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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