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Crypto Market Jan 24, 2022: Bitcoin and Ethereum Struggling to Recover

Cryptocurrency Market Jan 24, 2022 by cryptonew: Over the weekend, bitcoin price started falling below the $40,000 support level. BTC traded below $35,000 to move further into a bearish zone. At 05:36 UTC, BTC is consolidating losses near $35,000.

Similarly, most major altcoins crashed. ETH is trading below the critical $2,650 support area. XRP fell and even rose below $0.60. ADA fell and had a strong move below $1.00 before recovering.

Cryptocurrency Market January 24, 2022: Bitcoin Price

In the last two days, bitcoin price has fallen below the $40,000 support. BTC has fallen below the $38,000 and $37,000 levels. It even broke the $35,000 support and tested $34,000. It is currently recovering and facing resistance near $35,500. The next major resistance is $36,500, above which the price could start a wave towards $38,000.

On the upside, initial support is near the $34,500 level. The next major support is near $34,000, below which a continuation of the downtrend is likely.

Cryptocurrency Market January 24, 2022: Ethereum Price

Ethereum price also started falling below the $3,000 support. ETH is even below the $3,650 level. It tested $2,400 and is currently consolidating losses. On the upside, immediate resistance is near $2,500. The next key resistance is $2,650, above which the price could trigger a stronger corrective wave.

Initial support is near $2,400. Next major support is $2,350, below that a drop to $2,120 is possible.

Cryptocurrency Market January 24, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) has gained bearish momentum below $1.10. It even surged below $1.00 before staging a recovery wave. The price is back above $1.00 but it is facing resistance near $1.12.

Binance Coin (BNB) settled below $400 and tested $350. If there is a recovery wave, the previous supports near $385 and $400 could act as strong hurdles. On the upside, the main support lies at $350.

Solana (SOL) is still down almost 6% and it closes below $100 daily. If the bears remain active, a drop to the $75 level is possible. The next major support is near the $66 level.

DOGE is struggling to stay above $0.135. If there is a clear downside break, a drop to $0.120 is possible. The next major support is near $0.105.

XRP price is consolidating near the $0.60 level. Immediate support is near the $0.580 level. The next key support is near $0.550, below it there is a risk of a sharp drop towards $0.50.

Cryptocurrency Market January 24, 2022: Another altcoin market

Many altcoins are down more than 5%, including DOT, MATIC, UNI, NEAR, ALGO, TRX, HBAR, VET, and SAND. In contrast, ATOM surged nearly 8% in one day and rallied above $32, cutting weekly losses to less than 25%. CRO is up nearly 6% in one day to nearly $0.366, cutting its weekly loss to 21%.

General, Bitcoin price is trading in a bearish zone below the $38,000 level. If BTC stays below $36,500 and $38,000, further losses are possible.

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Important NOTE: All content on the website is for informational purposes only and in no way constitutes investment advice. Your money, the choice is yours.

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.

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