The crypto market experienced a turbulent January, with several cryptos hitting new all-time highs before undergoing sharp corrections. Despite this volatility, some assets have managed to recover their losses and are now positioned near key resistance levels, potentially setting the stage for new highs in the coming month.
BeInCrypto has identified three crypto tokens that are primed for breakout rallies and analyzed their potential price trajectories.
Bitcoin (BTC)
Bitcoin is the closest among the top cryptocurrencies to forming a new all-time high, standing just 6.89% away from $109,568. The crypto market’s bullish momentum has positioned BTC as a strong candidate for a breakout, making traders optimistic about its next move toward record levels.
However, Bitcoin has yet to break above $106,193 successfully and confirm a double-bottom pattern, which suggests a potential rise to $113,428. While this remains a long-term target, BTC’s immediate focus is on reaching $110,000, a key psychological level that could validate continued bullish momentum.
At the time of writing, BTC is trading at $102,535, attempting to establish $102,235 as support. The cryptocurrency barely holds above $100,000, which serves as the critical invalidation line. A drop below this level could trigger increased selling pressure, potentially sending Bitcoin down to $95,668.
XRP
XRP is closely following Bitcoin’s trajectory, standing just 9.39% away from forming a new all-time high beyond $3.40. The altcoin has maintained an uptrend since the start of the year, consistently holding above the trend line. This momentum has fueled optimism among traders anticipating a breakout.
Despite bearish market cues, XRP has successfully defended the $2.95 support level. Holding above this threshold is essential to sustaining its upward trajectory. If the price remains stable, XRP could gain the momentum needed to challenge its previous ATH and push beyond $3.40.
Nevertheless, losing the $2.95 support could shift market sentiment, leading to a decline toward $2.73 or lower. Such a move would invalidate the bullish outlook and increase selling pressure, delaying any potential recovery for the altcoin.
BNB
BNB has lost its critical support level of $686, making it one of the few major cryptocurrencies to slip below a key threshold. Currently trading at $674, the altcoin is attempting to reclaim $686 as support, which could enable a rebound toward the $741 resistance level.
With BNB standing just 17.7% away from its all-time high (ATH) of $793, it remains one of the closest tokens to a breakout. If the altcoin successfully flips $741 into support, it could fuel a rally toward $793 and beyond, potentially setting a new ATH in the near term.
However, if the current drawdown persists, BNB could fall through its next major support at $647. Losing this level would invalidate the bullish outlook, delaying the possibility of a new ATH and extending the period of consolidation for the altcoin.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
