Technical analysis for January 17: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, XMR, BCH, LINK

A slight correction phase of Bitcoin (BTC) around the 95,530 USD zone is showing efforts to hold the pace as the price finds support near the 94,500 USD level. This development indicates that selling pressure is not yet strong enough to trigger a wave of heavy sell-offs, while the bulls still maintain a significant presence. Notably, BTC’s previous breakout above 97,500 USD was supported by steady institutional investor inflows since the beginning of the week. According to data from Farside Investors, spot Bitcoin ETF funds recorded a net inflow of up to 1.81 billion USD just this week — a signal reinforcing confidence in the medium-term trend.

From a macro perspective, BitMEX co-founder Arthur Hayes stated in a Wednesday post that Bitcoin will “regain momentum” by 2026, as USD liquidity enters an expansion cycle. He emphasized that whenever USD liquidity increases significantly, Bitcoin tends to be a direct beneficiary.

Although short-term signals suggest BTC may approach, even surpass, the psychological level of 100,000 USD, traders are still advised not to become complacent. Analyst Daan Crypto Trades warned on X that Bitcoin needs to hold the support zone at 94,000 USD, as losing this level could make the “chart structure very ugly.”

So, can Bitcoin and major altcoins sustain the recovery momentum in the near future? Let’s delve into the technical analysis of the top 10 cryptocurrencies.

Technical Analysis BTC

BTC broke through the resistance level of $96,846 on Wednesday, but the bulls couldn’t sustain the higher price and BTC reversed lower below the breakout zone on Thursday.

Daily BTC/USDT chart | Source: TradingView The small positive is that the bulls haven’t lost too much advantage. If the price reverses higher from the current zone and surpasses $97,925, it will confirm the continuation of the uptrend. The BTC/USDT pair could then move towards $107,500, with an intermediate resistance at $100,000.

This positive scenario will be invalidated in the short term if BTC declines and breaks below the 20-day EMA at $92,083. In that case, the price could retreat to the 50-day SMA at $90,127.

Technical Analysis ETH

ETH bulls are trying to keep the price above the resistance line, but selling pressure from the bears remains substantial.

Daily ETH/USDT chart | Source: TradingView The moving averages are key support zones to watch. If the price bounces up from these levels, the bulls will attempt to push the ETH/USDT pair to $3,659, then towards $4,000.

Conversely, if the price closes below the moving averages, it indicates that the breakout of the triangle pattern could be a “bull trap.” In that case, ETH could plunge back to the support line. A breakdown of this zone would tilt the advantage to the bears, pushing the price sharply down to $2,623.

Technical Analysis XRP

XRP bounced from the moving averages on Tuesday but quickly weakened on Wednesday, indicating selling pressure at every minor rally.

Daily XRP/USDT chart | Source: TradingView The bears will try to push the XRP price below the 50-day SMA at $2.01. If successful, the XRP/USDT pair could continue to oscillate within the downtrend channel for some more time.

To reverse the short-term trend, the bulls need to push the price above the downward trendline. If that happens, XRP could rise to $2.70. Conversely, if the price closes below the support line, it could fall back to the October 10 low around $1.25.

Technical Analysis BNB

BNB is witnessing a fierce struggle between the bulls and bears at the breakout zone of $928.

Daily BNB/USDT chart | Source: TradingView The 20-day EMA is trending up at ($903), and the RSI is above 61, indicating that the bulls still hold the advantage. If the price rebounds from $928, it suggests this zone has turned into support, opening the possibility of a move towards the pattern target at $1,066.

On the other hand, if the price drops sharply below the moving averages, the breakout above $928 could be a “bull trap.” In that case, the BNB/USDT pair could decline back to the upward trendline.

Technical Analysis SOL

SOL reversed lower from the $147 zone on Thursday, but the positive sign is that the bulls still retain most of the advantage.

Daily SOL/USDT chart | Source: TradingView The 20-day EMA is sloping up at ($137), and the RSI is in the positive zone, indicating buyers are in control. This increases the likelihood that SOL will break above the resistance $147 and move towards $172.

The bears need to pull the price below the 50-day SMA at $132 to weaken the rally. Otherwise, SOL could continue to oscillate within the $117 –$147 range for a few more days.

Technical Analysis DOGE

DOGE bounced from the moving averages on Tuesday but couldn’t reach the resistance at $0.16, indicating weak demand at higher levels.

Daily DOGE/USDT chart | Source: TradingView The moving averages are flat, and the RSI is near neutral, suggesting DOGE/USDT may enter a consolidation phase. If the price drops below the moving averages, DOGE could decline to $0.13, or even $0.12.

To regain control, the bulls need to push the price above $0.16. If successful, DOGE could rise to $0.20, indicating the market has rejected the downside breakout scenario below $0.13.

Technical Analysis ADA

Cardano’s price reversed from the downtrend line on Wednesday, showing that the bears are still active at higher levels.

Daily ADA/USDT chart | Source: TradingView Currently, ADA has minor support at $0.38, but if this level is broken, the ADA/USDT pair could fall to $0.33. Buyers are expected to defend the $0.33 zone strongly, because if this support is breached, the price could plunge to the October 10 low at $0.27.

The first sign of bullish strength will be a breakout and close above the downtrend line. That could send the Cardano price soaring to the $0.50 zone — the previous breakout level, where strong resistance from the bears is anticipated.

Technical Analysis XMR

Monero surged to $800 on Wednesday, but the long wick indicates strong selling pressure at higher levels.

Daily XMR/USDT chart | Source: TradingView The correction is expected to find support at the 38.2% Fibonacci retracement level at $653 and lower at the 50% level at $608. If the price bounces back from these support zones, the bulls will continue efforts to push XMR/USDT above $800. If successful, Monero could resume its upward trend towards $1,000.

Conversely, if the price breaks and closes below $608, it indicates weakening bullish momentum. The pair could then decline to the 20-day EMA at $543.

Technical Analysis BCH

Bitcoin Cash attempted to break above the resistance zone of $631 on Thursday, but the bears successfully defended this level.

Daily BCH/USDT chart | Source: TradingView The 20-day EMA at (613 USD) is turning downward, and the RSI is in the negative zone, showing a slight advantage for the bears. If the price remains below the 50-day SMA at (591 USD), the BCH/USDT pair could decline to $563 and then to $518.

However, the bulls may have other plans. They will try to defend the 50-day SMA and quickly push BCH above $631. If successful, the price could surge to around $720.

Technical Analysis LINK

Chainlink is still oscillating between $11.61 and $14.98, indicating buying pressure near support zones and increasing selling pressure as the price approaches resistance.

Daily LINK/USDT chart | Source: TradingView The moving averages are key support zones on the downside. If the price bounces from these levels, the bulls will attempt to push LINK/USDT above the resistance zone of $14.98. If successful, Chainlink could rally to $17.66.

Conversely, if the price drops below the moving averages, it suggests the pair may remain trapped in the current range for some more time.