Crypto January 2022 Price Analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC.
Price analysis 11/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward? Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.

While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.

Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Crypto May 2022: What Can We Expect?

As investors look ahead to Crypto May 2022, the outlook is positive. Many analysts believe that the crypto market could benefit from a rally in Bitcoin, as well as from increased interest in altcoins. With the potential for a spot Bitcoin exchange-traded fund to be approved in the first quarter of 2024, investors may be looking to capitalize on the crypto sentiment analysis and take advantage of the crypto sell off.

In addition, the real-time data from Chainlink crypto today could help investors make more informed decisions about their investments. With the potential for Polygon crypto to continue its growth, investors may be looking to capitalize on the potential for increased returns.

Bitcoin price analysis

The bulls attempted to push Bitcoin beyond $35,280 on Nov. 1, but the bears were unrelenting, suggesting profit-taking at higher levels.

The relative strength index (RSI) is still in the overbought area, indicating that the consolidation may persist for a few more days. The significant level to watch on the upside is $35,280 and on the downside is $33,390.

If the price dips below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough struggle between the bulls and the bears.

On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend. The pair might then climb to $40,000.

The crypto market is looking ahead to a possible recovery in 2022, with the sentiment analysis of Chainlink crypto today being positive.

Ether price analysis

Ether (ETH) is still trading above the critical level of $1,746, but buyers are having difficulty pushing the price higher. This suggests that sellers are trying to gain control of the market.

The key level to watch on the downside is $1,746. If buyers are able to flip this level into support, it will signal that sentiment has shifted to the bulls. This could lead to a break above the $1,865 resistance and potentially propel the ETH/USDT pair to $2,000. Bears are likely to defend this level aggressively.

If sellers want to take control, they will need to pull the price back below the 20-day EMA ($1,723). This could catch the more aggressive buyers off-guard, resulting in a sell-off. The pair could then drop to the 50-day SMA ($1,648).

BNB price analysis

The bulls have been unable to keep BNB (BNB) above $230, indicating a lack of buying pressure at higher levels.

The BNB/USDT pair has reversed direction and reached the breakout level of $223. Buyers may try to defend the area between $223 and the 20-day EMA ($220). If the crypto bounces off this zone, the bulls will attempt to push the pair towards the overhead resistance of $235.

Conversely, if the crypto continues to decline and breaks below the 20-day EMA, it could indicate that the bears have regained control. The pair could then fall to the 50-day SMA ($214).

XRP price analysis

XRP (XRP) surged and closed above the resistance level of $0.56 on Oct. 30, suggesting the start of a new up-move. The 20-day EMA ($0.54) has turned up and the RSI is in the overbought zone, which implies that the bulls have the upper hand. Buyers may try to capitalize on this advantage and push the crypto to $0.67.

Conversely, the bears may try to drag the price back below the breakout level of $0.56 and the 20-day EMA. If they succeed, the XRP/USDT pair may drop to the 50-day SMA ($0.52).

The crypto sell off in January 2022 and the sentiment analysis of the market could be key factors in determining the recovery of XRP. Additionally, the current Chainlink crypto today and the potential of Polygon could also influence the price of XRP in the long run.

Solana price analysis

Solana (SOL) has experienced a strong recovery. After pausing near $34 for several days, the bulls reclaimed their power and broke the resistance on Oct. 30.

The buying pressure continued and the bulls eventually overcame the overhead resistance at $38.79 on Nov. 1. If the buyers can keep the price above $38.79, the SOL/USDT pair could attempt to rally up to $48.

While the trend is still positive, the overbought levels on the RSI suggest that the rally is overheated in the near term. This could make it difficult for the bulls to continue the up-move. A break and close below $38.79 may encourage short-term traders to sell off their crypto, which could cause the pair to drop to $34.

Cardano price analysis

Cardano (ADA) dropped from the minor resistance at $0.30 on Oct. 31, suggesting that the short-term traders are booking profits. The nearby support on the downside is the 20-day EMA ($0.28) which buyers are expected to defend. If the price rebounds off the 20-day EMA, it will indicate that the crypto sentiment has turned positive and traders may start buying at lower levels. The ADA/USDT pair may then once again reach $0.30.

This outlook will be invalidated if the price continues lower and plummets below the 20-day EMA. Such a crypto sell off could mean that the pair may oscillate between $0.24 and $0.30 for a while longer.

Dogecoin price analysis

The bulls have been attempting to keep Dogecoin (DOGE) above the $0.07 resistance, suggesting that higher levels are attracting sellers.

The bulls bought the dip to the 20-day EMA ($0.06) on Oct. 31 as seen from the long tail on the candlestick however they could not maintain this strength. Sellers are once again attempting to drag the price back below the 20-day EMA. If they succeed, it will indicate that bulls are losing control. The DOGE/USDT pair may then decline toward $0.06.

Alternatively, if the price again bounces off the 20-day EMA with strength, it will suggest that bulls are buying on dips. The bulls will then again try to clear the overhead hurdle at $0.07 and initiate the up-move to $0.08.

Toncoin price analysis

Toncoin (TON) has been trading in a range between $1.89 and $2.31 for the past few days. The price dropped from $2.27 on Oct. 31, indicating that the bears are still selling near the resistance.

The TON/USDT pair has now reached the immediate support levels of the moving averages. A strong rebound from this level could mean that the sentiment has shifted to the positive side, with traders viewing the dips as a buying opportunity. This could pave the way for the price to break the overhead resistance at $2.31 and surge to $2.59.

On the other hand, if the price continues to go lower and breaks below the moving averages, it could mean that the range-bound crypto chainlink action might persist for a few more days.

Chainlink Crypto Price Analysis

The bulls have been attempting to drive Chainlink (LINK) above the $11.50 resistance, but the long wick on the candlesticks shows that the bears are still active. The drop on Nov. 1 indicates that the bears are trying to pull the crypto to the 20-day EMA ($9.80), which is an important level to watch out for.

If the crypto rebounds off this level, the bulls may try to push the LINK/USDT pair above $11.50 and possibly towards $13.50 and then to $15. On the other hand, if the crypto sell off continues and the price is sustained below $9.50, it could open the doors for a further drop to the 50-day SMA ($8.06).

Polygon price analysis

Buyers attempted to push the MATIC/USDT pair beyond the resistance of $0.66 on Oct. 31, however the bears were successful in keeping the price down.

This implies that the crypto pair could stay in a narrow range between $0.60 and $0.66 for a while. The ascending moving averages and the RSI in the positive zone point to an advantage for the bulls.

If the buyers manage to take the price over $0.66, the pair could start the next part of the recovery rally towards $0.77. Nevertheless, the bears are likely to have different plans. They will likely try to push the price back below $0.60 and ensnare the overzealous bulls.

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