Cryptocurrency Market Jan 19, 2022: Bitcoin and Ethereum Continue their Decline

Cryptocurrency Market Jan 19, 2022: Bitcoin price continues its decline below $41,800. BTC even tested $41,250 and recently corrected higher. As of 04:01 UTC, BTC is trading above $41,700 but a break above $42,750 is needed for a decent recovery.

Similarly, most major altcoins are attempting an upward correction. ETH surged below $3,120 but the bulls defended $3,050. XRP is struggling to settle above $0.750. ADA pared gains and fell below $1.50.

Cryptocurrency Market January 19, 2022: Bitcoin Price

After falling below $42,500, bitcoin price continued its decline. BTC even broke the $42,000 support. It surged below $41,500 before the bulls emerged and pushed the price above $42,400 before falling back to $41,700.

On the downside, the next major support is near $41,200, below which there is a risk of a stronger decline.

Cryptocurrency Market January 19, 2022: Ethereum Price

Ethereum price also extended its decline below the $3,120 support. ETH tested $3,080 and rallied higher. On the upside, immediate resistance is near $3,200. The next key resistance is at $3,250, above which the price might attempt a steady climb.

The initial support is near the $3,080 level. The next major support is near the $3,000 level, below which there is a risk of a sharp decline.

Cryptocurrency Market January 19, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) started a downside correction after a strong rally towards $1.60. The bears pushed the price back below $1.50 and close to $1.40 before recovering to $1.45. It’s now down 8% in one day, dropping weekly gains to less than 23%.

Binance Coin (BNB) is consolidating near the $465 level. Any further decline in price is likely to push the price towards $450. If there is a renewed increase, the bears can stand near the $480 level.

Solana (SOL) tested the $135 zone. It is back above $138 but is facing resistance near $140. The next major resistance is $150, above which a rally to $165 is possible.

DOGE is struggling below the $0.170 pivot level. If the bears remain active, a drop to $0.150 is possible. Conversely, the price could rally towards the $0.180 level.

XRP price settled below the $0.75 level. The next major support is near $0.735. If there are more losses, the price could drop further towards $0.700.

Cryptocurrency Market January 19, 2022: Another altcoin market

Several altcoins are down more than 5%, including MATIC, SHIB, LINK, UNI, LTC, HEX, XMR, EGLD, and ONE. In contrast, ETC and THETA gained nearly 9% to hit $34 and $4.32, respectively. ETC is now up nearly 15% in a week, while THETA is up 6%.

Overall, bitcoin price is showing signs of falling below $43,000. To start a new rally, BTC needs to settle above $43,000.

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