A popular crypto trader thinks Ethereum (ETH) competitor Solana (SOL) could see sizeable gains in the next two weeks. The pseudonymous analyst Cantering Clark, tweeting from his new Man o’ War Twitter account, says he believes SOL could rally by as much as 23% in the short term. “I think if we can handle $27, $30 […]
The post Trader Unveils Price Target for Solana (SOL), Says He’s Bullish on Dogecoin (DOGE) and One Ethereum Rival appeared first on The Daily Hodl.
Tech billionaire Elon Musk is once again making waves on crypto Twitter, sending two digital assets on rallies by mentioning them. In a since-deleted tweet screen captured by CoinGecko, the Twitter chief executive wrote a message referencing layer-1 protocol Aptos (APT), sending the Ethereum (ETH) competitor’s price soaring. Musk’s brief tweet, which simply read “AI […]
The post Elon Musk Makes Waves on Crypto Twitter, Helps Send Aptos (APT) and Dogecoin (DOGE) on Rallies appeared first on The Daily Hodl.
A popular crypto strategist is updating his outlook on Aptos (APT) and Chainlink (LINK) while forecasting the near-term price action for the broader altcoin market. Pseudonymous analyst Altcoin Sherpa tells his 184,700 Twitter followers that layer-1 blockchain and Ethereum (ETH) competitor Aptos is likely going to see weeks of choppiness. According to Altcoin Sherpa, APT […]
The post Crypto Trader Maps Path Forward for Aptos and Chainlink, Predicts Altcoins Will Fly Once Bitcoin Cools Off appeared first on The Daily Hodl.
Hundreds of millions of dollars in Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates. According to data from market intelligence firm Coinglass, in the past 24 hours, $359 million in crypto was sold off. The liquidation was likely caused by the Federal Reserve raising interest rates […]
The post $359,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours As BTC Reclaims $28,000 appeared first on The Daily Hodl.
On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023. Pancakeswap v3 will provide new features and improve liquidity alongside enhancements in interface accessibility and the decentralized exchange (dex) platform’s yield farming experience. Pancakeswap Announces Version […]
A widely followed crypto analyst says that layer-1 blockchain Aptos (APT) has a chance at usurping Solana (SOL) as one of Ethereum’s (ETH) chief competitors. In a new video update, Guy Turner, the host of Coin Bureau, tells his 2.21 million YouTube subscribers that he expects both APT and SOL to face “severe regulatory scrutiny” […]
The post Can Aptos (APT) Dethrone Solana (SOL)? Coin Bureau Looks At Battle of Ethereum Challengers appeared first on The Daily Hodl.
Coin Bureau host Guy Turner is optimistic that Polkadot (DOT) and Cosmos (ATOM) during boom during the next crypto bull run. Citing a report by Electric Capital, Turner tells his 2.21 million YouTube subscribers that the two layer-one blockchains are able to attract and retain developers despite getting significantly less funding than the likes of […]
The post Two Altcoins Will Significantly Outperform Bitcoin and Crypto Market in Next Cycle, According to Coin Bureau appeared first on The Daily Hodl.
On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT is still up 349% compared to last month’s exchange […]
Bitcoin’s strong monthly performance translated to outsized gains in APT, GALA, T, MANA and SOL, making them the top performing altcoins in January.
The rally in cryptocurrency markets started in early January with a spike in heavily-shorted altcoins and Ethereum (ETH) liquid staking derivative (LSD) tokens due to the upcoming network upgrade in March. Soon gains started to show across the board as buyers started to play catch up.
The improving macroeconomic conditions, such as reduced inflation and a stable job sector in the United States, provided additional tailwinds for the positive rally. Bitcoin (BTC) is en route to its most impressive closing for January since 2013. Its price has gained 40% year-to-date from the opening value of $16,530.
Another important catalyst for January 2023’s rally was a short squeeze across the crypto market. After the FTX debacle and the lack of bullish narratives for the niche space, most investors expected growth to slow down in 2023.
There are unresolved issues such as potential a Digital Currency Group fallout, geopolitical tension between Russia and Ukraine, and recession risks due to Fed’s aggressive quantitative tightening policies. Thus, most traders didn’t expect strong price rallies so early into the year.
