Price analysis 1/26: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins have bounced off their strong support levels but could the rally sustain to the extent that traders feel confident that a bottom is in place? Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s price is “about 30% below its 20-week moving average,” roughly at the same position, which had led to bottom formations in March 2020 and July 2021.Although Bitcoin has corrected sharply in January, the exchanges’ balances dropped from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on Jan. 24, according to data from CryptoQuant. This indicates that investors may be stashing away their recent purchases safely.Daily cryptocurrency market performance. Source: Coin360However, it may not be a V-shaped recovery for Bitcoin as volatility is likely to remain high. Traders will keenly watch the U.S. Federal Reserve’s decision following the conclusion of its two-day policy meeting on Jan. 26. Could Bitcoin and most major altcoins extend their relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe long tail on Bitcoin’s Jan. 24 candlestick shows aggressive buying at lower levels. Sustained buying by the bulls has propelled the price above the immediate resistance at $37,332.70.BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair could now reach the 20-day exponential moving average ($40,438), which has been acting as a strong resistance during relief rallies. If the price turns down from this resistance, the bears will try to pull the pair below $32,917.17. If they succeed, the pair could drop to the strong support at $30,000.Conversely, if the price breaks above the 20-day EMA, the pair could rally to the 50-day simple moving average ($44,935). A break and close above this resistance will be the first sign that the corrective phase could be over. The pair could then challenge the 200-day SMA ($48,750).ETH/USDTEther (ETH) sharply bounced off $2,159 on Jan. 24, as seen from the long tail on the day’s candlestick. This suggests that bulls are aggressively buying at lower levels.ETH/USDT daily chart. Source: TradingViewSustained buying has pushed the price back into the channel today. This is the first sign of strength. The buyers will now attempt to push and sustain the price above the overhead resistance at $2,652.If they manage to do that, the ETH/USDT pair could rise to the 20-day EMA ($2,966). The bears are likely to mount a strong defense of this level.If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then again try to resume the downtrend by pulling the pair below $2,159.BNB/USDTBinance Coin (BNB) rebounded sharply off the $330 support on Jan. 24 as seen from the long tail on the day’s candlestick. This suggests that buyers are aggressively accumulating near $330.BNB/USDT daily chart. Source: TradingViewThe bulls pushed the price back inside the channel on Jan. 25 and will now attempt to drive the BNB/USDT pair to the 20-day EMA ($435). If this hurdle is overcome, the pair could rally to the resistance line of the channel.On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that traders continue to sell on rallies. The bears will then again try to sink the pair below the strong support zone at $330 to $320.ADA/USDT Cardano (ADA) is attempting to bounce off the strong support at $1, indicating that bulls are buying on dips to this level. The relief rally could now reach the 50-day SMA ($1.28).ADA/USDT daily chart. Source: TradingViewIf bulls thrust the price above the 50-day SMA, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel will signal a possible change in trend.Conversely, if the price turns down from the moving averages, it will suggest that bears continue to sell on rallies to strong resistance levels. The bears will then again attempt to sink and sustain the price below $1. If they succeed, the pair could decline to $0.80.SOL/USDTThe bulls again successfully defended the support line of the descending channel on Jan. 24 as seen from the long tail on the day’s candlestick. If bulls push the price above $104.82, Solana (SOL) could reach the 20-day EMA ($125).SOL/USDT daily chart. Source: TradingViewA break and close above the 20-day EMA will be the first sign that the selling pressure could be reducing. The SOL/USDT pair could then rise to the resistance line of the descending channel. The bulls will have to push the price above the channel to signal a change in trend.Conversely, if the price turns down from the 20-day EMA, it will suggest that bears continue to sell on rallies. The bears will then again try to sink the pair below the channel. If they succeed, the bearish momentum could pick up and the pair could drop to the psychological support at $50.XRP/USDTRipple (XRP) has been trading inside a tight range between $0.65 and $0.54 for the past few days. This suggests that both bulls and bears are playing it safe and not waging large bets.XRP/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.70) and the relative strength index (RSI) near the oversold territory indicate that bears have the upper hand. If the price turns down from $0.64, the XRP/USDT pair could plummet to the psychological support at $0.50.Contrary to this assumption, if bulls drive the price above $0.64, the pair could challenge the 20-day EMA. A break and close above this resistance could open the gates for a rise to the 50-day SMA ($0.79). The bulls will have to clear this hurdle to signal a possible change in trend.LUNA/USDTTerra’s LUNA token continues to trade inside the descending channel pattern. The downsloping 20-day EMA ($73) and the RSI in the negative zone indicate an advantage to sellers.LUNA/USDT daily chart. Source: TradingViewIf bears pull the price below $59.13, the LUNA/USDT pair could again drop to the support line of the channel. This level has held during the previous two declines, hence the bulls will again try to defend it.If they do, the pair could rise to the 20-day EMA and then rally toward the downtrend line of the channel. A