Price analysis 1/29: BTC, ETH, DOT, XRP, ADA, LINK, LTC, BCH, BNB, XLM

Sentiment plays a major office in the short-term cost activity of an asset. This truth was demonstrated today when Elon Musk, the world's richest human being, simply wrote 'Bitcoin' in his Twitter bio. Crypto traders and Musk followers immediately noticed and Bitcoin price conveniently shot up a few minutes subsequently the tweet.

When BTC price makes a precipitous directional movement, traders buy into the breakout and short-sellers are squeezed out of their positions. That is what seems to have happened with Bitcoin (BTC) as the sentiment swiftly turned bullish.

It is not only Bitcoin that has seen a pick up in sentiment. Rumors were adrift that Reddit users, who were recently responsible for GameStop's massive surge in price, were discussing whether or non Dogecoin's (DOGE) could be pushed to $1. This resulted in a huge spike in Dogecoin'south cost.

*Daily cryptocurrency market place performance. Source:* *Coin360*

Trading with excessive greed and emotion can be risky. While professional traders may make money in such volatile environments, the novice retail trader usually gets stuck at college levels and has to bear heavy losses. Therefore, traders should keep their greed in cheque and stick to their trading strategy.

In volatile environments, the price action and trends can change quickly. Allow's analyze the charts of the top-10 cryptocurrencies to spot the support and resistance levels that could be helpful in making trading decisions.

BTC/USD

Bitcoin held the 50-24-hour interval simple moving boilerplate ($xxx,065) on January. 27 and dip buyers aggressively purchased on Jan. 28, which pushed the toll to the 20-twenty-four hour period exponential moving average ($33,555).

The buying continued today and the bulls have propelled the price higher up the downtrend line. This move invalidates the short-term bearish view on the BTC/USD pair.

There is a minor resistance at $38,000, but if this level is crossed, the rally could extend to $40,000 and and then to $41,959.63. The electric current best high may act as stiff resistance only if the momentum can push the toll above it, the journeying to $l,000 may begin.

Opposite to this supposition, if the price turns down from either overhead resistance, the bulls are likely to defend the 20-day EMA. If they succeed, it will suggest traders are ownership on dips. The bulls will so again attempt to resume the uptrend.

The trend volition turn in favor of the bears if the pair turns down and plummets below the disquisitional $28,850 support.

ETH/USD

Ether (ETH) bounced off the 20-day EMA ($ane,234) on Jan. 28, which shows the bulls are aggressively buying on every minor dip and are not waiting for a deeper correction to enter long positions.

The bulls had driven the price to a higher place the $one,400 overhead resistance today but are currently struggling to concord the college levels. If they can sustain the toll above $1,400, a retest of the all-fourth dimension high at $1,473.096 is possible.

A breakout to a new best high volition open up the gates for a further rally to $1,675 and and then $2,000. The upsloping moving averages advise advantage to the bulls, but the negative difference on the relative strength alphabetize (RSI) points to a weakening momentum.

If the bears can sink and sustain the ETH/USD pair below the uptrend line, it will indicate weakness.

DOT/USD

Polkadot'southward (DOT) strong rebound off the $xiv.7259 support on Jan. 28 shows the bulls are aggressively ownership on dips to this level. The altcoin could at present extend its stay inside the $14.7259 to $19.xl range for a few more days.

A shallow correction after a strong rally and consolidation near the overhead resistance are signs of strength. This shows traders are non booking profits in a hurry as they anticipate the uptrend to resume.

If the bulls can push button the price above $19.xl, the next leg of the uptrend could begin. The first target objective is $24 and then $27. The upsloping moving averages and the RSI in a higher place 60 suggest the bulls are in control.

This bullish view volition invalidate if the price turns down from the current level and breaks below the $14.7259 support. Such a move will advise traders are aggressively booking profits and that could result in a drop to the 61.eight% retracement at $eleven.8383.

XRP/USD

The bulls defended the $0.245 support on January. 27 and XRP started a relief rally on Jan. 28. This shows traders are accumulating at lower levels. The flat 20-day EMA ($0.28) and the RSI just beneath the midpoint suggest the selling pressure has reduced.

The bulls had pushed the cost in a higher place the downtrend line today, but they could not sustain the college levels. This indicates, traders are offloading their positions at higher levels as they do not expect a sustained up-motion.

