 by the end of the year.
What are the crucial support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s failure to maintain above $100,000 could have tempted short-term buyers to book profits. That pulled the price below the moving averages on Jan. 7.
Both moving averages are flattening out, and the relative strength index (RSI) is just below the midpoint, indicating that the bullish momentum is weakening. The BTCUSDT pair could descend to $90,000, which is likely to act as a solid support. Sellers will have to yank the price below the $90,000 to $85,000 support zone to signal a short-term trend reversal.
Conversely, if the price turns up from the current level and breaks above the moving averages, it will indicate that every minor dip is being purchased. That will improve the prospects of a rally above $102,725. If that happens, the pair may retest the all-time high of $108,353.
Ether price analysis
Ether turned down and fell below the breakout level of $3,555 on Jan. 7, suggesting that the breakout from the ascending triangle pattern on Jan. 3 was a bull trap.
Sellers have pulled the price below the uptrend line, invalidating the triangle pattern. The failure of the bullish setup is a bearish sign. The ETHUSDT pair could descend to $3,102 and then to $3,000. Buyers are expected to aggressively defend the $3,000 to $2,850 zone.
Any recovery is expected to face selling at the moving averages. The bulls will have to pierce the 50-day simple moving average ($3,576) to signal a comeback. The pair could rise to $3,745 and later to $4,094.
XRP price analysis
Buyers failed to push XRP XRPUSD above the resistance line, indicating that the price may remain inside the triangle for some more time.
If the price skids below the 20-day exponential moving average ($2.28), the XRPUSDT pair could fall to the support line. A break and close below the triangle will signal that the pair may have topped out in the short term. That could start a pullback to the 61.8% Fibonacci retracement level of $1.90 and subsequently to $1.62.
The trend will favor the buyers if they push and sustain the price above the resistance line. The pair could climb to $2.73 and, after that, to $2.91.
BNB price analysis
BNB’s BNBUSD tight-range trading resolved to the upside with a close above $722 on Jan. 6, but the bulls could not sustain the higher levels.
The price turned down sharply on Jan. 7, trapping the aggressive bulls. There is minor support at the 50-day SMA ($688), but the level is likely to be broken. The BNBUSDT pair may then tumble to the solid support at $635.
Time is running out for the bulls. If they want to retain control, buyers will have to swiftly thrust the price above $745. That could clear the path for a potential rally to $794, which is expected to act as a strong resistance.
Solana price analysis
Solana’s SOLUSD recovery could not sustain above the 50-day SMA ($217), indicating that bears are active at higher levels.
The price turned down sharply on Jan. 7 and plunged below the moving averages. That opened the doors for a fall to the crucial support at the uptrend line. If bears sink the price below the uptrend line, the SOLUSDT pair could fall to $175 and later to $165.
Contrarily, if the price rebounds off the uptrend line, it will signal that the bulls are fiercely defending the level. The bulls will then try to push the price above the 20-day EMA ($204). Buyers will be back in command on a break and close above $223.
Dogecoin price analysis
Dogecoin’s DOGEUSD failure to break above the $0.40 resistance may have attracted profit booking by short-term buyers.
The DOGEUSDT pair turned down sharply and broke below the moving averages on Jan. 7. If the price maintains below the 20-day EMA ($0.35), it will increase the likelihood of a range-bound action between $0.30 and $0.40 for a while. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
Buyers will have to push and sustain the price above $0.40 to set up a retest of $0.48. On the downside, a break below $0.30 could sink the pair to $0.23.
Cardano price analysis
Cardano (ADA) rose above the $1.12 resistance on Jan. 7, but the breakout turned out to be a bull trap.
The price turned down sharply and fell to the 20-day EMA ($0.98). If the 20-day EMA cracks, the ADAUSDT pair could drop to the solid support at $0.80. A bounce off $0.80 will increase the possibility of a range formation. The pair may oscillate between $0.80 and $1.18 for a few days.
Buyers will have to drive and maintain the price above $1.18 to be back in the driver’s seat. The pair may then climb to $1.33.
Avalanche price analysis
Avalanche (AVAX) closed above the 50-day SMA ($43.38) on Jan. 6, but the bulls could not maintain the breakout.
The price turned down sharply on Jan. 7 and fell below the moving averages, indicating aggressive selling by the bears on rallies. Sellers will try to sink the AVAXUSDT pair to the strong support zone between $35 and $33.60.
If the price rebounds off the support zone and rises above the 20-day EMA ($40.53), the pair may consolidate between $33.60 and $45 for a while. Contrarily, a break below $33.60 could sink the pair to $30.
Sui price analysis
Sui (SUI) is correcting in an uptrend. The price has reached the 20-day EMA ($4.58), an essential near-term support to watch out for.
If the price rebounds off the 20-day EMA with strength, it will signal that buyers remain in control. The bulls will then try to resume the uptrend by pushing the price above the overhead resistance at $5.36.
Instead, if the price breaks below the 20-day EMA, the SUIUSDT pair may slump to the 50-day SMA ($4.16). Sellers will have to tug the price below the 50-day SMA to seize control. That could start a decline to $3.50.
Chainlink price analysis
The bears dragged Chainlink (LINK) below the moving averages on Jan. 7, indicating selling at higher levels.
The LINKUSDT pair could fall to the neckline of the H&S pattern at $20, where the buyers are expected to mount a strong defense. If the price rebounds off $20 and rises above the moving averages, it will point to a possible consolidation in the short term. The pair may swing between $20 and $26 for some time.
On the other hand, a break and close below $20 will complete the bearish setup, paving the way for further declines. The pair may tumble to $16 and subsequently to $14.
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.