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

Bitcoin (BTC) is seeing a fierce battle between bulls and bears near $40,000. Buyers seem positive about the long-term prospects of the new Bitcoin exchange-traded funds (ETFs), but sellers are focused on the $3.4 billion exit from the Grayscale Bitcoin Trust.

In addition to crypto-specific issues, some analysts are concerned about the worsening macroeconomic situation. Arthur Hayes, the former CEO of BitMEX, warned investors in a recent blog post that Bitcoin is at risk of falling between $35,000 and $30,000. According to Hayes, it may be difficult for the US Federal Reserve to reduce inflation in the near term, as increased shipping costs due to attacks on ships in the Red Sea could increase inflation.

Many analysts have turned pessimistic in the short term, but strong demand from newly launched Bitcoin ETFs could limit the downside. Within seven days of launch, the nine spot Bitcoin ETFs raised more than 100,000 Bitcoin.

What are the critical steps that can attract buying in Bitcoin and altcoins? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke below the $40,000 support on January 22, indicating that the bulls are rushing to the exit. The price slipped near the strong support of $37,980, which could hold in the short term.

The price is trying to break out of $37,980, but the bulls may face strong resistance at the 20-day exponential moving average ($42,116). If the price deviates from the 20-day EMA, the BTC/USDT pair risks a fall below $37,980. If so, the pair could fall to the next strong support at $34,000.

Buyers are expected to defend the zone between $34,000 and $37,980. They need to trigger the price above the 20-day EMA to signal a reversal. After the pair jumps above $44,700, the momentum may increase.

Ether price analysis

Ether (ETH)'s weak 20-day EMA ($2,395) on January 19 attracted further bearish selling, which caused the price to sell below the $2,400 low on January 22.

The 20-day EMA has started to decline, and the RSI is around 40, indicating that the bears have a slight edge. Sellers will try to push the price towards strong support at $2,100. The bulls are expected to defend the level with all their might as a drop below it could initiate a fresh decline towards $1,900.

If the bulls hold the ETH/USDT pair above the lower line, this negative view is worthless in the near term. The pair will try to rally to $2,614 and then to $2,717.

BNB price analysis

BNB (BNB) reversed from the January 22 downtrend line and closed below the 20-day EMA ($305), indicating strong selling in rallies.

The price action of the past few days has formed a descending triangle, which will conclude with a break and close below $288. If this happens, the bears will try to pull the price to the neckline and then to $232.

On the contrary, if the price falls strongly from $288, it indicates that the bulls will maintain the level strongly. The BNB/USDT pair may rise to the 20-day EMA. A break above this level paves the way for a rally down the trend line.

Solana price analysis

Solana (SOL) has been lagging for the past several days. The bears further strengthened their hold by pulling the price below the 50-day SMA ($91) on January 22nd.

The moving averages are at the hidden intersection and the RSI is in the negative zone, which indicates that the path of least resistance is down. There is minor support at $77, but if this level gives way, the SOL/USDT pair may complete a 100% retracement and fall to $64.

A downtrend line is the main obstacle to follow up. If buyers drive the price above the lower line, it indicates that the correction phase may end. The pair can jump to $107.

XRP price analysis

XRP (XRP) rejected the 20-day EMA ($0.56) on January 15 and slipped below immediate support at $0.54 on January 19.

The 20-day EMA is trending downward and the RSI is near oversold territory, indicating that bears are in the driver's seat. Sellers will try to pull the price towards $0.46 where buyers can step in. However, any bounce is expected to be sold at the 20-day EMA. If the price declines and falls below $0.46, a retest of $0.41 could be on the cards.

If the bulls want to protect the lower side, the price should move above the lower line and hold it. The pair could then rise to $0.67.

Cardano price analysis

Cardano (ADA) has been falling in a descending channel for the past few days, indicating that higher levels are being sold.

The downtrending 20-day EMA ($0.52) and RSI indicate that bears are in control in the negative territory. Sellers try to further strengthen their position by pushing the price below the channel. If they do that, the sell-off could accelerate and the ADA/USDT pair could sink to $0.35.

Instead, if the price breaks above the support line of the channel, the bulls will try to overcome the barrier at the 20-day EMA. If they are successful, the pair can move up a downtrend line to the channel.

Price analysis

Avalanche (AVAX) It attempted a relief rally above $31 support on Jan. 19, but the weak bullish bullish pattern continues to show that bears continue to pounce on every small rise.

Strong selling pressure pushed the price below the $31 support on January 22. The bulls are trying to recover the price above the $31 breakout level, but the recovery may hit a wall at the 20-day EMA ($34.32). If the price declines from the 20-day EMA, the AVAX/USDT pair may drop to $24.

On the contrary, if the bulls push the price above the 20-day EMA, it indicates that the selling pressure may be decreasing. The price may rise towards the 50-day SMA ($37.63).

Related: Here's what's happening in crypto today.

Dogecoin price analysis

Dogecoin (DOGE) started to recover on January 20, but the bulls failed to clear the upper barrier at the 50-day SMA ($0.09). This suggests that bears remain highly active.

The price has reached a strong support near $0.07, which has been held in the previous three sessions. If the price recovers strongly from this level, it suggests that the DOGE/USDT pair may fluctuate between $0.07 and $0.09 for a few days.

Instead, if the price continues lower and breaks below $0.07, it will open the doors to a possible fall to $0.06.

The first sign of strength would be a rise above the 50-day SMA. The pair may then climb to the $0.10 to $0.11 resistance zone.

Polkadot price analysis

Polkadot (DOT) broke below the neckline of a head-and-shoulders pattern on January 22, indicating bears are in command.

The bulls will try to push the price back above the neckline but may face strong resistance from the bears. If the price changes from the neck line, it shows that the bears have reversed the level to resistance. This increases the possibility of further reduction to $4.80.

Conversely, if the bulls push the price above the neckline, it indicates strong buying at low levels. After the DOT/USDT pair stays above the moving average, the risk of the downside decreases.

Chainlink price analysis

Chainlink (LINK) has been trading in a large range between $12.85 and $17.32 for several days, indicating buying at lows and selling on rallies.

Both moving averages are flat, and the RSI is below the midpoint, indicating slight upside for the bears. The LINK/USDT pair may drop to the range support at $12.85, and a buy may be issued. If the price rebounds strongly from this level, it suggests that range-bound action may continue for some time.

If the bears sink and hold the price below $12.85, they will dominate. That could start a decline to $12 and then to $10.50.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.