By Frank Martin (MoneyAmped.com)
BTC set a new all-time high ($109,498) on January 20th after odds for Bitcoin strategic reserve rose to 69% on the Polymarket decentralized prediction market. However, the coin failed to build on the momentum as the US President refrained from signing an executive order to create a Bitcoin reserve.
In the past few days, the Trump family has launched two meme coins, which have seen massive success. The US First Lady, Melania Trump, launched the $MELANIA token on Sunday, while US President Donald Trump rolled out $TRUMP on Saturday. According to intergovernmental blockchain expert Anndy Lian, the two tokens have ushered in a new era for altcoins. He is optimistic that coins other than Bitcoin will pump significantly in the coming days.
However, Lian cautions traders against opening trades out of FOMO, arguing that the expected rallies could be followed by massive pullbacks, which may bring heavy financial losses.
Bitcoin is trading near its new all-time high. Can it break above that level and rally higher? If so, what’s the bulls’ next target price? Let’s find out by studying the charts.
Bitcoin Price Analysis
The bulls started a recovery rally near the 20-day Exponential Moving Average of $99,218 on Monday morning, pushing Bitcoin to $109,498 later that day. However, increased profit booking has caused the coin to fall to $105,208 as of this writing.
If selling persists, Bitcoin may plunge below the $102,082 resistance and move toward the 50-day Simple Moving Average of $98,276, where we anticipate increased buying as the bulls would want to prevent a drop to $90,591.
On the positive side, a rally above the previous all-time high ($108,364) could allow the bulls to thrust BTC above $109,498 and push it to $113,000.
Official Trump Price Analysis
Considering the rising hype around the newly launched meme coin TRUMP, MoneyAmped is offering a short-term analysis, which you can include in your trading activities. Official Trump plummeted below the uptrend line on January 21st after Donald Trump said he did not know much about it.
If the support at $40.53 crumbles, TRUMP could plunge to $37 and even head toward $30 if the bulls fail to apply pressure. On the contrary, if the meme coin crosses the uptrend line, it would enhance the probability of a rally to the 20-day Exponential Moving Average of $51.32 and subsequently to the 50-day Simple Moving Average of $54.83.
Ethereum Price Analysis
The buyers have defended the $3,290.55 support in the past few days. However, they have failed to drive Ethereum to the 50-day Simple Moving Average of $3,532.17, signaling increased selling at higher prices. However, if the bears let the 20-day Exponential Moving Average of $3,363.70 collapse, ETH will cross $3,400 and rally to $3,532.17. While we foresee intense selling at $3,532.17, the bulls can still push Ethereum to $3,700.45 if they maintain momentum.
On the other hand, a drop to $2,848.90, or even $2,750, is possible if the bulls allow the bears to tug ETH below $3,000.27.
Solana Price Analysis
SOL has benefited massively from the buzz around TRUMP, which was deployed on the Solana Blockchain. On January 19th, it reached $289.17 for the first time in history but has since dropped to $254.77. If it crosses the $263.87 critical resistance, it could rise above $289.17, with the bulls aiming to trigger a rally to $300 and then to $350.
Conversely, Solana might fall to the 20-day Exponential Moving Average of $213.87 if the bears maintain it below $263.87.
Chainlink Price Analysis
Following news that Trump’s DeFi project had added Chainlink to its treasury reserves, the token rallied 8% on Monday, hitting $25.87 at press time. If the bulls sustain LINK above the 20-day Exponential Moving Average of $22.71 in the coming days, a surge to $31.54 could happen. On the contrary, the chances of a dip to the $20.62 support will increase if $22.71 collapses.
