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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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.