Crypto Markets Jan 18, 2022: Bitcoin and Ethereum Extend Drop as ADA Keeps Gaining

Cryptocurrency Market Jan 18, 2022: Bitcoin price remains in a bearish zone below $43,000. BTC extended its decline below the $42,500 and $42,000 support levels. As of 04:14 UTC, BTC is recovering near $42,100, but upside potential may be limited.

Similarly, most major altcoins also corrected lower. ETH is trading below the $3,220 and $3,200 support levels. XRP managed to hold above the $0.75 level. ADA added 8% and tested the $1.60 resistance.

Cryptocurrency Market January 18, 2022: Bitcoin Price

After closing below $43,000, bitcoin price continued its decline. BTC even broke the $42,500 support. It surged below $42,000 before the bulls emerged. The price is back above $42,000 but it is facing resistance near $42,750. The next major resistance is $43,000, above which the price could gain bullish momentum.

On the upside, initial support is near the $42,000 level. A close below $42,000 could accelerate losses in the short-term. The next key support is near $40,500.

Cryptocurrency Market January 18, 2022: Ethereum Price

Ethereum price followed a similar pattern and fell below $3,200. ETH tested $3,150 and rallied higher. On the upside, immediate resistance is near $3,300. The next key resistance is near $3,320, above which a rally to $3,400 is possible.

The initial support is near the $3,150 level. The next major support is $3,020, below which further declines are possible.

Cryptocurrency Market January 18, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) remains in a bullish zone above the $1.55 level. It rallied over 8% and briefly traded above the $1.60 level. The next major resistance is $1.62, above which a rally to $1.65 is possible.

Binance Coin (BNB) paid out below $480. The immediate support is near the $470 level. The next major support is at $465. Any further decline could push the price towards $450.

Solana (SOL) traded below the $142 support. It may soon test the $135 level. If there is a downside break below $135, the price could accelerate on the downside in the near term. The next major support is at $120.

DOGE is trading below the $0.170 support. The next major support is at $0.162. If the bears remain active, there is a risk of a move towards $0.150.

XRP price tested the $0.75 level where the bulls emerged. If there is a break below $0.75, the price might gain downside momentum. In this case, the price could test $0.68.

Cryptocurrency Market January 18, 2022: Another altcoin market today

Many altcoins are down more than 5%, including LUNA, AVAX, MATIC, LINK, NEAR, UNI, ATOM, ALGO, FTM, and MANA. Of these, MATIC is down 9% and it is trading below the $2.22 support.

Overall, bitcoin price is struggling below $43,000. If BTC falls below $42,000, it may slide further towards $40,500 and $40,000.

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