Top Crypto Predictions January 2023

Top crypto predictions for January Ethereum (ETH) price will outperform Bitcoin (BTC), the bitcoin dominance rate (BTCD) will fall, and solana ,Fifth note of musical scale) will be one of the biggest losers.

Ethereum Price Will Outperform Bitcoin

The ETH/BTC pair broke above a descending resistance line (white) on July 27 and reached a high of ₿0.086 on September 7.

Since validation, Ethereum worth Has traded inside a symmetrical triangle, which is considered a neutral pattern. However, since it transpires after an upward move, its breakout would be the most likely scenario. A breakout to the height of the entire triangle would lead it to a higher high near ₿0.094.

There are two other readings that support the possibility of a breakout.

Firstly, ETH price bounced off the 0.5 Fibonacci retracement support level at ₿0.067, forming a long lower wick (green circle) in the process. As long as it is trading above the 0.5 Fibonacci retracement support level, the trend can be considered bullish.

Second, the momentum inside the triangle looks like a full, complex WXY correction (black). If so, a breakout from the triangle would be the most likely scenario.

However, daily RSI Still bearish as it failed to break out of a descending resistance line and got rejected by the 50 line.

As a result, whether ETH price breaks out of the triangle or closes below the ₿0.057 area will determine the ETH crypto prediction for January.

Ethereum Price Top Crypto Prediction
ETH/BTC daily chart. source: trading view

bitcoin dominance rate will fall

BTCD is highly affected by the movement of ETH, as ETH is the largest altcoin based on its market cap. However, it is also driven by changes in the rest of the crypto market.

BTCD price action is currently contained inside an ascending parallel channel. Such channels usually have corrective movements, meaning that its breakout would be the most likely scenario.

Subsequently, the resistance line of the channel coincides with the 0.382 Fibonacci retracement resistance level, adding to its validity. Again, the momentum inside the channel resembles an ABC corrective formation.

Finally, the daily RSI is overbought (red circle). The last time this happened, it was followed by a sharp downward movement.

If BTCD breaks out of the channel, it could drop to its all-time low of 36%. Conversely, a breakout above the resistance line of the channel would indicate that the trend is bullish instead.

So, if this activity happens, this crypto prediction will be bullish for most of the crypto market except bitcoin. Since the price of bitcoin is stuck in a bear market, it is also possible for the price of BTC to drop, while altcoins are down by a smaller percentage.

btcd price channel
btcd daily chart source: trading view

There will be a huge drop in the price of SOL

SOL coin price has declined since hitting an all-time high of $259.90 in November 2021. The decline led to a low of $9.65 on 28 December. During a downtrend, solana price There was a break below the long-term $29 support area and the short-term $12 support area. The decline has further accelerated in the last 24 hours.

The first decisive bearish signal is the nearest support area at $4.30, which is a 58.6% downside move from the current mark. As there is no support between the current price and the $4.30 support area, it would be possible sol price To receive it by the end of January.

The second decisive bearish signal is that the weekly RSI has broken below 30 and is declining without a bullish divergence mark.

As a result, the most likely SOL crypto prediction is a downside movement towards this area. For a bullish move in the longer term trend, Solana price needs to retest the $29 resistance area.

sol price weekly
SOL/USDT Weekly Chart. source: trading view

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disclaimer

BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.

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