Key Takeaway:
- Cryptocurrency prices continue healing on Wednesday after last week blood shed.
LAGOS (CoinChapter.com) – With the slight surge experienced in the cryptocurrency market over the past 48 hours, it is safe to say that the cryptocurrency market has started healing from the recent bloodshed experienced over the weekend and the last week.
After a few days of consecutive price drops, Bitcoin went on the offensive once more and neared $38,000.
Today, most altcoins are also in the green, with impressive price recoveries from Binance Coin, Dogecoin, Avalanche, MATIC, CRO, NEAR, and others.
Amidst the resurgence, cryptocurrency enthusiasts are looking forward to faster recovery and a continued bull run after.
Polkadot (DOT) Price
The latest Polkadot price analysis shows an increasing trend as the bulls regained their momentum in the last 24-hours.
This is as DOT was also affected by the recent market crash. It culminated in a 25-week low yesterday at $16.10.
But now, it seems that the buyers are striving hard to recover their position, as the market value of DOT/USD has been raised to $18.94 today. The hourly price chart dictates similar progress, so it is safe to say more profit is on the way.
DOT 1-day chart indicates that bulls are trying to overcome the bearish pressure, and their efforts have proved successful so far. The bullish momentum intensifies, and the price has traveled high to $18.94. The price is now standing quite closer to its moving average (MA) value as well, i.e., $20.49.
Shiba Inu (SHIB) Daily Price Chart
Today’s Shiba Inu price analysis reveals a bearish movement in the market. With hindrances in their path, the bears continue to rule the market and make it seem like the bulls have the upper hand. As a result, the price of SHIB experienced a massive incline and reached $0.00002159, from $0.00002019; on January 25, 2022, the price maintained an increasing trend.
Today, on January 26, 2022, the price has been experiencing higher-ups, causing the price of SHIB to increase immensely. As a result, SHIB/USD price has risen to $0.00002165 while obtaining a small part of its previously lost value. SHIB currently trades at $0.00002165. Shiba Inu has been up 2.02% in the last 24 hours.
The one-day chart of the meme coin shows a bearish movement. However, volatility appears to follow an increasing trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00003383, which serves as the most substantial resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001940, which acts as the strongest support for SHIB.
The SHIB/USD price appears to cross under the curve of the Moving Average, signifying a bearish movement. However, the price seems to be following an upwards activity.
AVAX price has retraced more than 60% from the ATH
Avax’s price action looks explosive, with the token gaining approximately 30% since reaching the local low of $53.
Notably, AVAX price movement has been following other large caps like Ethereum with almost complete correlation. AVAX has remained in a downtrend since the beginning of November.
Technically, AVAX price has retraced more than 60% from the all-time high made on November 21. The descending trend line from ATH has been tested twice on December 21 and January 1, respectively. AVAX price has breached the 50 EMA (Exponential Moving Average) on January 5.
Next, the market participant could touch the 50 EMA at $90.00. However, the reversal in trend can further be validated above the mentioned bearish slopping line.
On the flip side, a daily close below the $59.00 level could invalidate the bullish thesis with eyes on $50.00.
At press time, the token trades at $70 and constantly breaks through the psychological resistance.
Litecoin (LTC)
After a massive decline that commenced in November 2021, Litecoin prices fell from a high of $302 to as low as $100. Previous rally attempts ended up becoming opportunities for additional selling.
The LTC/USD pair’s uptick follows several hammer candles that lined up on the 105.34 support level.
However, there needs to be more bullish momentum to take the pair towards 120.53. A break of this new level allows for a push towards 142.57, while 160.72 serves as an additional northbound target.
