Cryptos Price Analysis (January 1 – January 7, 2022): BTC, XRP, DOT, LTC, and LINK

Cryptos Price Analysis (January 1 – January 7, 2022): BTC, XRP, DOT, LTC, and LINK

Bitcoin is yet to recover from the current downtrend as it is stuck below the $50,000 psychological price level. The king coin is consolidating in a tight range that will result in a price rebound or breakdown. Nonetheless, Ripple and other altcoins are still in downward correction as they attempt to break into the bullish trend zones.

BTC/USD Major Trend: Bearish

BTC/USD – Daily Chart

Bitcoin’s (BTC) price is in a downward correction as price breaks below the moving averages. The cryptocurrency risks further decline as it fluctuates in the bearish trend zone. After the December 4 price slump, the bearish trend of Bitcoin subsided. The cryptocurrency plunged to $41, 634 low as bulls bought the dips. BTC price corrected upward to reach the high of $52,000 and commenced a range-bound move. For the past month, BTC/USD has been a range-bound move between $46,000 and $52,000 price levels.

BTC/USD – 4 Hour Chart

Nonetheless, for the past five days, the king coin is trading in a tight range between $46,000 and $48,000. Bitcoin’s upward move has been restricted below the $50,000 price level. In a tight range, BTC prices may be faced with a price rebound or breakdown. On the upside, if Bitcoin rebounds above the current support, it will break the resistance at $48,000 and rally above $52,000 high. The bullish momentum will extend to the high of $55,000. Similarly, if the bears break below the $46,000 support, Bitcoin will further decline to $41,634 low.

XRP/USD Major Trend: Bearish
Ripple’s (XRP) price is still in a downward correction as the cryptocurrency fall below the moving averages. On December 23 uptrend, XRP recovered from the bearish trend as price broke the 21-day line moving average and retested the 50-day line moving average. On December 23, buyers failed to breach the resistance at $1.00.

XRP/USD – Daily Chart

Also, buyers fail to break above the 50-day line moving average. Consequently, the bearish trend resumed as XRP price fell below the moving averages. From the Fibonacci tool analysis, Ripple has reversed from the downtrend at the $0.76 price level. On November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that XRP price will fall to level 1.272 Fibonacci extension or $0.76. Today, there are bullish candlesticks as buyers attempt to push XRP upward.


DOT/USD Major Trend: Bearish
Polkadot’s (DOT) price is still in a downward correction. On January 1, the bulls broke above the 21-day line moving average and resumed upward. This will be the second time, buyers will be pushing DOT price to the previous highs.

DOT/USD – Daily Chart

In the first attempt, buyers pushed the altcoin to the high of $32 but were repelled. DOT price slumped to $26 low and resumed upward. Polkadot has reached the high of $30 at press time. On the upside, if buyers breach the resistance at $32, the market will rally to $48. Meanwhile, on December 27 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the DOT price will rise to level 2.618 Fibonacci extension or $47.93.

LTC /USD Major Trend: Bearish
On the daily chart, Litecoin’s (LTC) price is in a downward correction as price breaks below the moving averages. Today, buyers are struggling to break above the 21-day line moving averages. Litecoin will be out of downward correction if price breaks above the $200 high.

LTC/USD – 4 Hour Chart

On the 4-hour chart, Litecoin has recovered from the current downtrend after retesting the current support at $144 on three occasions. Buyers have pushed the altcoin as price breaks above the moving averages but faced rejection at the 50-day line moving averages. Meanwhile, on December 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that LTC price will fall to level 1.618 Fibonacci extensions or $145.19. From the price action, the market has reached the overbought region. Perhaps, Litecoin will retrace to the low of $148 before an upward resumption.

LINK /USD Major Trend: Bearish
Chainlink’s (LINK) price is in a downward correction as price breaks above the 21-day line moving average but fails to break above the 50-day line moving average. Chainlink will be out of downward correction if price breaks above the 50-day line moving average.

LINK/USD – Daily Chart

In other words, the bulls will have to keep the price above the $26 high to commence upside momentum. In the meantime, Chainlink has reversed from the current downtrend. According to the Fibonacci tool, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to level 1.272 Fibonacci extension or $19.41 high. From the price action, the market is above the Fibonacci extension as it resumes upward.

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