BTC, ETH, BNB, ADA and LINK Price Analysis for January 8

Date:

The weekend has begun with the continued drop of the cryptocurrency market as most of the coins remain in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 1.42% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) is trading around the support level at $41,870 against the increased trading volume. Sellers remain more powerful than bulls if the daily candle fixes below this mark.

In this case, there are high chances of seeing BTC near the vital area around $40,000 next week.

Bitcoin is trading at $41,967 at press time.

ETH/USD

Ethereum (ETH) has lost less than Bitcoin (BTC) as the drop has accounted for 1.37% since yesterday.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) has fixed below the support at $3,300. As is the case with Bitcoin (BTC), the leading altcoin is under bears’ pressure.

If buyers cannot seize the initiative, one may expect ETH trading around the psychological level at $3,000 shortly.

Ethereum is trading at $3,203 at press time.

BNB/USD

Binance Coin (BNB) is not an exception to the rule, falling by 0.25%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Binance Coin (BNB) has entered the bearish zone after a breakout of the support at $489. The trading volume is high, which means that traders might have started fixing their positions. Thus, the more likely scenario is a bounceback from the zone of the most liquidity at $414.6 next week.

BNB is trading at $455.4 at press time.

ADA/USD

Cardano (ADA) has followed the decline of BNB, going down by 0.40%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Despite the price drop, Cardano (ADA) remains stronger as the price is located above the support at $1.88. If bears keep pushing the rate more profoundly and break the mentioned mark, there is a possibility to see ADA at the nearest level at $1.072 soon.

ADA is trading at $1.072 at press time.

LINK/USD

Chainlink (LIINK) is the only coin from the list trading in the green zone, with a rise of 1.93%.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

At the moment, Chainlink (LINK) is located far away from its important levels, which means that neither bulls nor bears are controlling the situation. However, the buying trading volume has increased, which might be a prerequisite for a possible further rise to the area around $30.

LIINK is trading at $25.98 at press time.

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