Investors are considering their stance on the crypto market going into the weekend after a bullish wave triggered modest increases across the board on Friday. Bitcoin price settled above $41,000 up 5.5% in 24 hours while Ethereum ticked up by 4% to $2,277, CoinGecko revealed. Solana-built meme coin BONK exploded in double-digits to trade at $0.00001236 during US business hours, suggesting that this could be the best time to buy top cryptos for both short-term and long-term speculation.

Can Bitcoin Close January Higher With Investors Buying The Dip?

The brief blastoff on Friday came to a sudden halt in the yellow resistance band as shown on the four-hour chart. While the uptick is an optimistic gesture for investors who felt betrayed by the BTC ETFs’ launch, not everyone seems convinced that the downtrend is over.

That said, holding above the immediate support as provided by the 50-day Exponential Moving Average (EMA) (in red) could allow bulls ample time to execute their next strategy.

Bitcoin price chart | Tradingview

A daily close above $41,000 would also serve as an affirmation of the bullish comeback and encourage more investors to back the uptrend.

However, traders should take the upswing with a grain of salt for now at least until resistance at $42,000 slightly below the 200 EMA (in purple) is defeated.

The next few days may help clear the existing uncertainties paving the way for recovery above $42,000 or lead to more pain below $40,000. The area around $36,000 to $38,00 remains of utmost importance. If Bitcoin drops to this range, it would mean a lifetime chance to accumulate ahead of the pre-halving rally.

Is This The Beginning of Ethereum Price Rise Above $3,000?

In recent times, Ethereum price has oscillated between $2,150 and $2,200, reflecting a constant battle between buyers and sellers. Over the past week, smart contracts tokens have seen a decline of around 9%, indicating a largely sideways movement in the market.

Despite these fluctuations, Ethereum has demonstrated significant growth over a longer period, with an impressive 40% rise. This growth underscores the ability to maintain a bullish stance, even amidst occasional market pullbacks. However, the past month has not been as favorable, with ETH experiencing a 4% drop in value.

Ethereum price prediction | Tradingview

If Ethereum price breaks through its current price range, the next potential target could be the channel’s upper resistance line, around $2,300. If the bullish momentum persists, Ethereum can climb toward a $3,000 high in the short term. However, if  ETH falls below the critical support at $2,200, it might set off a decline, pushing the price toward the lower support line, which is close to $2,120.

Is This The Best Time To Buy Bonk?

Bonk price stepped up after consistently falling from its 2023 peak of $0.000035. However, after the token bounced off support in the green band on the four-hour chart early this month, traders were significantly convinced that a larger rebound was in the cards.

The meme coin built on the Solana blockchain holds above two key levels, the 20 Exponential Moving Average (EMA) (in blue) at $0.000011199 and the 50 EMA (in red) at $0.0000115.

Several four-hour candlestick closes above the moving average could further steady the uptrend for the subsequent climb above the 200 EMA (in purple) at $0.00001266.

Bonk price chart | Tradingview

While Bonk’s future is uncertain, its explosive rally last year can’t be ignored. With the Bitcoin halving approaching, a potential bull run is on the minds of many investors. If that happens, Bonk could indeed soar alongside other altcoins, even aiming for a lofty (but not impossible) target of $1.

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The post Top 3 Cryptos To Buy Today January 26: BTC, ETH, BONK appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am