Category: Analysis

The crypto market had one of the best start to the year as it continued the surge from the previous month. As a result, many expected one of the best performances during the first month of the current year. However, the charts show that this never happened.

Crypto Market Closes the Same Way it Started

It showed that the global cryptocurrency market cap started at $1.66 trillion. As the sessions progressed, it rose to a high of $1.75 trillion during the first week. It retraced to its previous value but resumed its uptrend afterward. This time, it peaked at $1.77 trillion. During the second half of the month, trading conditions worsened and valuations sank to their lowest.

It dropped to a low of $1.51 trillion. Current prices suggest that the crypto market recovered as it is worth $1.66 trillion at the time of writing. This meant it failed to register any gains despite the hype it got during January.

One of the major market movers was the news that the approval of the Bitcoin ETF was imminent. In response, the crypto market had major surges. The main asset on the frontline, BTC, was not exempted from these hikes.

Bitcoin Reached its Highest in A Year

On the eighth day of the month, a notable event unfolded in the cryptocurrency market. Commencing at $43,936, the trading day witnessed a dip to a low of $43,213. Despite this initial setback, the cryptocurrency rallied to overcome the $46,000 resistance, achieving success in its endeavor. The upward trajectory persisted, reaching a peak at $47,281 before experiencing a decline to close at $46,995, marking a substantial gain of nearly 7%.

Following regulatory approval, the leading digital coin sustained its upward momentum. Consequently, it extended its bullish trend, surging to its highest point in nearly a year. On January 11, it commenced trading at $46,678, with a surge that captivated observers, heightening anticipation of a return to the $50,000 mark. The optimism gained traction as the cryptocurrency surpassed the $48,000 threshold. However, its ascent met a formidable obstacle at $49,000, encountering a robust rejection. Subsequently, it experienced a descent to a low of $45,600, concluding the day with no significant fluctuations in its valuation.

Aside from the development with the apex coin, several other events took place with some altcoin. One such is Helium. On January 24, it had one of its biggest surges. It opened trading at $5.97. It soon dropped to a low of $5.54 before rebounding. After finding support, it tested the $7 resistance and briefly broke as it peaked at $7.13. It ended the session with gains of more than 17%.

However, this failed to reflect on its monthly performance as it gained only 8%. The highlighted event happened during the asset’s recovery. It suffered a downtrend that saw it dropped from a high of $8.45 to a low of $5.54 in a few days. This explains the long wicks sticking out from the candle representing price actions.

Over the past two days, XMR experienced significant fluctuations in value, reclaiming levels it had lost a few days ago and reaching its fourteen-day high after substantial losses last week.

These changes in Monero are impacting the overall global cryptocurrency market cap. In the past week, the market opened at $1.63 trillion, dropped to $1.51 trillion due to widespread price declines, but eventually recovered and closed slightly below the opening price.

Identifying the top losers during this period is challenging, as most assets recovered. Nevertheless, LEO incurred a loss of over 3%, while Helium emerged as one of the top gainers, breaking through the $8 resistance and currently showing a gain of over 38%.

As we enter the new week, the cryptocurrency market has started on a positive note, currently valued at $1.68 trillion after opening at $1.62 trillion. With most assets on an uptrend, the question remains whether this momentum will persist.

Top Three Cryptocurrencies to Watch

Bitcoin (BTC)

Analyzing the charts reveals a significant downtrend for Bitcoin in the previous week, evident in the candle with a clear wick below it.

A crucial event occurred on Monday when Bitcoin opened at $41,555, experienced a sharp decline breaking the $40k support, and headed towards $39k. Despite rebounding at $39,437, it closed with losses exceeding 4%.

A full recovery took place on Friday with Bitcoin’s biggest surge of the week. Starting at $39,929, it broke the $42k barrier, peaking at $42,223 and closing with gains of over 4%.

During the intraday session, the Moving Average Convergence Divergence (MACD) showed a shift in trajectory. The 12-day EMA began an uptrend, and a bullish divergence occurred on Sunday.

As of the current week, the Apex coin gained more than 3% in the previous intraday session, closing at $43,305 after opening at $42,027. No signs of a downtrend are evident, as the asset remains in the green at the time of writing.

