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Most Defi Hacks in 2021 Had to Do With Centralization Issues, According to Certik

Most Defi Hacks in 2021 Had to Do With Centralization Issues, According to CertikCertik, a blockchain security and auditing firm, has reported that the most common attack vector for hacks in decentralized finance (defi) protocols had to do with centralization in 2021. This data is present in Certik’s latest report, where the company also examines the growth of defi in 2021, and how other chains such as Avalanche […]

Kraken Daily Market Report for January 16 2022

Macro Guru Raoul Pal Says Terra (LUNA), Avalanche (AVAX) and Three Additional Altcoins Will Shine in 2022

Real Vision CEO Raoul Pal says that five altcoins will perform well this year as he expects layer-1 altcoins and interoperable blockchains to shine. In a new interview with CoinMarketCap’s Jessica Walker, Pal says that Bitcoin (BTC) and Ethereum (ETH) act as “base investments,” each for their own reason. “I look at it in terms […]

The post Macro Guru Raoul Pal Says Terra (LUNA), Avalanche (AVAX) and Three Additional Altcoins Will Shine in 2022 appeared first on The Daily Hodl.

Kraken Daily Market Report for January 16 2022

Value Locked in Defi Jumps 2.3% in 7 Days, Ethereum NFT Sales Dominate, Fantom TVL Jumps 26%

Value Locked in Defi Jumps 2.3% in 7 Days, Ethereum NFT Sales Dominate, Fantom TVL Jumps 26%On Saturday, January 15, 2022, the value locked in decentralized finance (defi) protocols across a number of blockchains has increased from $233.95 billion since January 8, to $239.44 billion. Curve’s total value locked (TVL) dominance today is 9.76% with its $23.38 billion TVL. Meanwhile, native assets for the top nine smart contract platforms have seen […]

Kraken Daily Market Report for January 16 2022

Fantom (FTM) and One Ethereum Competitor Are Gunning for All-Time Highs, According to Top Crypto Analyst

A popular crypto analyst and trader is giving a bullish prediction for the native tokens of two smart contract-enabled blockchains. The crypto analyst pseudonymously known as Smart Contracter tells his 201,800 Twitter followers that the native tokens of blockchain platforms Harmony (ONE) and Fantom (FTM) are aiming to reach new record highs. Smart Contracter also […]

The post Fantom (FTM) and One Ethereum Competitor Are Gunning for All-Time Highs, According to Top Crypto Analyst appeared first on The Daily Hodl.

Kraken Daily Market Report for January 16 2022

Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Right now, bulls are buying each dip and bears are selling the top of each rally, suggesting that BTC and altcoins will remain range-bound for some time.

Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level.

Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.”

Daily cryptocurrency market performance. Source: Coin360

Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right counterparties and necessary regulations are in place, asset pools at SEBA may invest in Bitcoin at the right time. Buehler portrayed a bullish picture for Bitcoin, saying a rally to $75,000 was possible.

Will Bitcoin and most major altcoins remain range-bound in the short term? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from the 20-day exponential moving average (EMA) ($44,681) on Jan. 13, indicating that bears continue to sell on rallies. The bears will now attempt to pull the price back to the strong support at $39,600.

BTC/USDT daily chart. Source: TradingView

Both moving averages are sloping down and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is to the downside. If sellers sink and sustain the price below $39,600, the BTC/USDT pair could extend the decline to $30,000.

However, the bulls are unlikely to give up easily at $39,600. A strong rebound off the current level or from $39,600 will suggest accumulation at lower levels. The pair could then remain range-bound between $39,600 and $45,456 for a few days.

A break and close above $45,456 will be the first indication that the correction may be over. The pair could then start its northward march toward $52,088.

ETH/USDT

Ether’s (ETH) rebound off the support line of the descending channel on Jan. 10 could not even reach the 20-day EMA ($3,485) which suggests that demand dries up at higher levels.

ETH/USDT daily chart. Source: TradingView

The moving averages are sloping down and the RSI is below 40, suggesting that bears are in control. The sellers will now try to pull the price to the zone between the psychological level at $3,000 and the support line of the channel. A break and close below $2,652 will signal the start of the next leg of the downtrend.

On the contrary, if the price turns up from the current level, the bulls will make one more attempt to push the ETH/USDT pair above the 20-day EMA. If they succeed, the pair could rise to the resistance line of the channel and later to the 50-day simple moving average (SMA) ($3,893). The bulls will have to push and sustain the price above this level to signal that the downtrend could be over.

BNB/USDT

Binance Coin (BNB) is facing strong resistance at the 20-day EMA ($487) but a minor positive is that the bulls have not given up much ground. This suggests that traders are not rushing to the exit.

