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Cryptocurrency Market Jan 27, 2022: Bitcoin and Ethereum Continue Dropping, Altcoins Eradicate Gains

Cryptocurrency market Jan 27, 2022: Bitcoin price attempted to close above the $38,000 resistance area. BTC failed to gain strength after the Fed’s statements, which led to a fresh drop below $37,000. At 04:17 UTC, BTC is trading below $36,000 and showing signs of bearishness.

Similarly, most major altcoins have started a fresh decline. ETH surpassed almost $2,720 and fell below $2,400. XRP failed to sustain above $0.65 and fell below $0.60. ADA is struggling to stay above $1.00.

Cryptocurrency Market January 27, 2022: Bitcoin Price

After surging above $37K, bitcoin price attempted to close above the $38K resistance area. However, BTC struggled to maintain stability and started a fresh decline. There was a sharp decline below the $37,200 and $37,000 levels. It even fell below $36,000 and tested $35,000 before recovering by almost $36,000. On the upside, initial support is near the $35,200 level. The next major support is near $35,000, below which a pullback to $34,000 is possible.

On the upside, the price is facing resistance near $36,200. The next major resistance is $37,000, above which a rally to $38,000 is possible.

Cryptocurrency Market January 27, 2022: Ethereum Price

Ethereum price surged above $2,700 but there was no bullish continuation. ETH started a fresh decline and traded below $2,600. There was also a move below $2,400. The initial support is near the $2,320 level. The next major support stands at $2,250, below which losses could extend.

The first key resistance on the upside is near $2,450. The next key resistance is $2,500, above which the price could start a fresh increase.

Cryptocurrency Market January 27, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) has pared gains and is trading below $1.04. It is currently struggling to stay above $1.00. If there is a downside break, a return to the $0.95 support level is possible.

Binance Coin (BNB) is down 4% and traded well below $365. The next major support level is at $350. Any further downtrend could result in a move towards $320.

Solana (SOL) is down around 7% and has traded below $90. The next major support is near the $85 level, below which there is a risk of a move towards the $75 level.

DOGE is down 3% and testing the $0.140 level. If there is a downside break, the bears can also test $0.122.

XRP price pared all daily gains and traded below the $0.60 support. The next key support is $0.58, below that a drop to $0.55 is possible. To start a new rally, the price needs to break $0.620.

Cryptocurrency Market January 27, 2022: Another altcoin market

Many altcoins are down more than 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, ATOM, LINK, NEAR, UNI, and ALGO. Of these, ATOM is down 12% to drop below $30.50, while AVAX is down nearly 10% to nearly $62.

Overall, bitcoin price started falling below $36,000 level. Unless BTC returns above $35,000, there is a risk of a sharp drop in the short-term.

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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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