With no negative fundamentals apparent, it seems likely that the Apex coin will continue its uptrend. However, the $44k resistance is a key level to monitor, as BTC may encounter challenges in maintaining stability above it. A shift in the market trend could potentially send the asset as low as $40k.

The new week is not looking too good for most cryptocurrencies. The crypto market is seeing a massive bearish sentiment. As a result, most crypto assets are returning to levels they left a few weeks ago.

The downtrends in the price of most is visibly affecting the global cryptocurrency market cap. Over the last 24 hours, the sector lost more than 2%. This is a continuation of the previous week’s downtrend. The industry opened the intraweek session with valuations at $1.68 trillion. A closer look at the charts suggests that it failed to surge higher.

It is also worth noting that the crypto market’s value for stagnant for an extended period of time. This is as a result of most asset seeing little or no volatility. In the end, it closed at $1.64 trillion which meant no notable change in worth in the end.

With a focus on the new week, most cryptocurrencies are still grappling with low trading volume of increased selling volume. Will that change soon?

Top Three Cryptocurrencies to Watch

Bitcoin (BTC)

Over the past seven days, the primary cryptocurrency failed to record any significant increases. A detailed analysis of the chart revealed a balanced struggle between bulls and bears, as evidenced by the doji patterns representing the week’s price actions.

Bitcoin initiated the previous session with a slightly bullish tone, attempting to reclaim some lost levels, notably $43,000. Starting Monday at $41,701, it peaked at $43,324 but retraced to a low of $42,493. Despite another positive day on Tuesday, BTC did not register substantial positive changes.

Thursday proved to be the most active day for the top coin. Opening at $42,738, it experienced a modest increase before a correction. The retracement broke the $41,000 support, descending until rebounding at $40,600. However, it ultimately recovered and closed at $41,283, reflecting a loss of over 3%.

A closer examination of the daily chart suggests that the current week is more challenging than the previous one. In the previous intraday session, BTC witnessed one of its most significant downtrends. It began trading at $41,555 and retraced in the final hours of the day, breaking the $40,000 support and dropping to $39,437 but ultimately closing higher. The day concluded with losses of almost 5%.

Presently trading at $39,168, Bitcoin is recovering from a low of $38,505, possibly signaling the initiation of an uptrend that could see the leading asset reclaim lost levels, including the formidable $41,500 resistance.

The aforementioned prediction is contingent on price movement, as indicators currently remain silent. It is noteworthy that if the prevailing trend persists, Bitcoin may decline to $36,000 before experiencing a rebound. The Relative Strength Index does not contradict the possibility of such an event

Most cryptocurrencies saw huge volatility during the previous intraweek session. This comes as the much-anticipated EFT was approved. This comes after so much back and forth between the concerned institution and the United States SEC. There were also reports of hackers getting in on the drama as they seized the regulator’s X account.

The events that unfolded had a massive impact on the global cryptocurrency market. It was worth $1.64 trillion at the start of the previous week. As the session progressed, it peaked at $1.77 trillion as the clamor for the ETF continued. Following the approval, prices slumped and the sector dropped to a close at $1.66 trillion which means the market gained nothing in the end.

With a focus on the week, most asset are not off to a good start. Nonetheless, the last 24 hours offered more in terms of volatility. Some cryptos are also gearing up for a possible uptrend. Let’s see how they’ll perform in the next five days.

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

Most cryptocurrencies at this time are seeing small losses. Due to this, they are testing critical support. One such token is Optimism. It opened trading at $3.98 but retraced after a failed attempt at $4. It dropped to a low of $3.64. Currently exchanging at $3.68, this indicates that it is down 7%.

The current trend mimics what happened during the previous intraweek session. Examining the chart reveals a notable increase in the valuation of the sector under consideration compared to the previous week. It initiated the session with a value of $1.68 trillion and reached a peak of $1.70 trillion as the period unfolded. However, a slight decline occurred, leading to a closing value of $1.65 trillion.

Bitcoin

Due to reduced volatility, there are limited highlights in recent developments. However, notable attempts were made at a crucial level, specifically the $44,000 resistance. The cryptocurrency’s prices orbited around this level on Monday, approaching it closely but facing rejections at $43,800. A similar occurrence transpired on Thursday, with the top coin reaching the same threshold.

