Price analysis 1/5: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, MATIC

Bitcoin is trading just below the $45,000 level as traders await the SEC’s final decision on the spot Bitcoin ETF applications.

Bitcoin’s (BTC) volatility has increased in the past two days as traders speculate about the fate of the spot Bitcoin exchange-traded funds (ETFs) applications. Some analysts said that the ETFs could be greenlighted as early as Jan. 5, but Bloomberg ETF analyst James Seyffart is standing by his belief that an approval is most likely to happen between Jan. 8 and 10.

A few analysts believe that in a classic case of buy the rumor, sell the news, Bitcoin may fall even if one or more Bitcoin ETFs are approved. But John Bollinger, creator of the Bollinger Bands volatility indicator, thinks otherwise. In a post on X (formerly Twitter), Bollinger said he expects Bitcoin to “break higher.”

What are the important resistance 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 climbed back into the ascending triangle pattern on Jan. 3, suggesting that the sharp fall to the 50-day simple moving average ($41,205) may have been a bear trap.

The bulls will try to strengthen their position by shoving the price above the $44,700 resistance. If they do that, the BTC/USDT pair will complete the bullish setup. That could start a rally to the overhead resistance zone between $50,000 and $52,000.

If bears want to prevent the upside move, they will have to drag the price back below the triangle. There is a minor support at $40,000, but if the price skids below this level, the decline could extend to $37,980.

Ether price analysis

Ether (ETH) tried to rise above the 20-day exponential moving average ($2,269) on Jan. 4, but the bears did not relent.

The 20-day EMA has flattened out, and the RSI is just below the midpoint, indicating a range-bound action in the near term. If the price rises above the 20-day EMA, the ETH/USDT pair could jump to $2,400. A break and close above this resistance could clear the path for a potential rally to $2,700 and then to $3,000.

The first support on the downside is the 50-day SMA and then $2,100. If the supports break down, the pair may drop to $1,900.

BNB price analysis

BNB (BNB) has been consolidating in an uptrend for the past few days. Barring the sharp intraday dip on Jan. 3, the bulls have managed to keep the price above the 50% Fibonacci retracement level of $300.

The upsloping 20-day EMA ($295) and the RSI in the positive territory indicate that the bulls are in control. If the price rebounds off the 20-day EMA, the buyers will try to kick the BNB/USDT pair to the overhead resistance at $338. If this obstacle is overcome, the pair could start the next leg of the uptrend to $370 and then to $400.

A slight negative in favor of the bears is that the RSI is forming a negative divergence, which indicates a weakening momentum. If the 20-day EMA cracks, the pair may dive to the neckline.

Solana price analysis

Solana (SOL) slipped below the 20-day EMA ($97) on Jan. 3, but the bears could not achieve a close below it.

The bulls tried to start a relief rally on Jan. 4, but the bears did not relent. The price has again declined to the 20-day EMA, which remains the key short-term level to keep an eye on. If the price closes below the 20-day EMA, the selling could pick up momentum, and the SOL/USDT pair may plunge to the 50-day SMA ($77).

Conversely, if the price turns up from the current level and rises above the downtrend line, it will signal that the correction may have ended. The pair could then retest the high at $126.

XRP price analysis

The bulls did not allow XRP (XRP) to close below $0.57 on Jan. 3 and are again trying to protect the level on Jan. 5.

The 20-day EMA ($0.61) has started to turn down, and the RSI is in the negative territory, indicating an advantage to the bears. A bounce off the current level is likely to face selling at the 20-day EMA.

If the XRP/USDT pair continues lower or turns down from the overhead resistance, it will increase the likelihood of a close below $0.57. That could start a downward move toward $0.50 and then to $0.46. The bulls will have to kick the price above the downtrend line to negate the bearish setup.

Cardano price analysis

Buyers tried to push Cardano (ADA) back into the symmetrical triangle pattern on Jan. 4, but the bears held their ground.

The bears will make one more attempt to sink the price below the 50-day SMA ($0.51). If they succeed, the ADA/USDT pair could plummet to the breakout level of $0.46. This level is likely to attract strong buying by the bulls.

This negative view will be invalidated in the near term if the price turns up and breaks above $0.64. Such a move will suggest aggressive buying at lower levels. The pair could then rally to the overhead resistance at $0.68.

Avalanche price analysis

The bulls pushed Avalanche (AVAX) above the neckline of the head-and-shoulders pattern on Jan. 4, but they could not overcome the barrier at the 20-day EMA ($39.44).

The immediate support on the downside is $36. If this level is taken out, the AVAX/USDT pair may slump to the 50-day SMA ($32.70). Buyers are expected to vigorously defend the zone between the 50-day SMA and $31.

The bulls will have to push and sustain the price above the 20-day EMA to signal that the correction may be over. The pair could then rise to $44; if this level is scaled, the pair may ascend to $50.

Related: How much is Bitcoin worth today?

Dogecoin price analysis

Dogecoin (DOGE) closed above $0.08 on Jan. 3, as seen from the long tail on the candlestick. The bulls are maintaining the price above $0.08 but are struggling to start a strong relief rally.

The moving averages are on the verge of a bearish crossover, and the RSI is in the negative territory, indicating that the sellers have the upper hand. If the price turns down from the 20-day EMA ($0.09), the bears will attempt to tug the DOGE/USDT pair to $0.07.

The first sign of strength will be a break and close above the moving averages. That will open the doors for a rise to $0.10. The zone between $0.10 and $0.11 is likely to act as a major hurdle for the bulls.

Polkadot price analysis

Polkadot’s (DOT) recovery faces selling at the 20-day EMA ($7.90), indicating that the bears are selling on rallies.

The flattening 20-day EMA and the RSI just below the midpoint suggest a range-bound action in the near term. The DOT/USDT pair may swing between $6.50 on the downside and $8.80 on the upside.

If the price rises above $8.80, it will signal that the corrective phase may be over. The pair may then climb to the overhead resistance of $9.59. Contrarily, a drop below $6.50 could start a deeper correction to $5.89.

Polygon price analysis

Polygon (MATIC) took support at the 50-day SMA ($0.85) on Jan. 3, but the bulls failed to push the price above the $0.89 resistance on Jan. 4.

The bears and the bulls are witnessing a tough battle near the 50-day SMA. If the price sustains below the 50-day SMA, the selling could pick up further, and the MATIC/USDT pair could plummet toward $0.70.

On the contrary, if the 50-day SMA holds, the bulls will try to use it as a launchpad and propel the pair above the 20-day EMA ($0.90). If they do that, the pair may start a northward march toward $1.