The new month has started with a boom in the cryptocurrency market as all the top 10 coins are in the green zone.
BTC/USD
Yesterday, in the first half of the day, bitcoin (BTC) price returned to the two-hour EMA55, and in the evening, buyers managed to retest the pair from last week’s highs.
Tonight, the decline stopped and BTC price consolidated in a narrow sideways position until morning. The bulls are still unable to break the $38,900 resistance.
Today, a return to the zone of average prices is possible. If the EMA55 moving average stops a pullback, the psychological level of $40,000 is likely to be breached.
Bitcoin is trading at $38,685 at press time.
bnb/usd
Binance Coin (BNB) has followed the boom with the entire market rising by 3.63%.
On the daily chart, Binance Coin (BNB) is slowly approaching the $405.60 level. If the buy trade volume increases and the bulls manage to break above the resistance, the area with the most liquidity is likely to see a sustained rise near $500.
At press time, BNB is trading at $384.7.
ADA/USD
Cardano (ADA) is the bigger beneficiary than BNB with a growth of 4%.
Despite today’s rise, Cardano (ADA) rate is residing in the middle of the channel between the $0.917 support and $1.155 resistance. Currently, neither bulls nor bears dominate the market, which means the mentioned levels need attention. If the upside continues, it is likely to see a test of the crucial area of $1.20 soon.
ADA is trading at $1.068 at press time.
SOL/USD
Solana (SOL) is the biggest gainer from the list today as the price has risen by 17.44% in the last 24 hours.
Solana (SOL) broke the resistance at $104.82 and is trying to recover above it. The increase has been supported by an increase in trading volume, which means that further increases are likely to be seen.
However, in case of weakness of the bulls, the price may revert to a sideways trade.
As of press time, SOL is trading at $106.64.
AVAX/USD
Avalanche (AVAX) is no exception to the rule, going up 6.21%.
From a technical perspective, AVAX is about to hit a resistance level of $76.57 against a decline in trading volume. If a breakout occurs, there is a chance for a bullish trend reversal to occur shortly. Such a scenario is relevant until mid-February.
AVAX is trading at $70.74 at press time.