Market Summary 26/1: BTC Facing a Slow Recovery, ETH Smashes Its ATH

Bitcoin News

Bitcoin is recovering rather slowly; it has seen an increase from its correction to the $30,000 level and is gradually gaining.

It has gained support at the $31,200 and $31,500 resistance levels and is now trading just above $33,500 on the 100 hourly simple moving average.

Its next key resistance could be near $34,000, and any additional boost could lead the price towards the $34,000 resistance zone. The price is likely to consolidate at this level, and its next crucial resistance level is at $35,000.

Ethereum News

Ether(ETH) has broken all previous records recently held and has reached a new all-time high of $1,467. It gained by over 17% in 24-hours. Its previous all-time high of $1,439.33 was just last week.

Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, is the second-largest cryptocurrency by market capitalization. Raoul Pal, the macro guru and crypto investor, tweeted foreseeing ETH leading the crypto pack in the immediate term, with a revived altcoin season on the horizon.

Other Altcoin News

Is the Altcoin Season on the Horizon? Altcoins to watch. Let's look at some of the cryptocurrencies that could trend.

1. Ripple

Recently, ripple(XRP) 's price declined steadily on the market and traded below its support level $0.3000. However, it spiked below the main $0.2560 support level, and its price stabilized below 55 simple moving average (4-hours).

A significant bearish trend line seems to be forming with resistance near $0.2820 on the 4-hours chart. A clear break above the resistance could push the price back towards the $0.3000 resistance level.

The next key resistance is close to the $0.3080 level; above, the price is likely to surge to the $0.3400 and $0.3500 levels.

Altogether, the price could advance higher if it clears the resistance levels at $0.2820 and $0.2840.

2. Polkadot(DOT)

This little-known altcoin shot into the limelight recently after an ATH. Currently, though, the bears are defending the overhead resistance at $19.40.

However, the upsloping 20-day EMA ($14.11) and the RSI near the overbought territory suggest the bulls have the upper hand. If they succeed and drive the price above $19.40, it would begin an uptrend.

3. Aave(AAVE)

Aave has been in an uptrend recently, and it's likely to continue as more buyers troop in. The upsloping moving averages and the RSI in the overbought zone indicate bulls are in command.

4. Synthetix(SNX)

Synthetix (SNX) witnessed a sharp correction on Jan. 21, but it quickly recovered and is currently attempting to resume the uptrend.

There are indications of a coming altcoin season. There is no better time to invest in altcoins. Which ones are you bullish on?