As it turns out, negative sentiment and crowded positions in the futures market continued to fuel more upside. There’s a strong chance of a pullback soon after steep gains. It remains to be seen if the pullback levels are attractive enough for buyers to turn it into a medium-to-long-term bullish trend. Let’s take a look at the top performing cryptocurrencies for January.
Launched in October 2022, Aptos is a relatively new blockchain in the space which leverages the technology of Facebook’s (Meta) discarded project, Libra. It carries significant face value based on its executive team, composed of former Meta engineers, who also built the Move programming language to make the chain scalable and decentralized.
While the project carries much reputation, its fundamentals do not justify the price. The disbelief among investors is part of the reason behind the APT price rally. A market capitalization of $3 billion for a four-month-old project has surprised many onlookers. There’s also suspected market manipulation in the APT/KRW pair on Upbit, giving rise to the Kimchi premium. It is difficult to pinpoint a specific factor driving its demand in South Korea.
APT/USD broke above its previous peak of around $10, recorded around its launch. Technically, the token is in price discovery mode right now. Thus, there are few sell-side resistance levels besides the latest peak of $20 and the psychological level at $25. Unless the positive catalysts in the negative funding rate for perpetual swaps and the Kimchi premium cool off, the rally may still have wings.
The price momentum indicator, Relative Strength Index (RSI), has spiked to oversold territory, suggesting the possibility of a pullback. The Moving Average Convergence Divergence (MACD) indicator shows a slight bullish deviation with a less steep rise in the metric compared to the price. Still, the presence of buying volume is reassuring for APT bulls. The support for the token lies at $14.75 and $10.40.
Similar to Aptos, Gala (GALA) also benefited from the excess negative positioning in the futures market. The gain in GALA/USD from $0.02 to $0.07 can be primarily attributed to wipe out of short positions.
The token suffered significant inflation of around 17,123,286 GALA daily, which accounts for around $28.2 million monthly at current prices. It raised concerns that the recent price pump could be short-lived.
On Jan. 25, Gala’s team introduced a new roadmap of the project in which they seek to update the tokenomics to reduce inflation and introduce a new burn mechanism. They are working on an independent Gala chain, where GALA tokens will be used to pay transaction fees.
On top of that, the daily issuance of GALA may also reduce after a vote is passed to change the time-based halving schedule to a supply-based one to bring halving closer than July 203.
The upgrade announcements have added to the buying pressure in GALA/USD, evident in a spike in buying volume. The token is trading above its 200-day exponential moving average at $0.052. If buyers build support above this level, the price can run toward the July 2022 breakdown levels near $0.164.
Threshold was born from the merger of two projects, Keep Network and NuCypher, which have combined their technologies to build a decentralized bridge network. Node operators on the Threshold network stake the platform's native token, T and Ether, to validate the transfers between Bitcoin and Ethereum. This technology was borrowed from Keep Network, while NuCypher adds a layer of privacy to the protocol.
In January, the project's native token nearly tripled in price, benefiting from the V2 launch and Coinbase's listing announcements. The upgraded version of the Threshold protocol will enable tBTC (threshold Bitcoin) mints on Ethereum, which are backed by Bitcoin and pegged 1:1 to the BTC price.
The beginning of tBTC mints on Ethereum via Threshold Network will likely increase the network's total locked value, aka TVL, making Threshold nodes more valuable. Initially, the project will launch a semi-decentralized version, Optimistic Minting, and gradually move to a decentralized system of nodes.
There's a significant market opportunity for Threshold after the dissolution of RenBTC. Wrapped Bitcoin (WBTC) currently commands a dominant share of 93.6% of the total Bitcoin bridged to Ethereum.
Still, the recent 190% increase is starting to show signs of a buy-the-rumor, sell-the-news type of event, especially factoring in the Coinbase-led rise. The support for buyers lies at $0.027, with the next level of resistance at $0.145.
