The new month has begun with a bounceback of the cryptocurrency market as all of the top 10 coins are in the green zone.
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.
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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.
Binance Coin (BNB) has followed the bounceback of the whole market, going up by 3.63%.
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.
Cardano (ADA) is an even bigger gainer than BNB with growth of 4%.
Despite today’s rise, the rate of Cardano (ADA) is located in the middle of the channel between the support at $0.917 and a 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.
Solana (SOL) is the biggest gainer from the list today as the price has rocketed by 17.44% over the last 24 hours.
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.
Avalanche (AVAX) is no exception to the rule, going up by 6.21%.
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.