BNB/USDT daily chart. Source: TradingView

If the price breaks above the 20-day EMA, the bulls will try to clear the overhead hurdle at the downtrend line. If they can pull it off, the BNB/USDT pair will signal a possible change in trend. The pair could then attempt a rally to $617.

Conversely, if the price turns down from the 20-day EMA or the downtrend line, it will suggest that bears are selling on rallies. That could keep the pair stuck inside the channel for a few more days.

SOL/USDT

Solana (SOL) reached the 20-day EMA ($157) on Jan. 13 but the bulls could not clear this overhead hurdle. This suggests that the bears have not yet given up and are selling on rallies.

SOL/USDT daily chart. Source: TradingView

The bears will now attempt to resume the downtrend by pulling the price below the support at $130. If they do that, the SOL/USDT pair could decline to the next important support at $116.

The downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside.

Contrary to this assumption, if the price rises above the 20-day EMA, the pair could rally to the resistance line of the channel. The bulls will have to push the pair above the channel to signal a possible change in trend.

ADA/USDT

Cardano (ADA) turned down from the 50-day SMA ($1.35) on Jan. 13 but the bulls did not allow the price to break below the $1.18 support. This suggests that bulls are buying on dips.

ADA/USDT daily chart. Source: TradingView

The bulls will now attempt to push and sustain the price above the 50-day SMA. If they manage to do that, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel could indicate that the downtrend has ended.

Alternatively, if the price turns down from the 50-day SMA, it will suggest that bears continue to sell on rallies. The sellers will then try to sink the pair below $1.18 and pull the price to the critical support at $1.

XRP/USDT

Ripple (XRP) turned down from the 20-day EMA ($0.80) on Jan. 13 but a minor positive is that bulls did not allow the price to dip below the support at $0.75. This indicates accumulation at lower levels.

XRP/USDT daily chart. Source: TradingView

If bulls drive the price above the moving averages, it will suggest that the bears may be losing their grip. The XRP/USDT pair could then rise to the overhead resistance at $1.

If the price turns down from this level, the pair could remain range-bound between $1 and $0.75 for a few more days. A break and close above $1 will signal the start of an up-move toward $1.41.

Conversely, if the price turns down from the 20-day EMA, the bears will attempt to pull the pair below the $0.75 to $0.69 support zone and resume the downtrend to $0.60.

LUNA/USDT

Terra’s LUNA token broke and closed above the resistance line of the channel on Jan. 12. The bears tried to pull the price below the 20-day EMA ($78.61) on Jan. 13 but failed. This indicates that bulls are defending the support aggressively.

LUNA/USDT daily chart. Source: TradingView

The buyers are currently attempting to push and sustain the price above the channel and the overhead resistance at $83.86. If they manage to do that, the LUNA/USDT pair could rally to $93.81.

The 20-day EMA is trying to turn up and the RSI has risen into the positive territory, indicating that buyers are attempting a comeback.

This positive view will invalidate if the price turns down from the current level and breaks below the moving averages. That could pull the price down to the support line of the channel.

Related: Bitcoin dips below $42K as new forecast says breakout 'most probable outcome' for BTC price

DOT/USDT

Polkadot (DOT) turned down from the 20-day EMA ($26.81) on Jan. 13 but the positive sign is that the bulls did not give up much ground. This indicates that bulls are viewing the dips as a buying opportunity.

DOT/USDT daily chart. Source: TradingView

The bulls are currently trying to sustain the price above the moving averages. If they do that, the DOT/USDT pair could rise to the overhead resistance at $32.78. The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.

If the price turns down from $32.78, the pair may extend its stay inside the range for a few more days. The next trending move may start on a break and close above the overhead resistance at $32.78 or on a break below the support at $22.66.

AVAX/USDT

Avalanche (AVAX) turned down from the 20-day EMA ($96) on Jan. 13, indicating that bears continue to sell on rallies. The price has dipped back to the uptrend line of the symmetrical triangle, which could act as a support.

AVAX/USDT daily chart. Source: TradingView

If the price rebounds off the current level, the buyers will again attempt to propel the price above the moving averages. If they succeed, the AVAX/USDT pair could rally to the downtrend line of the triangle.

A break and close above the triangle will suggest that the correction could be over. The pair may then rise to $128.

Contrary to this assumption, if the price slips below the uptrend line of the channel, the pair may retest the critical level at $75.50. If this support cracks, the pair could start a decline toward $57 and then $50.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.16) on Jan. 13, which was the first indication that the selling pressure may be reducing. That was followed by another sharp move on Jan. 14, which pushed the price above the stiff overhead resistance at $0.19.

DOGE/USDT daily chart. Source: TradingView

However, the long wick on Jan. 14’s candlestick suggests that bears continue to sell at higher levels. If the price sustains below $0.19, the DOGE/USDT pair could drop to the moving averages and extend its range-bound action for a few more days.

