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Bitcoin and Ether Near Key Breakout Levels, BNB Outperforms

By:
Aayush Jindal
Updated: Jan 11, 2022, 17:59 UTC

Bitcoin price struggled to recover above $42,550, ether price is facing resistance near $4,180, and BNB started a steady increase above the $440 resistance.

BNB Crypto Market

In this article:

Bitcoin

After a downside break, the bitcoin price found strong support near $39,600. As a result, there was a sharp recovery wave above the $40,000 and $41,000 levels.

The price even spiked above the $42,000 level and the 21 simple moving average (H1). However, the bears defended a major resistance at $42,550. There is also a key bearish trend line with resistance near $42,400 on the hourly chart.

Bitcoin

A close above the $42,550 resistance is a must for a steady increase. In the stated case, the price could rise towards the $44,000 level.

Ether (ETH)

Ether also followed a similar pattern and started a strong recovery wave above the $3,000 level. The price settled above the $3,000 level and the 21 simple moving average (H1).

However, there is a major hurdle near the $3,150 level and a connecting bearish trend line. A close above the $3,200 level and then a follow-up move above $3,240 could start a steady increase.

Ether

If not, there is a risk of a downside break below the $3,000 level. The next key support is near $2,920, below which ether price might visit the $2,800 level in the near term.

BNB

BNB started a major decline from the $525 resistance zone. The price traded below the $500 support zone and 21 simple moving average (H4).

It traded close to the $400 level before starting a fresh increase. There was a clear move above the $425 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $540 swing high to $405 swing low.

The main driving force for the current move could be Binance’s announcement to hire several local hires to push compliance in the Commonwealth of Independent States (CIS), Russia, and Ukraine.

Binance Coin BNB

Besides, there was a break above a key bearish trend line with resistance near $435 on the 4-hours chart. It is now facing resistance near the $450 zone.

The next key resistance is near $460 or the 50% Fib retracement level of the downward move from the $540 swing high to $405 swing low. A close above $460 might accelerate gains in the near term. If not, there is a risk of a downside break below the $435 and $425 support levels. The next major support is near $405.

ADA and DOT price

Cardano (ADA) recovered sharply above the $1.12 pivot level. The price is now struggling to gain a pace above $1.15. If there is a proper close above $1.15, the price could rise towards the $1.20 and $1.22 levels.

Polkadot (DOT) is up 5% and there was a break above the $24.00 resistance. The next barrier is near the $25.00 level. A close above $25.00 could spark a steady increase towards the $26.20 and $26.50 levels. If not, DOT might dip towards the $23.00 level.

A few trending coins are ROSE, MATIC, NEAR, and EGLD. Out of these ROSE over 25% and there was a break above the $0.40 level.

About the Author

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specializes in market strategies and technical analysis, and has spent over a decade as a financial markets contributor and observer

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