28.01.2022, 12:13

Cryptocurrency Market January 28, 2022: Bitcoin and Ethereum Try to Recover

Cryptocurrency market Jan 28, 2022: bitcoin price formed a base and scaled above $36,500 level. As of 04:18 UTC, BTC was showing positive signs near $37,400 and it could scale to the $38,000 resistance level.

Similarly, most major altcoins are also moving higher. ETH could accelerate if there is a clear move above $2,500. XRP is stabilizing above the $0.60 pivot level. ADA might face resistance near $1.08 level.

Cryptocurrency Market January 28, 2022: Bitcoin Price

After a short term drop, bitcoin price found support near the $35,500 region. BTC has started a new rally and has broken the USD 37,000 mark. On the upside, the price is facing resistance near $37,500. The next major resistance is $38,000, above which a steady rise is possible.

Otherwise, a fresh dip below the $36,400 support is possible. The next major support is $35,500, below which the price could accelerate on the downside.

Cryptocurrency Market January 28, 2022: Ethereum Price

Ethereum price is stabilizing above the $2,400 level. ETH is consolidating near the $2,450 level. The first major resistance on the upside is near $2,500. The next key resistance is at $2,550, above which the price might start a decent climb.

On the upside, initial support is near $2,400. The next major support is near $2,320, below which a loss could be extended.

Price of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) is showing positive signs above the $1.02 level. Immediate resistance is near the $1.05 level. The first key resistance is near $1.08, above which the bulls can gather strength.

Binance Coin (BNB) is up nearly 8% and has traded well above $380. It is currently trading above $385 and it seems like the bulls are heading towards the $400 resistance area.

Solana (SOL) is moving higher and trading above $90. An initial hurdle is near the $95 mark. The main resistance is near the $100 level, above which the price could rally.

DOGE is struggling to break the $0.145 resistance. The next resistance is near the $0.150 level. A close above $0.150 could start a stronger rally in the short-term.

XRP price is consolidating near the $0.600 level. The immediate hurdle is near $0.62. The main break resistance is now forming near the $0.65 level where the bears are likely to remain active.

Other altcoin market

Many altcoins are up more than 5%, including DOT, MATIC, CRO, LINK, ALGO, FTT, MANA, SAND, EGLD, and GRT. Of these, SAND is up almost 17% and climbed above $3.50, cutting weekly losses to less than 11%. ENJ is up 13%, topping $1.65 and cutting its weekly loss to 21%.

Overall, bitcoin price is moving towards the $38,000 resistance level. To continue higher, BTC needs to gain strength above the $38,000 resistance.

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