Prices maintained levels above $41,000. Bitcoin encountered two close calls with this mark, dropping to $41,639 on Tuesday and touching a low of $41,306 on Sunday.

The outlook for the new week differs from the previous one, marked by the apex coin successfully breaking the aforementioned resistance during the recent intraday session. Beginning at $42,258, it surged to a high of $44,192, ultimately closing with gains exceeding 4%.

In the current intraday session, the asset surpassed the $45,000 barrier and attempted the $46,000 resistance, facing rejections at $45,922. Presently trading just below $45,000, this reflects the aftermath of reaching the day’s peak.

Indicators suggest further increases this week, with the Moving Average Convergence Divergence signaling a bullish trend. A closer examination reveals the 12-day Exponential Moving Average (EMA) nearing convergence with the 26-day EMA, indicative of a bullish trend.

With indications pointing toward a continued uptrend, BTC may surge beyond $46,000 within the next five days. Conversely, $42,000 remains a crucial support level.

2. Bitcoin SV

Bitcoin SV was one of the top gainers during the previous intraweek session. A closer look at the weekly chart shows that it had one of its biggest surges during this period. In the end, it closed with gains of more than 96%.

The surges started on Wednesday when the BTC fork opened trading at $49.8 but experienced a massive hike in buying volume. This was due to an increase in trading from a South Korean Exchange, Upbit. As per the report, the coin saw an inflow of more than $400 million. This reflected in its price as it surged to a high of $76 and closed at the mark. It also registered gains of more than 53% at the time.

The increases continued into the next day as the altcoin aimed for $100 after it dropped to a low of $73. It attempt failed as it faced strong rejections at $96. Nonetheless, it ended the day with gains of more than 19%. Additionally, it broke the said resistance during the next intraday session and peaked at $107, the highest for the week.

With a focus on the current intraweek session, BSV is off to a good start. It started the previous intraday session at $96 but dropped to a low of $93. It soon recovered and broke the $110 resistance to register a new high over the last year. It peaked at $112 before retracing to a close at $103. It gained more than 8% in the end.

The current intraday session is the opposite of the previous session. BSV is down by 4% and has dropped to a low of $94. With no strong support available, the asset may drop as low as $75.

3. Filecoin (FIL)

Similar to the previous asset, Filecoin also had a splendid performance during the previous week. It registered gains of more than 22% as it cruised past several resistances.

One such level is the $6 barrier. The mark held out against several attempts over the last three months with a few gaining success but the asset failed to gain stability above it. This came to an end on Thursday. FIL started trading at $5.93 and peaked at $6.30. It closed the day a little below its high and gained more than 5%.

The previous week closed on such a high note. It started trading at $6 and broke the $7 resistance. This comes after it dropped to a low of $5.92. After flipping the said level, it peaked at $7.45 but retraced. As a result, it closed at $6.92 but gained more than 15%.

The uptrend is still in play during the present intraweek session. FIL briefly broke the $8 resistance on Monday but closed at $7.57 with gains of almost 10%. However, the current day might be a cause for concern as the alt is losing almost 5% at this time. If the downtrend continues, the asset may drop as low as $5.70.

Ethereum and other cryptocurrencies had a splendid performance over the last 364 days. A look at the top 100 indicates that on average, most cryptocurrencies gained more than 50%.

All these increases contributed to the hike in the value of the global cryptocurrency market cap. Starting 2023 at $798 billion, the sector’s initial valuation marked the lowest point according to the chart. However, noteworthy growth ensued throughout the year, leading to various valuations and culminating in a recent peak of $1.68 trillion. Consequently, the crypto market has witnessed a remarkable 106% increase over this year.

This shows great improvement from the previous year which saw the industry lose more than half its value at the time. However, to wrap this year up let’s look at two altcoin performances.

Ethereum Failed Traders’ Expectations

The largest altcoin kicked off 2023 strong. As a result, many traders believed in a very bullish performance. In the same vein, some speculated a return to $3k. However, this never happened.

Ethereum started the year at $1,195 and this marked the lowest point. It soon started experiencing a significant increase in trading activity with the bulk of it tilting in favor of the bulls. As a result, prices also had a corresponding increase. It broke through the $2k resistance and continued forward as it peaked at $2,447.

