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Monday

25 January 2021

Price analysis 12/7: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM

Price analysis 12/7: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM


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However, the bears will have to sink the price below the 20-day exponential moving average ($18,305) to dampen the bullish sentiment.

If the price sustains below the 20-day EMA, some short-term momentum traders may dump their long positions and that could drag the price down to the $17,200 support.

On the other hand, if the bulls do not give up much ground, it could create FOMO among traders and that could boost momentum and drive the price above the overhead resistance zone.

If bulls can push the price above the $622.807 to $635.456 resistance zone, the ETH/USD pair will complete an ascending triangle pattern that has a target objective of $763.61.

The next directional move could start after the price breaks above or below the range.

If the bulls can push the price above $0.6794, a retest of $0.780574 will be on the cards.

The moving averages are sloping up and if the RSI can break above the downtrend line, it will suggest that the bulls have the upper hand.

On the contrary, if the LTC/USD pair turns down from the current levels and breaks below the 20-day EMA, it will suggest that traders are covering their long positions on minor rallies.

This negative view will be invalidated if the bulls can push and sustain the price above the downtrend line.

Conversely, if the pair rises from the current levels and breaks above the overhead resistance, it will suggest the possible start of a new uptrend.

If the bears again sink the price below $0.155, it will increase the possibility of a break below the 20-day EMA.

Below the 20-day EMA, the ADA/USD pair could drop to the 50% Fibonacci retracement level at ($0.141) and then to the 61.8% retracement level at $0.1312.

A break above this resistance could suggest that the bulls are back in action.

The bulls attempted to push the price back above the moving averages in the past two days but they have not been able to sustain the altcoin above the 20-day EMA (29).

If the bears sink the price below $28.6588, the BNB/USD pair could start its journey southward towards the $25.6652 support.

The 20-day EMA is flattening out and the RSI has dropped below 58, which suggests that bulls are losing their grip.

If the bears sink the price below the 20-day EMA, the decline could extend to the 61.8% Fibonacci retracement level at $0.140209.

Contrary to this assumption, if the price once again rebounds off the 20-day EMA and rises above the downtrend line, the XLM/USD pair could rise to $0.20 and consolidate for a few days before starting a trending move

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cointelegraph.com
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