break and close above the channel will be the first sign that the downtrend could be over. Related: Can DeFi and CeFi coexist? Three takeaways from experts panelDOGE/USDTThe buyers once again purchased the dip below $0.13 on Jan. 24 as seen from the long tail on the day’s candlestick. This started a relief rally, pushing Dogecoin (DOGE) to the 20-day EMA ($0.15).DOGE/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, the DOGE/USDT pair could rally to the critical overhead resistance at $0.19. If the price turns down from this resistance, the pair could extend its stay inside the $0.19 to $0.13 range for the next few days.Contrary to this assumption, if the price turns down from the moving averages, it will suggest that demand dries up at higher levels. The bears will then try to pull and sustain the price below $0.13. If they do that, the pair could resume its decline to the psychological support at $0.10.DOT/USDTThe bulls have successfully held Polkadot (DOT) above the critical support at $16.81 for the past few days. This could attract further buying by short-term traders propelling the price toward the breakdown level at $22.66.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($22.77) is sloping down and the RSI is in the negative zone, indicating that bears have the upper hand. The DOT/USDT pair is likely to face stiff resistance at this level. If the price turns down from the 20-day EMA, the bears will again try to pull the pair to $16.81. If this support holds, the pair could remain range-bound for a few days.A break and close below $16.81 could start the next leg of the downtrend while a break above the 50-day SMA ($25.88) may open the doors for a possible rally to $32.78.AVAX/USDTThe failure of the bears to sink Avalanche (AVAX) below the $51.04 to $47.66 support zone may have attracted buying from aggressive bulls who have pushed the price above the 200-day SMA ($65).AVAX/USDT daily chart. Source: TradingViewThe AVAX/USDT pair could now rise to the breakdown level at $75.50 where the bears may mount a stiff resistance. This is an important level to watch out for as the 20-day EMA ($80) is placed just above it.If the price turns down from the breakdown level, the bears will try to pull the pair below the 200-day SMA. If they succeed, the pair could again drop to $51.04. Alternatively, a break and close above the 20-day EMA could open the gates for a possible rally to the downtrend line.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Eth2 is no more after Ethereum Foundation ditches name in rebrand

The Ethereum Foundation has removed all references to Eth1 and Eth2 in favor of calling the original blockchain the “execution layer” and the upgraded Proof of Stake chain the “consensus layer.”Ethereum’s long-awaited transition from a Proof-of-work mining model to a Proof-of-Stake (PoS) consensus mechanism is expected to go live around in the second or third quarter of this year.Announcing the change the foundation cited a number of rationales including a “broken mental model for new users,” scam prevention, inclusivity and staking clarity. In a Jan.24 blog post, the Ethereum Foundation noted that the branding of Eth2 failed to concisely capture what was happening to the network via its series of upgrades: “One major problem with the Eth2 branding is that it creates a broken mental model for new users of Ethereum. They intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists.”“Neither of these is true. By removing Eth2 terminology, we save all future users from navigating this confusing mental model,” the blog post added. Under the new terminology, the combination of the execution layer (Eth1) and the consensus layer (Eth2) will be labeled as Ethereum, while individual features such as the beacon chain, merge and shared chains are now referred to as “upgrades.”Eth2 rebrand: The Ethereum FoundationThe foundation also stated that its re-branding of Eth2 would help “bring clarity to eliminate” scams in which malicious actors dupe victims — unaware that their Ether (ETH) will automatically switch to Eth2 following the merge — into swapping Ether (ETH) for fake ETH2 tokens. “Unfortunately, malicious actors have attempted to use the Eth2 misnomer to scam users by telling them to swap their ETH for ‘ETH2’ tokens or that they must somehow migrate their ETH before the Eth2 upgrade,” the post read. The news saw a relatively apathetic response in the r/Ethereum subreddit, with most users joking about the change, or complaining about the length of time the merge was taking. “Don’t care what you call it, just fucking ship it soon plsss” said Redditor ghfsgiwaa.User Kristkind stated that the attempted rebrand has come “too late”, noting that the term Eth2 has already been widely adopted by the media and users: “Everybody in the media, even the crypto-related one, runs with the term 2.0 or simply Eth2. And honestly, I think it is better that way, because [it’s] way easier to get for the (semi-)layperson, than ‘consensus layer’, which needs you to understand the architecture of the network.” Relat Ethereum white paper predicted DeFi but missed NFTs: Vitalik ButerinFollowing the merge and transition to PoS scheduled for later this year — for real this time — the remaining milestone of Ethereum’s current roadmap is the shard chains upgrade that is set to into effect in late 2022/early 2023. The introduction of shard chains will see Ethereum’s network load spread across 64 new chains in order to enhance its scalability and capacity. Despite 2022 gearing up to be a bullish year for Ethereum fundamentally, the price of Ether has taken a hefty hit amid the current downturn across stock and crypto markets, dropping 40% over the past 30 days to sit at around $2,437 at the time of writing. This isn’t 2018. In 2018 we didn’t have: Layer 2, eth2, DeFi, NFTs, core dev funding and so much more. Markets will market but I’m comfy af.— eric.eth (@econoar) January 24, 2022

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