Crypto price analysis Jan-20: ETH, XRP, Ada, Sol and Dot

Crypto price analysis Jan-20: ETH, XRP, Ada, Sol and Dot

This week we take a closer look at Ethereum, Ripplecardano, Solana and Polkadot.

Ethereum (ETH)

Ethereum has had an increase of 9.5 % in the past seven days. However, the buyers are now on the defensive, since the course underneath the parabola formed in early January. This indicates that sellers could soon take over.

Whenever a parabola is broken, this signals a change. In this case, Ethereum managed to reach $ 1,600 before the sellers returned. This key resistance seems to remain in the near future because the buyers seem to have lost their dynamics.

With a view to the future, a new test of the support at $ 1,400 seems likely. This would be a healthy withdrawal and an expected movement if one takes into account the parabolic increase of the price during most of the January.

Diagram of Tradingview

ripple (XRP)

XRP tried to break the key resistance at 40 cents, but failed. While the price was able to record a weekly increase of 4 %, this was not enough to put the bulls back in the lead. For this reason, the cryptocurrency could float under the key resistance and consolidate at short notice.

XRP seems to be in a flat trend in which both bulls and bears exchange the places when checking the price movement. With good support at 36 cents, it could jump between the key levels for some time.

With a view to the future, the tendency for this cryptocurrency tends to higher time frames (weekly), and this cooling could be a temporary stop.

Diagram by Tradingview

cardano (ada)

The parabolic rally of Cardano ended when it reached the resistance of 36 cents. Bulls braked this, which only managed a price increase of 2.4 % last week.

The current support is 31 cents, and the price could test it before Bullen try to regain their control over ADA. After such a clear increase, a sweater is normal. The only question is how deep bears can take before the purchase is resumed.

With a view to the future, this cryptocurrency seems to be well positioned in order to keep most of their latest profits and try to continue in the direction of a higher rating, as long as the bulls do excellent work in defending the most important support.

Diagram of Tradingview

Solana (sol)

The Solana rally continued this week and led to an increase of 27 %. This performance makes the third week in a row to the most powerful cryptocurrency on our list. However, the current price movement gives signs that the interest bully momentum subsides.

The most important level of support can be found at $ 18 and $ 15, the latter has the best chance of stopping a significant sales pressure.

Diagram of Tradingview

polkadot (point)

Polkadot also recorded an impressive rally in January and only recorded an increase of 11.3 %last week. The buyers also tried to break over $ 6, but the bears did not allow this. For this reason, the price was pressed down and in the direction of critical support at $ 5.5.

Since the beginning of 2023, the price has risen from $ 4 to $ 6. This was triggered by an outbreak from a falling wedge, which is shown on the chart blue below. Falling wedges are usually a bullish structure, and in this case the rally was as expected.

The biggest challenge for Dot is to keep over $ 5 and to use this as a pivot point for a later higher rating. The sellers seem to be very interested in stopping the price at $ 6, so that the bulls have to regain their strength around the important level of support if they hope to continue this rally.

Diagram by Tradingview

The article Crypto Price Analysis Jan-20: ETH, XRP, Ada, Sol and Dot first appeared on Cryptopotato.

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