The metaverse-themed projects Decentraland (MANA) and The Sandbox (SAND) witnessed a revival of the VR narrative as Apple is rumored to launch its VR headset collection in spring 2023. More recently, the Decentraland’s team released its manifesto for the current year, highlighting a focus on growing its developer and creator community.
While Decentraland is one of the earliest metaverse projects with a massive opportunity to capture the future Web3 market, the present rally is showing overbought characteristics in the short-term.
The RSI indicator shows a reading above its bullish resistance. The MACD indicator shows a divergence with little to no-change in the metric to complement the Jan. 28 surge of 16.5%.
Nevertheless, the breakout above 200-day moving average and resistance from the FTX breakdown levels at 0.70 is encouraging for technical buyers. It remains to be seen if the surge was a just stop hunt of short orders or stemming from actual demand. Support for the token lies at the 50-day EMA, current at $0.54, and 2022 lows of $0.27.
Solana (SOL) benefited from excessive negative sentiment around the blockchain’s future. The price rally was a classic case of a short squeeze in the futures market. While the fundamentals pointed towards a death spiral in its price, the market played out the better of sellers. By leveraging low liquidity conditions, buyers were able to push the prices higher until few sellers remained.
The market maker and venture capitalist entity, Alameda Research, was the primary source of liquidity for Solana’s DeFi projects. It was also one of the largest backers of its ecosystem projects. The DeFi community will face significant challenges within Solana due to a lack of liquidity.
Solana developers and the foundation have been working hard to make the network stable and more decentralized. While the network remained stable through the FTX debacle, it appears to have lost the market’s trust thanks to frequent downtimes. Moreover, Alameda/FTX owns around 10.7% of the total supply of SOL, which will likely add to the selling pressure for the next few years.
Their NFT space, while placed second in terms of trading volume across blockchains, is starting to see the departure of top performers like DeGods, y00ts, and most recently, F Studio. It remains to be seen if the community can build back up. The task will be challenging without the support of its most prolific backers.
On long timeframes, the $30 level is a crucial resistance and support level for SOL/USD. If buyers consolidate above this level, the positive momentum in the token’s price will likely stretch into Q1 2023. However, given that the rally is mainly driven by a short-side wipeout in the futures market, there’s a higher likelihood for a significant correction, followed by a period of accumulation, until a meaningful run can take form.
Last but not least, the LSD-narrative tokens deserve a mention in the monthly winners list. The native tokens of Ethereum LSD platforms nearly doubled in price across the board thanks to the upcoming Shanghai upgrade.
The Frax DAO was the highest gainer among LSD tokens, benefiting from a strong rise in the staked Ether on its platform. The platform is able to attract liquidity by providing additional yield on staking ETH through leveraging its position on Curve Finance.
The Frax DAO is the largest owner of CVX tokens, which gives them priority control over Curve emissions. Currently, staking frxETH on Curve earns around 9-10% annual yield, which is two times higher than the average LSD yield of around 4%.
Given that Ethereum’s Shanghai upgrade is still a month away and there’s room for growth of LSD platforms, the attention toward LSD tokens could likely sustain through February.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin bulls look to push BTC price to $24,000 and in doing so, LTC, AVAX, APT and FTM could extend their monthly gains.
Bitcoin (BTC) has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.
Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.
After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term.
Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.
Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.
The upsloping 20-day exponential moving average ($21,558) indicates that bulls are in command but the relative strength index (RSI) in the overbought territory suggests that the rally may be overextended in the near term.
If buyers kick the price above $23,816, the BTC/USDT pair could start its northward march toward $25,211. This level may act as a formidable resistance.
On the downside, the 20-day EMA is an important level for the bulls to defend because if it cracks, the pair may fall to the psychological support at $20,000.
The RSI on the 4-hour chart is forming a negative divergence indicating that the buyers may be losing their grip. If bulls want to assert their dominance, they will have to push the price above the $23,816 resistance. That could start the next leg of the up-move.
Conversely, if the price turns down from the overhead resistance, the bears will try to yank the pair below the moving averages. There is a minor support at $22,715 but if this level collapses, the pair could retest $21,480.
Litecoin (LTC) has been in a strong uptrend for the past several days. After a brief consolidation, buyers propelled the price above the overhead resistance of $92, indicating that the up-move remains intact.
