 Price analysis 1/29: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK, AVAX, XLM 
2025-01-30
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Bitcoin BTCUSD has been maintaining above the crucial $100,000 level, awaiting the next catalyst to push it to a new all-time high above $109,588. Market participants will closely watch the tone of Fed chair Jerome Powell’s comments on Jan. 29. If Powell sounds more hawkish than his December 2024 press conference, Bitcoin may come under pressure. On the other hand, a dovish-sounding Fed may push Bitcoin higher.
Analysts believe the near-term downside risk is limited. Derive head of research Dr. Sean Dawson said in a Jan. 28 markets report that Bitcoin has a 9.2% probability of falling below $75,000 in the first quarter of the year.
Bitcoin has risen more than 9% in January so far. Traders can look forward to continued bullishness in February if history repeats itself. CoinGlass data shows that Bitcoin has risen an average of 15.66% in February. 
What are the crucial support and resistance levels to watch out for in Bitcoin and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin remains stuck between the 50-day simple moving average ($99,183) and the overhead resistance at $109,588.
The 20-day exponential moving average ($101,393) is flattening out, and the relative strength index (RSI) is just above the midpoint, signaling a slight advantage to the bulls. Any upmove is expected to face resistance at $105,500 and then at $109,588. If the overhead resistance is cleared, the BTCUSDT pair could surge to $118,109 and then to $126,706.
Contrarily, a break and close below the 50-day SMA will suggest that the bulls have given up. That could sink the pair to $90,000. Buyers are expected to fiercely defend the $90,000 to $85,000 zone. 
Ether price analysis
Ether ETHUSD has been trading below the neckline of the head-and-shoulders pattern, but the bears have failed to extend the fall to $2,850. This suggests a lack of selling at lower levels.
The bulls are trying to start a recovery, which is expected to face selling at the 20-day EMA ($3,272). If the price turns down sharply from the 20-day EMA, the ETHUSDT pair could drop to $2,850. Buyers are expected to defend the level with all their might because a break below it may sink the pair to $2,400.
This negative view will be invalidated in the short term if the price closes above $3,525 and the pair could then climb to $3,745.
XRP price analysis
The long tail on XRP’s XRPUSD Jan. 27 candlestick shows aggressive buying at lower levels, while the long wick on the Jan. 28 candlestick suggests selling near the downtrend line.
The upsloping 20-day EMA ($2.94) and the RSI above 60 indicate that buyers have the upper hand. A break and close above the downtrend line will improve the prospects of a rally to $4 and then to $4.84.
Alternatively, if the price turns down sharply from the downtrend line, it will signal that bears remain active at higher levels. Sellers will again attempt to sink the XRPUSDT pair to the 50-day SMA ($2.57).
Solana price analysis
Solana SOLUSD broke below the 20-day EMA ($230) on Jan. 27 but is finding support at the 61.8% Fibonacci retracement level of $217.
The flattish moving averages and the RSI near the midpoint indicate a balance between supply and demand. If the price closes above the 20-day EMA, the SOLUSDT pair could rise to $244 and later to $260.
On the downside, a break and close below the 50-day SMA ($212) will tilt the short-term advantage in favor of the bears. The pair could descend to $200 and later to the solid support at $180.
BNB price analysis
BNB BNBUSD rebounded off the $635 support on Jan. 27, indicating that bulls are attempting to keep the price inside the range.
The relief rally is likely to face selling at the moving averages. If the price turns down sharply from the moving averages and breaks below $659, it will clear the path for a retest of $635. A break below the support could sink the BNBUSDT pair to $593.
Alternatively, if the price rises above the moving averages, it will suggest that the pair may extend its stay inside the $635 to $745 range for a few more days. Buyers will be back in the driver’s seat on a close above $745. 
Dogecoin price analysis
Dogecoin DOGEUSD closed below the ascending channel pattern on Jan. 28, but the bears are struggling to sustain the lower levels.
The bulls are trying to push the price back into the channel but are likely to face selling at the moving averages. If the price turns down from the moving averages, the risk of a break below $0.30 increases. The DOGEUSDT pair may slump to the 61.8% Fibonacci retracement level of $0.27.
Instead, if the price breaks above the moving averages, it will signal that the breakdown may have been a bear trap. The pair could rise to $0.40 and later to the channel’s resistance line.
Cardano price analysis
Cardano (ADA) has been oscillating between $0.80 and $1.18, indicating buying near the support and selling close to the resistance.
The long wick on the Jan. 28 and Jan. 29 candlestick suggests that the bears are maintaining the pressure. If the price closes below $0.90, the ADAUSDT pair could drop to the solid support at $0.80.
On the contrary, a break and close above the moving averages will signal that the pair may rise toward the top of the range at $1.18. The next trending move is expected to begin above $1.18 or below $0.76.
Chainlink price analysis
Chainlink (LINK) is witnessing a tough battle between the bulls and the bears near the moving averages.
The price closed below the moving averages on Jan. 28, but the bears could not build upon the advantage. This suggests buying at lower levels. The bulls are again trying to push the price above the moving averages. If they manage to do that, the possibility of a rally toward $27.41 increases.
Conversely, if the price turns down from the moving averages and breaks below $22, it will signal that the bears have the upper hand. The LINKUSDT pair could descend to the strong support at $20.
Avalanche price analysis
Avalanche (AVAX) has declined to the $30.59 to $32.31 support zone, where the buyers are expected to mount a strong defense.
The downsloping moving averages and the RSI in the negative territory indicate that the bears hold the edge. Sellers will try to stall the recovery attempts at the 20-day EMA ($36.26). If the price turns down sharply from the current level or the 20-day EMA, the risk of a break below $30.59 increases. The next support on the downside is at $25.
If buyers want to prevent the downside, they will have to push and maintain the AVAXUSDT pair above the moving averages. That opens the doors for a rally to the 50-day SMA ($39.58).
Stellar price analysis
Stellar (XLM) is trying to stay above the $0.39 support, but the lack of a strong rebound increases the risk of a breakdown.
The downsloping 20-day EMA ($0.42) and the RSI in the negative zone suggest that the path of least resistance is to the downside. If the price continues lower from the current level and breaks below $0.39, the XLMUSDT pair could nosedive toward a significant support at $0.31.
On the other hand, a break and close above the 20-day EMA suggests that the bulls are trying to form a floor at $0.39. The pair may then rise to $0.45 and subsequently to $0.50.
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.