XRP, HBAR, BGB and XMR flash signals as Bitcoin looks for direction

Bitcoin (BTC) rose above $95,000, indicating that the bulls have maintained their buying pressure. Grayscale head of research, Zach Pandle, told Cointelegraph that Bitcoin is “being held strongly by the US dollar,” but he expects the volatility to be short-lived as the US presidential inauguration is just around the corner. Pandle sees a “structural bullish outlook for crypto prices.”

One of the most closely watched bullish events is the possibility of establishing a strategic bitcoin reserve in the US. CoinShares said in a blog post that if the Bitcoin rule is enacted, bitcoin exchanges will have a “more profound long-term impact on Bitcoin than it did to begin with” by 2024.

However, not everyone is bullish in the near future. Analyst Willie Wu said in a Jan. 10 X Post that Bitcoin sentiment “looks bright,” but that a “cautious approach” is warranted as risk rises and we need a lot more gains before we can properly reset. “

Can Bitcoin climb to $100,000 with selected altcoins soaring? Let's take a look at the top 5 cryptocurrency charts that are likely to outperform in the near future.

Bitcoin price analysis

Bitcoin's recovery is facing resistance at the 20-day exponential moving average ($96,190), but buyers are not giving ground to the bears.

The bulls will again try to push the price above the moving averages. If they can do that, the BTC/USD pair can reach the bottom line, the sellers are expected to have a strong resistance. If the price falls too far below the cold line, the pair is prone to form a descending triangle pattern somewhere below $90,000.

Conversely, a break and close above the downtrend line indicates that buyers are back in the game. The pair could rise to $102,724 and finally $108,353.

The bulls are trying to keep the price above the 20-EMA. If they can pull through, the pair may climb to the 50-easy moving average and then to the lower trend line. If the price breaks below the low line but crosses the 20-EMA, it indicates a change in sentiment from selling on rallies to buying on dips. This improves the break-even point above the lower line.

If the price declines from current levels and falls below $90,000, this optimism will be negated.

XRP price analysis

XRP (XRP) closed above the synchronous triangle pattern on January 11th, indicating that the uncertainty is in favor of the bulls.

The 20-day EMA ($2.34) has started to turn around, and the RSI is in positive territory, suggesting gains for the bulls. If the price stays above the triangle, the XRP/USDT pair may rise to $2.73 and later to $2.91. Sellers are expected to strongly defend the $2.91 level, but if the bulls win, the pair could rise to the $4.84 pattern target.

The bears need to pull the price below the 20-day EMA to weaken the momentum. The pair indicates a deeper correction on a break below the support line.

The pair may retry the triangle separation phase. If the price bounces back from the breakout level, it shows that the bulls are trying to reverse the level to support. That adds up to a $2.60 breakeven opportunity. The pair could then rise to $2.73.

Conversely, a breakout and close below the triangle can trap aggressive bulls. That could sink the pair to $2.20 and later to the support line. Buyers are expected to strongly defend the zone between $2.20 and the support line.

Ivy price analysis

Hedera (HBAR) is forming a descending triangle pattern, which will complete on a breakout and close below $0.24.

A slight positive for the bulls is that it did not allow the price to drop below the 50-day SMA ($0.27). If the price changes from the current level or the 50-day SMA from strength, it shows the demand for lower levels. The HBAR/USDT pair may move to a downward trend. A break and close above the bearish line will tilt the advantage to buyers. The pair could then rise to $0.38.

Conversely, a drop below the 50-day SMA indicates that the selling pressure is increasing. That could sink the pair to the $0.24 support.

Moving averages are crossing each other, indicating volatile and random movements. If the price stays below the 20-EMA, the bears will try to pull the pair back to $0.26. This is a critical level for bulls to defend as a break below it could sink the pair to $0.24.

Buyers should push and sustain the price above the 50-SMA to find strength. That could open the door to retrying down the line. If this level is broken, the pair could rise to $0.34.

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

Bitget Token price analysis

Bitget Token (BGB) is on strong growth. Buyers bought the dip near the 20-day EMA ($6.10), indicating that sentiment remains positive.

The bulls are trying to push the price to $8.50, the bears are expected to have a strong defense. If buyers reach up to $8.50, the BGB/USDT pair could rise to $10.

Instead, if the price breaks below the current level or above resistance, the bulls will show profit booking. The bears will make one more attempt to pull the pair below the 20-day EMA. If successful, the pair can drop to $5.50.

The price has dropped to the 20-EMA, which may attract buyers. A strong rebound from the 20-EMA would increase the possibility of a break above $7.50. If that happens, the pair could rally to $7.86 and later to $8.50.

Contrary to this assumption, if the price is low and breaks below the 20-EMA, it indicates that the bulls are losing their grip. The pair may go down to the 50-SMA and then to $6. This can delay the start of the next leg of the climb.

Monero price analysis

Monero (XMR) has been trading between the 50-day SMA ($191) and the $207 resistance for a few days.

The XMR/USDT pair has formed an ascending triangle pattern, which will be completed on a break and close above $207. If that happens, the pair could rally towards the $225 pattern target.

If the price declines and breaks below the top line, this positive view is worthless in the near term. That pulls the price to strong support at $180, eliminating the bullish setup. Buyers are expected to effectively defend the $180 level.

The pair broke the resistance above $203, indicating that the bulls are trying to take charge. There is minor resistance at $207, but it can be crossed. The pair will likely travel to $220 and later to $225.

On the downside, the first support is at $193. If this support is broken, the pair could slide towards $188. Such a move suggests that the pair could extend its hold in the $180-$207 range for a few days.

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.