Price analysis 1/17: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, LINK, XLM

Bitcoin (BTC) has risen above $104,500, signaling that the bulls are in command. A large part of the enthusiasm stems from the expectations that the US will see the adoption of a national Bitcoin reserve. If that happens, the US Treasury will have to buy one million Bitcoin over five years, leading to a supply crunch.

Analysts are highly bullish on the prospect of nations adopting Bitcoin as a strategic reserve asset. Crypto trader Alex Becker said in a Jan. 16 X post that Bitcoin could easily surpass the $150,000 price target and reach anywhere between $250,000 and $400,000. An even greater target was projected by analyst Will Clement, who said in a post on X that Bitcoin could soar to $1 million if countries start adopting Bitcoin as a strategic reserve asset.

While most analysts don’t question the long-term story in Bitcoin, some believe that the short-term picture looks muddy. Trading resource Stockmoney Lizards expects Bitcoin to remain range-bound between $90,000 and $100,000 in the next few weeks.

Could Bitcoin make a new all-time high? Will altcoins follow Bitcoin higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke out of the downtrend line and the $102,724 resistance on Jan. 17, indicating that the correction may be over.

The 20-day exponential moving average ($97,533) has started to turn up, and the relative strength index (RSI) has risen into the positive zone, indicating that the buyers have the edge. The BTC/USDT pair could soar to $108,353, which is expected to act as a stiff resistance. However, if buyers overcome this obstacle, the pair may ascend to $126,706.

The 20-day EMA is likely to act as a strong support on any dips. The trend will tilt in favor of the bears on a break and close below $90,000.

Ether price analysis

Ether’s (ETH) recovery off the neckline of the head-and-shoulders pattern is facing selling in the zone between the moving averages.

The flattish 20-day EMA ($3,380) and the RSI near the midpoint suggest a balance between supply and demand. Buyers will gain the upper hand on a break and close above $3,745. The ETH/USDT pair could then rally to $4,094.

This positive view will be invalidated in the near term if the price turns down and breaks below the neckline. That could sink the pair to $2,850, where the buyers are expected to step in.

XRP price analysis

XRP (XRP) skyrocketed above the $2.91 overhead resistance on Jan. 15, indicating the resumption of the uptrend.

Generally, after breaking out of significant resistance, the price turns down and tests the breakout level. The XRP/USDT pair could drop to $2.91, which is likely to witness a tough battle between the bulls and the bears. If the price rebounds off $2.91 with force, it will suggest that the bulls are trying to flip the level into support. The pair may then attempt a rally to $4.84.

Conversely, a break and close below $2.91 will indicate selling at higher levels. The pair may then drop to the 20-day EMA ($2.59). A break below the 20-day EMA will signal that the pair may have topped out in the near term.

BNB price analysis

BNB (BNB) has been trading between the uptrend line and the $745 overhead resistance for the past few days.

The bulls will try to push the price to $745, which may prove to be a difficult barrier to cross. If the price turns down sharply from $745, the BNB/USDT pair could skid to the moving averages. A strong rebound off the moving averages improves the prospects of a break above $745. If that happens, the pair may climb to the $794 level.

This positive view will be invalidated if the price turns down and breaks below the uptrend line. The pair may drop to $635 and later to $600.

Solana price analysis

Solana’s (SOL) recovery closed above the 50-day SMA ($209) on Jan. 16, indicating that the selling pressure is reducing.

The 20-day EMA (200) has started to turn up, and the RSI has jumped into positive territory, indicating that the bulls are on a comeback. There is minor resistance at $223, but the level is likely to be crossed. The SOL/USDT pair could then rally to $247 and eventually to $260.

On the contrary, if the price turns down from $223, the pair may slide to the 20-day EMA. Sellers will have to sink and maintain the price below the 20-day EMA to suggest that the bullish momentum has weakened.

Dogecoin price analysis

Dogecoin (DOGE) rose above the 50-day SMA ($0.37) on Jan. 15 and the bulls thwarted attempts by the bears to pull the price lower on Jan. 16. This suggests that the sentiment has turned positive.

If the price sustains above $0.40, it will indicate that the uncertainty has resolved in favor of the bulls. The DOGE/USDT pair could surge toward $0.48, where they are likely to encounter strong selling by the bears.

The 20-day EMA ($0.35) is the crucial near-term support to watch out for. A break below the 20-day EMA will suggest that the bears are selling on rallies. The pair could then plunge to the solid support at $0.30.

Cardano price analysis

Cardano (ADA) has reached the resistance line of the symmetrical triangle pattern, which is a significant level to keep an eye on.

If buyers drive the price above the resistance line, the ADA/USDT pair could rally toward $1.33. Sellers will try to halt the rally at $1.33, but if the bulls prevail, the pair could surge to $1.64.

Alternatively, if the price turns down from the resistance line and breaks below the moving averages, it will indicate that the pair may remain inside the triangle for a while longer. The bears will have to sink the price below the uptrend line to seize control.

Related: Bitcoin price still on track for $180K in 2025: Interview with Filbfilb

Avalanche price analysis

Avalanche (AVAX) rose above the 20-day EMA ($39) on Jan. 15, indicating that the bears are losing their grip.

The AVAX/USDT pair could reach the overhead resistance of $45, where the bears will try to pose a substantial challenge. If the price turns down from the overhead resistance, the pair may consolidate between $32 and $45 for a few days. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

Buyers will gain the upper hand on a break and close above $45. That could open the doors for a rally to $56.

Chainlink price analysis

Chainlink (LINK) reversed direction on Jan. 14, indicating that the breakdown below $20 may have been a bear trap.

Buyers have pushed the price above the moving averages, suggesting short covering by the aggressive bears. The LINK/USDT pair could rise to $26, where the sellers may again try to halt the relief rally.

If the price turns down sharply from $26, the possibility of a range formation increases. The pair may then swing between $20 and $26 for a while. A break above $26 could clear the path for a rally to $31.

Stellar price analysis

Stellar (XLM) is facing resistance at the neckline of the inverted H&S pattern, but a positive sign is that the bulls have kept up the pressure.

The upsloping 20-day EMA ($0.43) and the RSI above 61 suggest that the path of least resistance is to the upside. A break and close above the neckline could start a rally toward $0.64. This level may act as a stiff hurdle, but if the buyers bulldoze their way through, the next stop could be $0.86.

Time is running out for the bears. If they want to prevent the upside, they will have to swiftly yank the price below the moving averages. The XLM/USDT pair may then slump to $0.38.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.