Price Prediction 1/20: BTC, ETH, XRP, BNB, SOL, DOGE, ADA

SOL shed another notable portion of its value on Tuesday and is currently down by over 4%. Nonetheless, it appears to be paring off some of its losses at the time of writing.

SOL’s recent decline has surprised, as there were no strong fundamentals to account for it. Regardless of the cause, the asset is heading for its third consecutive day of losses.

The global cryptocurrency market cap is $3.02 trillion at the time of writing, down almost 3% since the start of the day. Its current value indicates that SOL is not the only asset affected by the downtrend. Several assets, including BTC and ETH, are currently trading significantly lower than they started the day.

A bearish close on Tuesday would mark the market’s sixth day with no significant increase. Many are concluding that it’s already a bear market, given the consistent decline. Nonetheless, investors remain keen to see how fundamentals will play out in the coming days.

Away from fundamentals, one of the biggest losers over the last 24 hours was Monero. It trades down by over 13%, a few days after it registered a new all-time high.

The market shows signs of recovery at the time of writing. Let’s see how some assets in the top 10 will perform in the coming days.

BTC/USD

BTC retraced below $90k a few hours ago, dropping to a low of $89,778. The 4-hour chart shows that the asset has rebounded and may surge higher in the coming hours.

The decline happened in the session starting at 12 UTC, causing the apex coin plunge from $91k. However, placing more emphasis on where it rebounded reveals a new trend. Previous price movements indicate that this is not the first time it’s rebounded at the mark.

BTC has held the $89,600 support since Jan 8. Interestingly, after testing this mark, the asset has gone on to break above $92k. If the trend holds, the apex coin will surge higher following its rebound. Its next target may be $92,000.

Additionally, indicators align with the bullish predictions as Bitcoin is oversold. The relative strength index is currently at 23 (one of its lowest levels), suggesting a rebound and a further uptrend are almost inevitable.

ETH/USD

Ethereum is currently trading at $3,000, having fallen below $3,200 earlier. Nonetheless, its most recent price shows a slight recovery from its previous low of $2,993.

The 4-hour chart shows that its latest attempt would mark its second trial at its low in the last 24 hours.  While the asset has shown slight demand concentration at the support, there are concerns that the mark may flip.

Previous price movement confirms these fears, as $2,990 was a tough resistance and weak support. Since losing $3,200, the next critical level is $2,950. The bulls need to defend $2.99k, or risk further decline due to this.

However, indicators suggest the downtrend may be ending, and further upticks are expected in the coming hours. One such indicator is the relative strength index, which is currently at 20, indicating that ETH is oversold and due for a relief rally.

Aside from RSI, the apex altcoin is trading below its bollinger bands, adding to the conviction that a relief rally is coming.

XRP/USD

The 4-hour chart shows that XRP has been on the decline all day. It is yet to register any increases, which means, like SOL, it has shed a significant chunk of its value.

However, its latest candle indicates that the buyers are fighting back. It prints a doji after slipping below $1.90, suggesting buyback has started. Nonetheless, aside from the candle, RSI shows that the asset is oversold, increasing the likelihood of a surge.

Additionally, the altcoin has lingered near the bollinger’s lower band all day, suggesting a rebound may be at hand. Its next target may be $1.95 if the buyback continues.

BNB/USD

BNB is currently trading at $892 and has been on the decline for most of the day. It opened Tuesday at $923 and trades down by over 3%, its most significant decline since December.

Nonetheless, previous price movement indicates that the downtrend is not over. BNB is not trading at a level with notable demand concentration. Since slipping below $900, the next possible level for a rebound is $880.

Conversely, the relative strength index slipped below 30 a few hours ago, suggesting a rebound is imminent. However, this does not invalidate the prediction of a possible drop below $880.

SOL/USD

SOL had its biggest decline on Tuesday in the session starting at 4 am, losing almost 3%. Since the sharp decline, it has yet to print a green candle.

It recently dropped to a low of $126 and is grappling with significant demand concentration at the mark. Nonetheless, there is a slim chance of further retracement. If the bulls fail to defend $126, SOL may plummet lower to $123.

However, as with other assets, indicators have flipped bullish. One such is RSI, which is at 21 at the time of writing. The reading suggests an increased chance of a rebound. Additionally, the bollinger bands align with RSI as the coin trends close to its lower band.

DOGE/USD

Dogecoin has been on the decline for most of Tuesday. It trades down by over 4% at the time of writing, continuing the previous day’s decline that saw it lose almost 6%.

However, the 1-day chart shows that the memecoin dropped to a low of $0.121 on Monday. It quickly rebounded, creating a fair value gap. DOGE is edging closer to filling the FVG, suggesting that a drop to the previous day’s low is almost inevitable.

Nonetheless, on the 4-hour chart, the asset prints its first green candle of the day. Like SOL, it is also oversold, increasing the likelihood that the current uptick may continue.

ADA/USD

Cardano dropped to a low of $0.35 on Monday but shot up afterward, erasing almost half its losses. However, the day ended with a fair-value gap that needs filling.

ADA dropped slightly below the previous day’s low a few minutes ago, filling the FVG. The asset may be gearing up for another recovery after filling the gap.

Nonetheless, indicators support the bullish case, as two key metrics are currently positive. One such is RSI, which is at 21 at the time of writing. The reading suggests an increased chance of a rebound. Additionally, the bollinger bands align with RSI as the coin trends close to its lower band.

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