It is currently exchanging at $2,281 which means it failed to test $3k. Nonetheless, it gained almost 90%.

One of the highlights happened in January as the asset had one of its biggest surges. Ethereum opened the session at $1,289 and broke $1,500. It edged close to breaking the $1,600 resistance but failed as it faced strong rejections at $1,591. Following that event, it dropped to a close at $1,553 and closed with gains of more than 20%.

Solana Went Berserk

The preceding year posed significant challenges for the entire cryptocurrency market, grappling with a substantial decrease in overall value. Solana, in particular, suffered severe consequences, losing over 94% of its value during that period.

In contrast, 2023 ushered in a more favorable trend of price increases for Solana. Starting at $9, the asset underwent substantial upward movements, striving to recover its previous levels. Despite encountering robust resistance at $125 (the highest point), it currently trades at $104, signifying an impressive gain of over 950% since the beginning of the session.

This substantial increase suggests a series of bullish moments, which are distinctly visible on the weekly chart. Notably, one of these positive movements occurred during the previous intraweek session when the altcoin opened at $70, briefly dipped to $67, and then rebounded, surpassing the $100 threshold for the first time in months. The surge continued, attempting to breach $120 but ultimately halting at that level. Ultimately, it closed the week with gains approaching 60%.

Conversely, the altcoin experienced a significant downturn in June, constituting one of its most substantial single-week declines. Starting relatively strong at around $21 and reaching towards $23, it subsequently faced corrections, breaking the $20 support level. The downtrend persisted until it found support at $13, after which it rebounded and closed at $15, reflecting a loss of over 28%.

The top three cryptocurrencies to watch this week experienced notable volatility. As a result, they registered notable changes in prices during this period. However, the general sentiment at the time was most bearish.

The global cryptocurrency market is evidence of this trend. it started the previous intraday session with valuations at $1.62 trillion. A few hours after trading started, it dropped to a low of $1.53 trillion. It soon recovered to its high.

However, towards the end of the week, the market saw small decreases. As a result, it dropped to a close of $1.57 trillion. This means the market failed to register any significant change in value.

One of the top gainers during the period under consideration was HNT. It started the session at $5. Afterward, $4.32 but rebounded and was heading for a 100% gain after breaking $9. It halted its advance at the mark and retraced.

Due to the massive corrections the coin had, it dropped to a close at $6.97. In the end, it closed with gains of more than 39%.

With a focus on the new week, the prospects are quite blurry as at this time. Let’s see how these assets perform.

Top Three Cryptocurrencies to Watch

1. Bitcoin (BTC)

The apex coin had a very bad start to the previous week. This affected its performance on the weekly scale. A closer look at the chart suggests that the asset dipped and tested key support. In the end, it closed with losses of more than 5%.

One of the main highlights of the week took place on Monday when it had its biggest dip. It started exchanging at $43,786 but experienced a massive decline. As a result, it dropped and tested the $40k support. However, it failed to break it as it rebounded and closed at $41,242. This means that the largest cryptocurrency lost almost 6% that day.

Following the massive decline. The apex coin tried reclaiming all of the levels it lost. One of the biggest moves in this direction took place on Wednesday. It kicked off the session at $41,483 but retraced to a low of $40,589. After rebound, it edged closer to the $44k resistance. It failed in this bid as it faced strong rejections at $43,440. In the end, it dropped to a close at $42,888 which signifies a more than 3% increase.

Being one of the top three cryptocurrencies to watch this week, many expect Bitcoin to perform better than it did during the previous intraweek session. Price actions during the previous intraday session may be a sign that this may happen. It reclaimed $42k and closed at $42,650 which means it gained more than 3%.

If the trend continues, BTC may test and break the $44k resistance within the next five days. It is also worth noting indicators are silent when it comes to the next price action.

In the event of a change in market conditions, one of the levels to watch is the $40k support.

2. Helium (HNT)

Helium was one of the top gainers during the previous intraweek session. A look at the weekly chart suggests that it is seeing the continuation of the previous week’s surge. However, many are becoming concerned as the uptrend is reducing. Nonetheless, the altcoin gained almost 40% during this period.

One of the highlights of the session took place on Thursday. It started the day at $5.39 but saw small decreases that sent the price to $5.16.

