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

Bitcoin (BTC) is back to $95,000, which indicates that the bears are trying to strengthen their position. Of minor importance to the bulls is that the US spot Bitcoin traded hit $52.4 million on Jan. 7, even as Bitcoin fell more than 5%, according to data from Farside Investors. This shows that investors are not abandoning their positions in hopes that the bull run will continue.

BitMEX co-founder Arthur Hayes said in a blog post that up to $612 billion in new liquidity could benefit bitcoin in the first quarter of 2025. That could offset any delays in implementing “pro-crypto and pro-business legislation” proposed by President-elect Donald Trump's team.

Along with Bitcoin, analysts are becoming positive on Ether (ETH). Dr. Shawn Dawson, head of research at Drive, told Cointelegraph that a favorable regulatory environment and a successful Pectra upgrade could propel Ether to $12,000 by the end of the year.

What are the critical support levels to look out for in Bitcoin and altcoins? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin's failure to hold above $100,000 could tempt short-term buyers to book profits. That left the price below the January 7 moving averages.

Both moving averages are trending up, and the Relative Strength Index (RSI) is below the midpoint, indicating that momentum is weakening. The BTC/USDT pair may drop to $90,000, which may act as a strong support. To signal a short-term trend reversal, sellers need to break below the $90,000 to $85,000 support zone.

On the other hand, if the price breaks above the current level and breaks above the moving averages, every small dip indicates that it is being bought. That improves prospects for a rally above $102,725. If that happens, the pair could retry the all-time high of $108,353.

Ether price analysis

Ether fell below the $3,555 breakout level on January 7, suggesting that the breakout from the triangle pattern on January 3 was a bull trap.

Sellers pushed the price below the uptrend line, invalidating the triangle pattern. A bullish setup failure is a bearish signal. The ETH/USDT pair may drop to $3,102 and then to $3,000. Buyers are expected to strongly defend the $3,000 to $2,850 zone.

Any recovery is expected to sell off in moving averages. The bulls need to pierce the 50-day simple moving average ($3,576) to signal a comeback. The pair may rise to $3,745 and later to $4,094.

XRP price analysis

Buyers failed to push XRP (XRP) above the resistance line, indicating that the price may remain in the triangle for some time.

If the price slips below the 20-day exponential moving average ($2.28), the XRP/USDT pair may fall towards the support line. A break and close below the triangle indicates that the pair may move higher in the short term. That could start a pullback to the 61.8% Fibonacci retracement level to $1.90 and then $1.62.

If the price pushes above the resistance line and stays, the trend favors the buyers. The pair may rise to $2.73 and then to $2.91.

BNB price analysis

BNB (BNB) had a tight trading session above $722 on January 6, but the bulls were unable to sustain the highs.

On January 7, the price fell sharply, trapping aggressive bulls. There is minor support at the 50-day SMA ($688), but the level may be broken. The BNB/USDT pair may fall to a strong support at $635.

Time is running out for the Bulls. If they want to maintain control, buyers need to quickly move the price above $745. That could clear the way for a rally towards $794, which is expected to act as strong resistance.

Solana price analysis

Solana's (SOL) recovery failed to sustain above the 50-day SMA ($217), indicating that the bears are moving higher.

On January 7, the price fell sharply and fell below the moving averages. That opened the door to a failure of critical support on the uptrend. If the bears enter the price below the rising line, the SOL/USDT pair may drop to $175 and later to $165.

On the contrary, if the price returns from the high line, it shows that the bulls will defend the level strongly. The bulls will try to push the price above the 20-day EMA ($204). During the break, buyers return to orders and close above $223.

Dogecoin price analysis

Dogecoin's (DOGE) failure to break above $0.40 resistance may have attracted profit booking by short-term buyers.

The DOGE/USDT pair declined nicely and broke below the moving averages on January 7. If the price is below the 20-day EMA ($0.35), a range-bound move increases the possibility of a rally between $0.30 and $0.40 for one. Flat moving averages and an RSI near the midpoint do not give a clear advantage to either the bulls or the bears.

Buyers need to push the price above $0.40 and hold it 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 January 7, but the breakout turned out to be a bull trap.

The price has fallen sharply and has fallen to the 20-day EMA ($0.98). If the 20-day EMA is broken, the ADA/USDT pair may drop to strong support at $0.80. A break above $0.80 increases the possibility of a range formation. The pair may fluctuate between $0.80 and $1.18 for a few days.

To get back in the driver's seat, buyers must drive and keep the price above $1.18. The pair could go up to $1.33.

Related: Why is XRP price down today?

Price analysis

Avalanche (AVAX) closed above the 50-day SMA ($43.38) on January 6, but the bulls failed to sustain the breakout.

On January 7, the price fell sharply and fell below its moving average, indicating aggressive selling by bears in rallies. Sellers will try to push the AVAX/USDT pair into a strong support zone between $35 and $33.60.

If the price recovers from the support zone and rises above the 20-day EMA ($40.53), the pair may consolidate between $33.60 and $45 for a while. Conversely, a break below $33.60 could sink the pair to $30.

Sui price analysis

The SUI is correcting sharply. The price has reached the 20-day EMA ($4.58), an important recent support to watch out for.

If the price rebounds strongly from the 20-day EMA, it suggests that buyers are in control. The bulls will then attempt to continue the rally by pushing the price above $5.36 above the overhead resistance.

Instead, if the price is below the 20-day EMA, the SUI/USDT pair may move down to the 50-day SMA ($4.16). Sellers should block the price below the 50-day SMA to maintain control. That could start to drop to $3.50.

Chainlink price analysis

The bears pulled Chainlink (LINK) below its moving average on January 7th, indicating strong selling.

The LINK/USDT pair may fall to the neck of the H&S pattern at $20, where buyers are expected to install strong resistance. If the price recovers from $20 and rises above the moving averages, it suggests a short-term consolidation. The pair may fluctuate between $20 and $26 for a while.

On the other hand, a break and close below $20 would complete a bearish setup, paving the way for further declines. The pair may drop to $16 and then to $14.

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.