Price Prediction 1/27: BTC, ETH, XRP, BNB, SOL, DOGE, ADA

ETH is edging closer to registering its second consecutive day of increases, a feat not seen in almost two weeks. It may not only end the day with significant improvement, but also reclaim a key support.

ETH is currently seeing a notable spike in buying pressure amid the selling pressure it saw in the first half of Tuesday. However, amid the recent price increase, the asset has seen a 32% drop in trading volume.

A look at market volume shows that the apex altcoin is not the only asset experiencing a drought. The global cryptocurrency market activity dropped by almost 24%. Nonetheless, a drop in this metric may mean two things: either the selling pressure is almost zero or investors are showing the first signs of exhaustion.

In either case, the bulls are edging ahead, as the global cryptocurrency market cap is slightly higher than at the start of the day.

Away from the market cap, investors are currently fixated on the FOMC interest rate decision. However, they are not expecting a rate cut as the buzz around the event is minimal. Nonetheless, the market will react in the event of any surprises.

The market is currently in an uptrend in the days leading up to the announcement. It remains to be seen if the uptrend will continue after Wednesday. Let’s examine some key levels to watch.

BTC/USD

Bitcoin has been slightly volatile on Tuesday, dropping to a low of $87,448 and peaking at $88,880. However, it faced another rejection to its bid to flip $89,000, facing corrections a few dollars above the previous day’s high.

The apex coin currently prints a doji on the 1-day chart and threatens to slip even lower. Nonetheless, the 4-hour chart shows that this is not the first time BTC has failed to flip $89k. It depicts several instances where it briefly broke the mark but retraced afterward.

A closer look at the most recent candle shows that a trend reversal may be underway, as Bitcoin began declining after testing the mark. Based on previous price movements, if the bulls fail to resume the uptrend, a drop to $86k may follow.

Aside from previous price action, the asset recently surged above bollinger bands. Previous attempts at the mark were capped shortly after the breakout. The same trend may be playing out at the time of writing.

ETH/USD

ETH reclaimed a critical support on Monday. The 4-hour chart shows it held the $2,890 mark for most of the last two months amid several attempts.

In addition to reclaiming a key level, the altcoin recently surged to its highest level in the last three to four days. It peaked at $2,995 a few minutes ago, then retraced.

The chart shows that the altcoin is retested bollinger’s upper band following its latest hike. The ensuing decline may be in response to the attempt. However, the bollinger bands suggest that the correction may be the beginning of an even greater downtrend.

Since failing to break out of the bands, ETH may decline further, potentially reaching the lower band. If that happens, it drops back to $2,800.

XRP/USD

XRP is having the same trend as ETH. It recently surged to a key level but then ran into resistance. It has struggled to maintain trading above $1.90, and the trend remains the same at the time of writing.

The coin is currently trading at $1.88, a critical level. Previous price movement suggests losing the mark will result in the asset dropping to another rangebound channel, where it bounce between the current level and $1.80.

In a nutshell, slipping below $1.88 would almost guarantee a drop to $1.80. The chances of this playing out are increased as the moving average convergence divergence is currently flipping negative.

BNB/USD

Like ETH, BNB retested its seven-day high, surging to a high of $896. However, it faced another rejection to its bid at $900 and is declining at the time of writing.

The asset also briefly broke out from its bollinger bands following its recent hike. Nonetheless, the breakout may signal further downside for it, as the traditional response after testing the upper band is a plunge to the middle or lower band.

BNB is trending close to the middle band. However, the candle suggests that it is yet to experience buybacks. If the bulls fail to stage a rally, it may retrace to $860.

SOL/USD

Solana is currently trading above a level with notable demand concentration. Previous price action shows that the bulls have staged several successful rallies at the mark.

However, the candle also shows that the altcoin recently surged but lost momentum. It has been on the decline since its failed attempt at $127. Previous price movements indicate the bulls must defend the $123 support, or the asset will drop to $117.

Nonetheless, MACD remains positive amid the latest drop, suggesting a slim chance of further increases. If that happens, SOL will reclaim $130 within the next two days.

DOGE/USD

DOGE had another failed attempt at breaking out. It recently surged to a highof $0.125 but then retraced. The 4-hour chart shows that it shed all the gains it previously accumulated as it returned to its starting price.

However, the current candle is not promising as the asset is trending at a key level. If it loses the mark, it may dip even lower in the coming hours. Previous price movements point to a possible drop to $0.118.

Nonetheless, the moving average convergence divergence remains positive, suggesting an increased likelihood of further increases. If that happens, DOGE may surge to a high of $0.127.

ADA/USD

Cardano is trading close to bollinger’s middle band. It has maintained the trend close to the mark since Monday and may be gearing up for a breakout in the coming hours.

However, like ETH, it had a sudden hike to its previous day’s high but failed to flip it. In addition to trading at the SMA, it is also at a critical mark. Failure by the bulls to stage buybacks at the current price will see the asset drop to a low of $0.33.

Conversely, the Bollinger bands show that the asset recently rebounded off the lower band. It edges closer to the upper band at $0.36.

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