During the previous week, most cryptocurrencies excited traders as they attained levels they hadn’t in more than seven days. Many predicted that this was in continuation of the small increases they had two weeks ago. However, the global cryptocurrency market cap showed that the uptrend was short-lived.

The crypto industry was valued at $1.05 trillion at the start of the previous week. Monday was one of the most bullish as the sector peaked at $1.08 trillion but retraced before the day ended. It returned to its high the next day and stayed close to the mark until Thursday.

During this session, it dropped as low as its opening value and failed to recover. As a result, the global cryptocurrency market cap closed at it opening price. This is also the same state the crypto market is in as it is yet to register any significant change in worth since the current intraweek session started.

CRV was the top gainer during the period under consideration as the asset gained more than 20%. This comes after several coordinated pumps throughout the last seven days.

While most cryptocurrencies are struggling to hold to key levels, let’s see how they may perform in the coming five days.

Top Three Cryptocurrencies to Watch

1. Bitcoin (BTC)

Monday kicked off with a lot of reaction as the top coin tried testing a key level. Nonetheless, the asset dropped below several levels as it lost momentum. On the weekly scale, it failed to register any significant changes in price.

It went close to retesting the $28k resistance. During the first intraday session, it peaked at $27,422 but retraced as the day gradually came to an end. Due to this, the coin dropped a little above its opening price and failed to register any significant change in value.

On Tuesday, the top coin continued its attempts at the said mark. This time, it peaked at $27,486 but experienced a slight downtrend that saw it end the 24-hour period a little above $27k. Additionally, it failed to record any notable change in price in the end.

BTC had its biggest change in value on Thursday. It kicked off trading at $27,124 but dropped to a low of $26,376. Although it saw slight recovery, it closed at $27,500 which signifies a more than 2% loss. The last three days of the week were marked with very little volatility.

With a focus on the new week, bitcoin is off to a not-so-exciting start. During the previous intraday session, it dropped below $26k but recovered before it ended.

It has tested the said support a few hours ago but failed to break it. Nonetheless, indicators are pointing to the said mark breaking again.

The Moving Average Convergence Divergence is showing a bearish signal there is an ongoing negative convergence. With an impending divergence, BTC may experience more decreases in value in the coming days.

2. Ethereum (ETH)

The past week was one of the most volatile for the asset. Ethereum closed the sessions with losses of more than 2%. It is also worth noting that it had bullish moments in which it retested key resistance.

For example, on Monday the coin opened trading at $1,623 but had small increases that shot it toward $1,700. However, it slowed on track as it faced strong rejection at $1,669 and retraced so close to its opening price. The action also marked the only notable attempt at negative barriers.

On Thursday, the largest altcoin opened trading at $1,622 but retested the $1,600 support. It broke and ETH hit a low of $1,568. It also failed to reclaim the barrier and closed at $1,583 with losses of more than 2%.

With a focus on the new week, ETH is not off to a good start. It opened the previous intraday session at $1,579 but experienced small corrections that saw it hit a low of $1,563. Although it recovered and closed that session with a green candle, there are indications of further price decreases ahead.

MACD is the main indicator in this situation. the 12-day EMA is currently in contact with the 26-day EMA. In what is described as a bearish convergence, ether is sure to see a divergence that may seal the negative signal.

Although the threat to the $1,500 support is strong, there is a strong demand concentration at $1,540. This small barrier may hold up throughout this week.

3. Thorchain (RUNE)

RUNE had one of its worst performances during the previous week. As a result, it lost almost 9% in the end. Nonetheless,  many referred to the drop as a small cooldown following its splendid trading actions two weeks ago.

Regardless of bullish trend, the altcoin started its massive downtrend on Wednesday. It kicked off the day at $1.91 but experienced strong selling pressure that ensured prices hit a low of $1.75. Although it saw slight recovery, it closed at $1.78 with losses of more than 6%.

With a focus on the week, RUNE is off to a good start. During the previous intraday session, it made an attempt to regain stability above $1.70. It was successful as it ended the day at $1.71 which signified gains of almost 3%.

There is also a green candle representing the current intraday period which means the altcoin is making more moves at resistances. Based on the previous price movements, Thorchain may retest the $1.80 barrier next.