BTC, ETH, XRP, DOGE and ADA: Expect These Levels Next Week! A look at the cryptocurrency market shows that cryptocurrencies are on a minor rally. Equity markets have recently boosted Bitcoin and altcoins, but bulls may have trouble maintaining the momentum needed to rally overall resistance levels. So, what awaits for major cryptocurrencies? Here are the expectations for BTC and five altcoins, according to analyst Ann Mugoiri.
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Weekly analysis for BTC and these altcoins
BTC/USD
While the bulls and bears are trying to “pull the rope”, Bitcoin is trading at $ 16,930,76 in a narrow range. The analyst expects the BTC price to rise above $17,000 or drop below $16,800 soon. On January 4, Bitcoin surpassed the moving averages but failed to break the $17,061 barrier; this shows that sellers are continuing to defend this overall resistance strongly. The bulls could try to push it above $17,061 once again before pulling back.
If the BTC/USDT pair is successful, it could gather enough momentum and momentum to reach $17,854, and subsequently hit the high price of $18,138. However, if the pair drops below $16,800, it could drop to the $16,000 support. Conversely, if the price drops from where it is currently or breaks the overhead resistance, it could indicate that the pair could enter a consolidation period midway between $17,061 and $16,256. This can convert general resistance levels into reinforcement levels.
The RSI indicator is in the neutral zone and does not provide clear indications of future price movements, while the MACD shows no significant trend. Overall, the short-term outlook for Bitcoin remains bearish as it failed to break the overall resistance levels. To reverse the trend in the BTC/USDT pair, buyers will need to surpass $17,061 before attempting to move higher.
ETH/USD
Ethereum is currently trading at $1,216.40 midway between two moving averages and there is no clear trend in sight. If the ETH/USDT pair breaks out of the lower $1,160 level, it could reach a new low and test the $1,056 support. However, if it succeeds in breaking the overhead resistance of $1,252, it could face another strong resistance at $1,352. If buyers decide to push Ethereum above this level, their next aim could be the peak price of $1,300. Price action within the current range can be random and volatile.
A break above $1,252 or a drop below $1,160 could indicate that ETH/USDT could enter a consolidation period in the middle of these two levels. The RSI indicator also does not show a clear side. While the coin is quickly hovering above the multisold zone, the MACD line crosses below the signal line in the positive zone, indicating that the pair may enter a bearish trend.
BNB/USD
Binance Coin is trading at $261.06 while its price is stuck amid the $250 reinforcement and the overhead resistance at $290. According to the analyst, the BNB/USD pair may break on both sides in the next few days. In other words, it can go above or below these two levels. If it breaks the resistance, its next target could be the top price of $365. On the other hand, if it breaks below $250, Binance Coin could test the $220 support and subsequently drop further to make a new bottom.
The Stochastic RSI is currently in neutral territory and does not provide a clear indication of future price action. The MACD line had a downward cross with the signal line, but remained in the positive region. This suggests there may still be some measure buying pressure on this pair. The RSI (Relative Strength Index) is near the 50 level and is trading in a horizontal form. If the price turns stronger from the 20-day exponential moving average ($252), BNB/USD could bounce back to the 50-day easy moving average ($268). This level may see a barrier mission but is likely to be overcome. The pair could rally to $300 later.
XRP/USD
Ripple’s price is starting to gain momentum and is currently trading at $0.3424. If the buyers manage to clear the $0.3500 resistance, XRP/USD is likely to reach its next target of $0.3900. This is a real potential increase to the all-time high of $3.84. On the other hand, if the price dips below $0.3250, XRP/USD could make a fresh bottom and test the reinforcement level at $0.3050. The RSI is currently hovering around 50 levels but still in an uptrend. This suggests that buyers can gain some momentum on their part. The MACD shows that the price action inside this range is moving towards an uptrend.
DOGE/USD
Dogecoin is trading at $ 0.07241, with a percent increase in the last 24 hours. Dogecoin price has been in an uptrend since December 28, 2022 and is currently trading above the 20-day EMA ($0.067). If the DOGE/USD pair manages to clear the $0.079 resistance, it could rally to its next target of $0.096. This is close to the peak price of $0.10. The MACD line is above the signal line in the positive zone, indicating buying pressure.
If buyers manage to push Dogecoin above $0.079, it could face another strong resistance at $0.096. If they fail to break this level, the price could return to the $0.07 reinforcement limit and test a critical support level of $0.062. Dogecoin’s recovery from the critical threshold $0.07 stopped when it reached the 20-day EMA ($0.07) on Jan. 5, indicating that the bears are selling sharply with each recovery cycle.
This scenario will remain dormant until buyers break the $0.079 resistance level and as a result, potential profits may be blocked. If the bulls are to make things better, they will need to push prices above the 20-day EMA and the mid-$0.08 resistance zone. This could start a real long-term uptrend to $0.11, which is an attractive prospect for investors.
ADA/USD
On January 4, Cardano closed above the 20-day EMA ($0.26) as the bulls try to gain momentum. But the bears insist on maintaining their lead. ADA reinforcement levels were set at $0.26 and $0.25, respectively. If the price drops below any of these levels at random, it could drop to the next target of $0.20. On the contrary, traders with a bullish trend will try to hold the 20-day EMA. If prices rebound from current levels, the pair could actually rise to its 50-day SMA ($0.29).
The Fib retracement levels also indicate a real possibility of a rise to the $0.36 and $0.40 Fib extension levels, respectively, if buyers manage to push the pair above $0.30. Therefore, if the bulls can push the price above the 20-day EMA and sustain these interests for a reasonable period of time, the ADA/USD pair could reach its next target of $0.30. It can then rise to $0.40.
