Is the cryptocurrency market ready to keep the growth going?
|The new month has begun with a bounceback of the cryptocurrency market as all of the top 10 coins are in the green zone.
Top coins by CoinMarketCap
BTC/USD
Yesterday, in the first half of the day, the price of Bitcoin (BTC) recovered to the two-hour EMA55, and in the evening, buyers managed to return the pair to the high zone of last week.
BTC/USD chart by TradingView
Tonight, the decline stopped and the BTC price consolidated in a narrow sideways range until morning. The bulls still lack the strength to break above the resistance of $38,900.
Today, a rollback to the area of average prices is possible. If the EMA55 moving average stops the pullback, then a break to the psychological level of $40,000 may occur.
Bitcoin is trading at $38,685 at press time.
BNB/USD
Binance Coin (BNB) has followed the bounceback of the whole market, going up by 3.63%.
BNB/USD chart by TradingView
On the daily chart, Binance Coin (BNB) is slowly approaching the level at $405.60. If the buying trading volume increases and bulls manage to break the resistance, there are chances to see ongoing growth to the zone of the most liquidity at around $500.
BNB is trading at $384.7 at press time.
ADA/USD
Cardano (ADA) is an even bigger gainer than BNB with growth of 4%.
ADA/USD chart by TradingView
Despite today's rise, the rate of Cardano (ADA) is located in the middle of the channel between the support at $0.917 and resistance at $1.155. Currently, neither bulls nor bears are dominating on the market, which means one needs to pay attention to the mentioned levels. If the growth continues, there is a probability to see the test of the vital area around $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 rocketed by 17.44% over the last 24 hours.
SOL/USD chart by TradingView
Solana (SOL) broke the resistance at $104.82 and is trying to fix above it. The growth is supported by increased trading volume, which means that there are chances to see a further rise.
However, in case of the bulls' weakness, the price may return to sideways trading.
SOL is trading at $106.64 at press time.
AVAX/USD
Avalanche (AVAX) is no exception to the rule, going up by 6.21%.
AVAX/USD chart by TradingView
From the technical point of view, AVAX is about to reach the resistance level at $76.57 against the declining trading volume. If a breakout happens, there is a chance to see a bullish trend reversal shortly. Such a scenario is relevant until mid-February.
AVAX is trading at $70.74 at press time.
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