The LTC/USDT pair could rally to the psychological level of $100 where the bears may again try to erect a roadblock. If bulls do not give up much ground from this level, the pair may extend its journey to $107. The upsloping 20-day EMA ($86) and the RSI near the overbought territory indicate advantage to buyers.
This positive view could invalidate if the price turns down and slips below the 20-day EMA. The pair could then drop to $81 and later to $75.
The break and close above the $92 level suggest that the consolidation resolved in favor of the buyers. If bulls sustain the price above $92, the pair could rise toward the pattern target of $98.
The bears are likely to have other plans. They will try to drag the price below the breakout level of $92 and trap the aggressive bulls. If they manage to do that, the pair could fall to $86. This is an important level for the bulls to defend because a break below it could shift the advantage in favor of the bears.
Avalanche (AVAX) surged above the resistance line on Jan. 27 and reached the overhead barrier at $22 on Jan. 28.
The bears are trying to stall the recovery at $22 but the bulls do not seem to be in a hurry to book profits. This increases the likelihood of a break above the overhead hurdle. If that happens, the AVAX/USDT pair could accelerate toward $30. There is a minor resistance at $24 but it is likely to be scaled.
Another possibility is that the price turns down and retests the resistance line. If the price rebounds off this level, it will suggest that the bulls have flipped it into support. That could enhance the prospects of a break above $22. The bears may gain the upper hand if the price dives below the 20-day EMA ($17).
The 4-hour chart shows the pair has pulled back near the 20-EMA. If the price jumps from the current level, the bulls will again attempt to thrust the pair above the overhead obstacle at $22. If this level is scaled, the pair could rally to $24.
The first sign of weakness will be a break and close below the 20-EMA. That could present an opportunity for the bears to make a comeback. The sellers could gain the upper hand if they pull and sustain the pair below the resistance line.
Related: South Korea to deploy cryptocurrency tracking system in 2023
Aptos (APT) has been having a dream run in the past few days. Usually, when an asset picks up momentum, it continues to move in the same direction for some time.
The APT/USDT pair turned down from $20.40 on Jan. 26 but the bulls are trying to arrest the pullback at $16.62. The shallow correction shows that every minor dip is being purchased by the bulls. Buyers will try to drive the price above $20.40 and start the next leg of the uptrend. The pair could then soar to $24.
The risk to this assumption is that the RSI has been in the overbought territory for the past few days. This increases the risk of a short-term correction. If the price turns down and plummets below $16.60, the pair could slide to $14.57 and then to the 20-day EMA ($12.23).
The 4-hour chart shows a negative divergence forming on the RSI. If the price breaks below the 20-EMA, the pair could test the 50-SMA. This is an important support to monitor because if it cracks, the pair could fall to $12.
Contrarily, if the price turns up and breaks above $20.40, it will indicate that bulls have reasserted their supremacy. That may invalidate the negative divergence developing on the RSI and resume the uptrend.
Fantom (FTM) has been in a stupendous run since breaking above the downtrend line. The sharp rally of the past few days suggests aggressive buying by the bulls.
The indicators signal that bulls are firmly in control. During strong up-moves, the corrections are short-lived as bulls buy on every minor dip. The bears are trying to stall the up-move near the psychological resistance at $0.50 but if bulls pierce this level, the FTM/USDT pair could soar to $0.56 and then to $0.63.
Sometimes, vertical rallies are followed by sharp declines. Therefore, traders must be careful as a break and close below $0.43 could sink the pair to the 20-day EMA ($0.37). This is the key level to watch out for on the downside because a break below it could signal that the uptrend may have ended in the near term.
The pair turned down from the overhead resistance at $0.50 but found support at the 20-EMA. This indicates that the sentiment remains positive and traders are buying the dips. The bulls will again attempt to clear the overhead hurdle at $0.50 and resume the up-move.
The bears may have other plans as they will try to pull the price below the 20-EMA. This is an important level to keep an eye on in the short term as a break below it could open the doors for a possible drop to the 50-SMA. If this level also cracks, the next stop could be $0.36.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
