Bitcoin (BTC) and most of the major cryptocurrencies seem to have started to rise. Glassnode data shows that non-zero-balance bitcoin addresses have increased to around 40 million, indicating increased use by merchants.
Rick Edelman, founder of Edelman Financial Engines, said the number of Americans holding bitcoin could grow from the current 24% to a third by 2022. He predicts this will happen because “Bitcoin is becoming more popular. People hear about it everywhere – it goes no way. “.
Daily market indicators for cryptocurrency. Source: Coin360
It seems that investors who buy Bitcoin will stay in it for a long time if there are signs of an outflow from large stock exchanges. CryptoQuant data shows a churn of 29,371 BTC on January 11, the highest since September 10.
Can the recovery of bitcoins and large cryptocurrencies support higher levels? Let’s take a look at the lists of the 10 best cryptocurrencies to find out.
Bitcoin / US dollars
Bitcoin jumped from the support level of $ 39,600 on January 10, indicating that the bulls are struggling to defend that level. A rally of relief could hit the 20-day exponential moving average ($ 45,058), which is likely to serve as resistance.
BTC / USDT daily chart. Source: TradingView
Downward moving averages and the Relative Strength Index (RSI) in negative territory indicate that the bears are taking the lead. If the price falls below the 20-day EMA, the BTC / USDT pair may test the strong support of $ 39,600 again.
In case of a breakdown of the level of the pair, panic sales can be observed, indicating the beginning of the next phase of the downward movement.
Alternatively, if the bulls push the price and keep it above the 20-day moving average, the pair can move up to the 50-day simple moving average (SMA) ($ 49,031). If this level is broken, the recovery could reach the critical resistance of $ 52,088.
Ether / US dollars
Ether (ETH) jumped off the support line of the downtrend on January 10, indicating that bulls are aggressively trying to defend this level. The price may reach the upper zone between the 20-day EMA ($ 3,536) and the channel resistance line.
ETH / USDT daily chart. Source: TradingView
Both moving averages are on a downward trend, and the RSI is in negative territory, indicating that the bears have taken over. If the price falls from the upper zone, it will mean that the sentiment is still negative and that the traders are selling at the rally. The bears will then try to pull the ETH / USDT pair towards the channel’s guide line.
On the other hand, if the bulls push the price above the upper zone, the pair may rise to the 50-day SMA ($ 3,938). An eruption and closing over this resistance will indicate a possible trend change.
BNB / US Dollar
The Binance coin (BNB) broke below the support line of the downtrend channel on January 10, but the bears failed to close lower, as evidenced by the long tail of today’s candlestick.
BNB / USDT daily chart. Source: TradingView
This could have taken eager speculators by surprise, which led to a brief squeeze on 11 January. A subsequent purchase on January 12 pushed the price towards the 20-day moving average ($ 489). If the bulls overcome this hurdle, the BNB / USDT pair could rise to the 50-day simple moving average ($ 542).
A break and closure over this resistance will indicate that the downward trend may end. The pair can then rise to $ 617. Conversely, if the price falls from the 20-day moving average or downtrend line, the bears will again try to pull the price towards the channel support line.
Sun / US dollars
Solana (SOL) is trying to return to the downward trend. The price has risen from $ 130 on January 10 and can now reach the 20-day moving average ($ 159).
SOL / USDT daily chart. Source: TradingView
Bearish sloping moving averages and RSI in negative territory indicate that bears are gaining the upper hand. If the price falls below the 20-day moving average, sellers will try to dump the SOL / USDT pair to the strong support of $ 116.
Conversely, if the bulls push the price above the 20-day moving average, the pair may move toward the channel’s resistance line. An eruption and closure across the channel will indicate a possible trend change.
ADA / USDT
Cardano (ADA) rose from $ 1.06 on January 10, indicating that the bulls are trying to gather. Buyers pushed the price towards the 20-day moving average ($ 1.27) on January 12.