Cryptocurrency Market Jan 17, 2022: Bitcoin, Ethereum correct lower while ADA and AXS rise

Cryptocurrency market Jan 17, 2022: Bitcoin price failed to break $43,500 and started a downside correction. It traded below $43,000 and at 04:24 UTC BTC consolidated near $42,800. If there is a break below $42,500, the bears can take control.

Likewise, most major altcoins are stuck in a range. ETH is consolidating at $3,300 with key support at $3,250. XRP needs to clear $0.80 for stronger bullish move. Conversely, ADA surged above the $1.45 resistance area.

Cryptocurrency Market January 17, 2022: Bitcoin Price

After falling below $43,500, bitcoin price continued its decline. BTC even broke the $43,000 support. On the upside, initial support is near the $42,500 level. The key weekly support stands at $42,000, below which the price might start a steeper decline. The next key support is near $40,500.

If there is a fresh increase, the immediate resistance will be near $43,500. The next major resistance is $44,000, above which the price could gain bullish momentum.

Cryptocurrency Market January 17, 2022: Ethereum Price

Ethereum price also started correcting lower from $3,400. It is currently consolidating near $3,300. The initial support is near the $3,250 level. The next major weekly support is $3,200, below which further declines are possible.

On the upside, immediate resistance is near $3,380. The next key resistance is near $3,400, above which the price could test $3,500.

Cryptocurrency Market January 17, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) started a strong rally above the $1.40 level. It broke $1.45 to move into positive territory and extended weekly gains by 25%. The next major resistance is $1.50, above which more gains are possible.

Binance Coin (BNB) still consolidating below $500. Immediate resistance is $488, above which the price could test $500. A close above $500 is a must for further upside.

Solana (SOL) is struggling to settle above $150. If the bulls stage a strong rally, a rally to $165 is possible. Otherwise, a move towards $135 is likely.

DOGE failed to break above $0.188 and started a downside correction. The price is currently trading near the $0.172 level. If there are more downsides, a test of $0.160 is possible.

XRP price is struggling to scale above $0.80 level. Immediate support is near $0.75, below which the bears can sink the price to $0.72. Any further downtrend could take the price towards $0.68.

Cryptocurrency Market January 17, 2022: Another altcoin market

Several altcoins are up more than 5%, including MATIC, UNI, ATOM, FTM, MANA, AXS, ONE, BTT, and KCS. Of these, AXS is up more than 6% and has rallied above $81, bringing its weekly gain up 12%.

Overall, bitcoin price is consolidating near $43,000. To start a new rally, BTC needs to break the $43,500 and $44,000 resistance levels in the short term.

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