January Crypto Predictions: What to Expect?
The biggest January crypto predictions deal with Chainlink (LINK), BNB and Ethereum (ETH) layer-2 scaling solutions.
December was a decisive month for the cryptocurrency market, ending a bullish year. BeInCrypto looks at the top crypto predictions for January 2024.
LINK will be one of the biggest earners.
The price of LINK was one of the top gainers in September and October 2023, rising almost 200 percent. However, since then the rally has stopped significantly, and LINK has consolidated in an emerging parallel channel. In the year Despite reaching a 2023 high of $17.67 on December 28, LINK's price formed a long upper wick (red icon) and fell.
However, RSI gives a lot of reading. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to stock or sell the asset. A reading above 50 and an upward trend indicates that bulls still have an advantage, while readings below 50 indicate the opposite.
RSI is above 50, rising and has formed a hidden bullish divergence (green), which is a sign of trend continuation.
The channel's resistance trendline is $18.50, which coincides with a long-term resistance area. If the price of LINK rises, it can increase by 75% to the next resistance at $28.
Although this is an overestimation of LINK's price, the channel's breakdown underestimates the potential breakout. Then, LINK could fall 30% to the nearest support at $11.
Read more: How to buy Chainlink
BNB will eventually move above $400.
The price of BNB has risen since October 2023, when it traded at a low of $202. The move to the upside resulted in a breakout from a long-term downward trend line of resistance that had been in place for more than 770 days. The increase was last week to $320.
The weekly RSI crossed the breakout above 50 (green icon), making the price legitimate.
Now the price of BNB is facing resistance at $345. If it happens, there is no resistance up to $450, which can lead to a rapid increase of more than 40%.
Despite this bullish BNB price forecast, a strong rejection at the $345 level could trigger a 30% decline to the nearest support at $245.
Read more: How to buy BNB
Arbitrum (ARB) and Polygon (MATIC) Complete January Crypto Forecasts
In the year One of the biggest developments in the second half of 2023 is the massive price increase of Solana (SOL) and its ecosystem. This probably led to a lack of liquidity in the Ethereum ecosystem. However, this may change in January, especially in Layer-2 scaling solutions ARB and MATIC.
ARB price has reached an all-time high and is closing above the last resistance area of $1.70. If this happens, the price can increase by 45% to the next resistance at $2.50.
MATIC's price is showing bullish signs as it has crossed the long-term downtrend resistance line at 740 days. Therefore, the price can increase by 50% to the next resistance at $1.55.
These bearish predictions are canceled by the close proximity of the $1.70 resistance area and the bearish resistance trend lines. This can result in 30% drops for ARB and MATIC.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
