Crypto price analysis for January 29 – The price of Bitcoin continues to face corrections. However, investors are wondering when there will be a bounce back.
The second-largest cryptocurrency by market cap – Ethereum, is experiencing a slight price increase and is currently trading above the $2,300 mark. However, the price of XRP has the least gains in the last 24 hours.
Meanwhile, coins like Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), have the best gains, increasing by over 3% each over the last day. On the list of top 10 trending cryptocurrencies in the market, GT Protocol (GTAI) is currently up by over 50%.
Data from CoinMarketCap show that the global crypto market cap is down by 0.58% as the crypto fear & greed index rests at 55 indicating a one-point increase from yesterday’s 54.
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With the current state of the market, traders are observing to see if these coins can bounce back shortly.
Let us look at their price analysis.
Bitcoin (BTC) price analysis
According to data from Coinstats, the price of Bitcoin (BTC) has increased by 2.27% in the last 24 hours. On the daily chart, the slight price increase has affected its technical position.
As a result, it is more likely that prices will trade sideways between $41,000 and $43,000 during the coming days.
Source: TradingView
At the time of writing, Bitcoin is currently trading at $43,119.
Ethereum (ETH) price analysis
Ethereum has gained 1.62% in the last 24 hours. Ethereum is currently trading like Bitcoin. A decline might lead to a support level of $2,115 if the bears lose the $2,300 zone.
According to data from Coinstats, the price of Ethereum today is $2,303.
XRP price analysis
As earlier mentioned, compared to Bitcoin and Ethereum, XRP has the least gains in the measured period, growing by only 0.56%. If traders lose the $0.53 level, a further decline to $0.50 is likely to happen.
At the time of writing, XRP is trading at $0.533.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.