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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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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.