Cryptocurrency Market Jan 21, 2022: Red Color Flooded as Bitcoin Plunged Below $39K, Ethereum Broke 2.9K, Altcoin Plunged

Cryptocurrency market Jan 21, 2022: bitcoin price attempted to break the $43,500 resistance area. However, BTC struggled to gain pace and started falling below $41,200. There was a break below $40,000 and at 04:18 UTC BTC price consolidated losses near $38,700.

Similarly, most major altcoins crashed. ETH is trading below the critical $3,000 support area. XRP fell and even surged below $0.70 before recovering. ADA is down almost 10% and heading towards the $1.20 level.

Cryptocurrency Market January 21, 2022: Bitcoin Price

After a failed attempt near $43,500, bitcoin price started a fresh decline. It fell 7% in one day. BTC plunged below the $41,200 and $40,500 support levels. It even broke the $40,000 support and tested $38,500. It is currently recovering and facing resistance near $39,000. The next major resistance is $40,000, above which the price could start a recovery wave.

Cryptocurrency Market January 21, 2022: Ethereum Price

Ethereum price also started falling below the $3,120 support. ETH is even below $3,000 and is down more than 8% in one day. It tested $2,850 and is currently consolidating losses. On the upside, immediate resistance is near $2,920. The next key resistance is $3,000, above which the price could start a good corrective wave.

Initial support is near $2,800. Next major support is $2,750, below that a drop to $2,650 is possible.

Cryptocurrency Market January 21, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) is down 10% and is trading well below $1.25. It was trading near $1.20 and is currently correcting higher. If there is a recovery wave, the price might face stiff resistance near $1.25.

Binance Coin (BNB) is down 9% and trading well below $450. The price is currently consolidating near $425. If the bears remain active, a drop to the $400 support area is possible.

Solana (SOL) traded below the $132 support area. Immediate support is near $122. A drop below $122 could start a drop towards $112. On the upside, the $132 zone represents a major resistance.

DOGE has gained bearish momentum below the $0.155 level. It tested $0.150 and is currently struggling to recover higher. The next major support is near the $0.142 level, below which a test of $0.135 is possible.

XRP price is down 6% and it is currently trading near $0.70. If the bulls fail to defend $0.70, a drop to $0.68 is possible. The next major support is at $0.665.

Many altcoins are down more than 5%, including LUNA, DOT, AVAX, MATIC, SHIB, NEAR, LINK, UNI, LTC, ALGO, FTM, and BCH. In contrast, LEO is still trading in the green and is up 4%.

Overall, bitcoin price is showing signs of falling below $40,000. If BTC stays below $40,000 and $40,500, further losses are possible.

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