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Cryptocurrencies had an exciting start to the new year, and January flew by in the blink of an eye. Following the approval of an ETF, prices plummeted due to triggered sell-offs as markets emptied. Now, the market is recovering from $38,500, with BTC trying to consolidate at $42,000 and altcoins turning upwards.
AVAX Price Analysis
AVAX bulls, confident that BTC will not make deeper lows for the time being, have driven the price above $31. This key area was the last stop before lower levels for AVAX. Although the recovery is positive, the downward-leaning 20-day EMA at $33.81 could halt the bulls’ progress. A supportive daily close from BTC would help prevent this.
In a bearish scenario, we could see AVAX prices drop to $27.24 and even $24, which would erase most of the gains from the impressive rally at the end of last year and jeopardize the $100 target.
If $33.81 turns into support, then $38 will become the second significant target.
DOGE Commentary
Dogecoin bulls have been on a break for a while, and the price has managed to stay relatively calm even as BTC makes impressive rallies. For now, the positive aspect is that the $0.07 support is holding. A bounce from here is expected for an uptrend, but DOGE has not yet attempted it. If support is lost, the price is likely to fall to the next support at $0.06.
The DOGE community needs to find something to draw attention away from alternative meme coins. Otherwise, without Elon Musk, Dogecoin is unlikely to repeat its 2021 bull run performance and may bid farewell to the bull at a lower peak of around $0.3.
LINK Coin Commentary
Chainlink has been fluctuating between $12.85 and $17.32 for a few days. Such wide-ranging movements please short-term traders but leave those waiting for mid-term targets for buying or selling feeling quite bored, as there hasn’t been a real breakout yet. Determining the direction is difficult, but one of the two price regions will be lost.
Surpassing the moving averages could bring the $17.32 and $20 targets into play, while the opposite scenario could see a drop to $10.5.