If the price turns down from the current level, the bears will once again effort to interruption the $0.245 support. If they succeed, a drop to $0.17351 is possible. On the other hand, if the bulls can sustain the toll above the downtrend line, the XRP/USD pair may rally to $0.3855.

ADA/USD

Cardano (ADA) bounced off the back up line of the ascending channel on Jan. 28, which shows the bulls are accumulating on dips. The ownership has continued today and the altcoin has risen higher up the downtrend line.

The ADA/USD pair could now rally to $0.38 and then to $0.forty. If the bulls tin drive the toll to a higher place this resistance, the pair may rally to the resistance line of the channel near $0.46. The momentum could choice up if the bulls propel the price above the channel.

The gradually upsloping 20-day EMA ($0.32) and the RSI in the positive zone suggest bulls take the upper manus. This bullish move will be negated if the price turns down and plummets below the support line of the channel. If that happens, the pair could drib to the l-day SMA ($0.24).

LINK/USD

The bulls flipped the previous resistance at $20.1111 into support when Chainlink (LINK) rebounded off it on Jan. 27. The buyers will now effort to resume the uptrend by pushing the price above the all-fourth dimension high at $25.7824.

If they succeed, the LINK/USD pair could rally to $30. The upsloping moving averages and the RSI in the positive territory advise the trend favors the bulls.

Contrary to this assumption, if the pair turns down from the current level or the overhead resistance and breaks below $20.1111, information technology volition advise the sentiment has turned negative and traders are selling on rallies. That could pull the price down to $17.7777 and so to the 50-day SMA ($16).

LTC/USD

Litecoin (LTC) did not complete the surly head and shoulders pattern on Jan. 27 as the bears could not sustain the price below the disquisitional $120 support. The altcoin rebounded sharply on Jan. 28, suggesting strong demand at lower levels.

The relief rally has reached the downtrend line, which may act as a resistance. If the cost turns downwardly from the downtrend line, the bears volition once again try to sink the toll below the neckline of the H&S pattern at $120. If they succeed, a drop to $100 and and then to $70 may exist on the cards.

Conversely, if the bulls can drive the price above the downtrend line, it may outcome in a rally to $165.9709. The bears may endeavor to defend this level just if the LTC/USD pair can climb above it, a retest of $185.5821 is possible.

The price activeness at the downtrend line is probable to decide whether the next motion will favor the bulls or the bears.

BCH/USD

Bitcoin Cash (BCH) bounced off the $370 support on January. 28, which suggests the bulls are attempting to defend this level. The rebound is currently facing resistance at the xx-day EMA ($437).

If the price turns downwardly from the current level and breaks below the l-day SMA ($395), the bears will try to sink the price below the $370 to $353 back up zone.

Nevertheless, the twenty-day EMA is flattening out and the RSI is just below the midpoint, indicating a residuum between supply and demand.

If the bulls tin can sustain the price above the 20-day EMA, the BCH/USD pair may rise to $465 and so to $515 and extend its consolidation by a few more than days.

BNB/USD

Binance Coin (BNB) bounced off the support line of the ascending broadening wedge design on Jan. 28, which shows potent demand at lower levels. The bulls connected their purchase today and pushed the price higher up the $43.4241 resistance merely are struggling to agree on to the higher levels.

The gradually upsloping 20-mean solar day EMA and the RSI in the positive territory advise the path of least resistance is to the upside. If the bulls can sustain the price above $43.4341, the BNB/USD pair could retest the all-time high at $47.2187.

A breakout of this resistance will suggest the resumption of the uptrend with the next target objective at $50 and so $55. This bullish view will invalidate if the pair turns down from the current level and breaks below the back up line.

XLM/USD

Stellar Lumens (XLM) broke below the $0.26 support on January. 27, merely the bears could not capitalize on this weakness. This attracted ambitious buying from the bulls on January. 28, resulting in a abrupt bounce that pushed the price dorsum to a higher place $0.26.

The buying continued today and the bulls propelled the price above the $0.35 resistance just they accept not been able to sustain the higher levels as seen from the long wick on the day'southward candlestick.

Aggressive ownership at lower levels and selling at higher levels suggest the XLM/USD pair may remain range-bound for a few more days.

This view of a consolidation volition invalidate if the bulls push and sustain the price to a higher place $0.35. Such a move will signal the bulls have made a stiff comeback. If they can push the price above $0.409, a rally to $0.l is possible.

The views and opinions expressed here are solely those of the author and practice non necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. Y'all should conduct your own research when making a determination.

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