Crypto Price Prediction For January 28: BTC, AVAX, DOGE
Crypto Price Prediction: The crypto market is likely to conclude this week on a bullish note as, despite the initiated selling pressure, the Bitcoin price showcased its sustainability above $40000. This stability has positively influenced the altcoin market, with many of the major cryptocurrencies finding adequate support to halt any further decline
However, will the currency relief rally develop into a sustainable recovery or provide sellers a short breather before resuming the downward trend?
In a recent highlight by renowned trader InvestAnswers, the cryptocurrency market is experiencing a mix of trends following the introduction of new ETFs. On the downside, Bitcoin (BTC) and FID are showing signs of slowing momentum, raising caution among investors.
🧵ETF after 11 Days🧵
THE BAD NEWS
1) BTC and FID slowing down
THE GOOD NEWS
1) GBTC slowed down a lot – nearly 65% from max dips – 2nd least bad day
2) Net positive flows on Friday 15.9M flowed into Bitcoin
3) 144,563 Bitcoin sucked into the new ETFs
4) 5.8bn pumped into… pic.twitter.com/ch37EL0p8x
— InvestAnswers (@invest_answers) January 27, 2024
However, there’s a silver lining as GBTC has seen a significant slowdown, nearly 65% from its maximum dips, indicating a potentially stabilizing market. In a positive turn, there were net inflows of $15.9 million into Bitcoin last Friday, reflecting growing investor interest. The new ETFs are also drawing attention, having absorbed 144,563 Bitcoin and a massive $5.8 billion in investments
While the overall market trend remains positive the crypto market can hunt for entry opportunities in Bitcoin (BTC), Avalanche (AVAX), and Dogecoin (DOGE)
Failed Breakdown Hints Bitcoin (BTC) Price Rally to $49000
In the last three months, Bitcoin’s daily time frame chart has shown a steady recovery, supported by an ascending trendline. This trend has featured multiple rebounds from a dynamic support line, offering buyers prime opportunities to buy during dips.
However, the market recently took a downturn, with the Bitcoin price plummeting from $49,000 to $38,540, a sharp 21% drop. This fall breached the key support, undoing the setup for a bullish push.
However, this breakdown was deceptive, leading to a significant short squeeze that boosted the BTC price to $42,566. If buyers maintain their momentum, they could surpass the 50% retracement of the recent drop at $43,560.
A successful breach of this level would demonstrate increased buyer confidence, potentially paving the way for an attempt to revisit the $49,000 mark.
Will Dogecoin (DOGE) Price Hit $0.1? Multiple Support Fuels for New Reversal
Dogecoin, the leading meme cryptocurrency, has recently experienced a sideways trend in the volatile market, fluctuating between $0.0877 and $0.075. This range, coinciding with the 61.8% Fibonacci retracement level and the 200-day EMA, marks a significant Area of Interest (AOI) for potential buyer dominance.
Additionally, the recent announcement by the Canadian crypto exchange Uphold about reintroducing nine tokens, including DOGE, is likely to attract a new influx of buyers to this memecoin, bolstering the chances of a bullish reversal.
📣🇨🇦 Alert for our Topper users in Canada. The following tokens have been relisted on Topper and are available via our widget or with any of our Topper partners. 🇨🇦
$ADA, $CSPR, $DOGE, $HBAR, $INJ, $KAS, $SHIB, $XDC and $XLM
Head to Topper https://t.co/rkSQQYvoRF pic.twitter.com/GXbboobvB7
— Uphold (@UpholdInc) January 25, 2024
A breakthrough above the $0.0877 resistance could set the stage for the Dogecoin price to ignite a 33% rally, targeting the upper trendline of the long-standing symmetrical triangle at $0.106.
Strategic Pullback Sets Avalanche (AVAX) Price for 38% Upswing
AVAX, Avalanche’s native token, has undergone a significant correction over the past month due to the recent downturn in the market. This adjustment saw AVAX’s value drop from a high of $50 to a recent low of $36.72, amounting to a 26.5% loss.
Despite this decline, the Avalanche price managed to form a bullish reversal pattern known as a flag. On January 23rd, buyers initiated a rebound from the 50% Fibonacci retracement level, leading to a 33% price increase within just a week.
This surge resulted in AVAX breaking through the upper resistance of the flag pattern, indicating a potential continuation of the existing uptrend. If market momentum remains favorable, buyers could target further gains, with potential price points at $42.2 and then possibly reaching the psychologically significant $50 level.
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