Conversely, if the price sustains above $0.19, the bulls will make one more attempt to clear the overhead resistance zone at $0.22 to $0.24. If they manage to do that, the pair could rally toward $0.30.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Kraken Daily Market Report for January 16 2022

Report Highlights Tech Firm Ryval’s Avalanche-Powered Litigation Tokenization Concept

Report Highlights Tech Firm Ryval’s Avalanche-Powered Litigation Tokenization ConceptAccording to a recent interview, trial lawyer Kyle Roche from the legal firm Roche Freedman LLP has started a tech startup called Ryval that aims to be “the stock market of litigation financing.” The firm plans to launch during the first quarter and allow people to leverage tokens in order to wager on civil lawsuits. […]

Kraken Daily Market Report for January 16 2022

Price analysis 1/12: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin and most major altcoins have started a strong recovery that could reach overhead resistance levels where bears may mount a strong defense.

Bitcoin (BTC) and most major altcoins appear to have started a relief rally. Glassnode data suggests that Bitcoin addresses with a non-zero balance have risen to about 40 million, indicating increasing adoption by retail traders.

Edelman Financial Engines founder Ric Edelman said that the number of Americans owning Bitcoin could rise from 24% currently to one-third by 2022. He expects this to happen as “Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.”

Daily cryptocurrency market performance. Source: Coin360

The investors buying Bitcoin seem to be in it for the long haul if the outflows from major exchanges are any indication. CryptoQuant data shows outflows of 29,371 BTC on Jan. 11, the highest withdrawals since Sep. 10.

Could the recovery in Bitcoin and the major altcoins sustain the higher levels? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the $39,600 support on Jan. 10 indicating that bulls are attempting to defend the level with full force. The relief rally could reach the 20-day exponential moving average (EMA) ($45,058) which is likely to act as a resistance.

BTC/USDT daily chart. Source: TradingView

The downsloping moving averages and the relative strength index (RSI) in the negative zone indicate that bears have the upper hand. If the price turns down from the 20-day EMA, the BTC/USDT pair could again retest the strong support at $39,600.

If the level cracks, the pair could witness panic selling, indicating the start of the next leg of the down move.

Alternatively, if bulls push and sustain the price above the 20-day EMA, the pair could rise to the 50-simple moving average (SMA) ($49,031). If this level is crossed, the recovery could reach the stiff overhead resistance at $52,088.

ETH/USDT

Ether (ETH) bounced off the support line of the descending channel on Jan. 10, suggesting that bulls are attempting to defend this level with vigor. The price could reach the overhead zone between the 20-day EMA ($3,536) and the resistance line of the channel.

ETH/USDT daily chart. Source: TradingView

Both moving averages are trending down and the RSI is in the negative zone, indicating that bears have the upper hand. If the price turns down from the overhead zone, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then attempt to pull the ETH/USDT pair to the support line of the channel.

On the other hand, if bulls push the price above the overhead zone, the pair could rise to the 50-day SMA ($3,938). A break and close above this resistance will suggest a possible change in trend.

BNB/USDT

Binance Coin (BNB) broke below the support line of the descending channel on Jan. 10, but the bears could not achieve a close below it as seen from the long tail on the day’s candlestick.

BNB/USDT daily chart. Source: TradingView

This could have caught the aggressive bears off guard, resulting in a short squeeze on Jan. 11. Follow-up buying on Jan. 12 has pushed the price to the 20-day EMA ($489). If bulls clear this hurdle, the BNB/USDT pair could rise to the 50-day SMA ($542).

A break and close above this resistance will suggest that the downtrend could be over. The pair could then rise to $617. Conversely, if the price turns down from the 20-day EMA or the downtrend line, the bears will again try to pull the price to the support line of the channel.

SOL/USDT

Solana (SOL) is attempting a pullback in a downtrend. The price turned up from $130 on Jan. 10 and could now reach the 20-day EMA ($159).

SOL/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative zone suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the sellers will attempt to sink the SOL/USDT pair to the strong support at $116.

On the contrary, if bulls push the price above the 20-day EMA, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend.

ADA/USDT

Cardano (ADA) turned up from $1.06 on Jan. 10, indicating that bulls are attempting a relief rally. The buyers have pushed the price to the 20-day EMA ($1.27) on Jan. 12.

ADA/USDT daily chart. Source: TradingView

The RSI is attempting to form a bullish divergence, indicating that the bearish momentum may be weakening. If bulls thrust the price above the moving averages, the ADA/USDT pair could rise to the resistance line of the descending channel.

Contrary to this assumption, if the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to pull the price down to the critical support at $1.

XRP/USDT

Ripple (XRP) dropped to $0.69 on Jan. 10 but the long tail on the day’s candlestick suggests that bulls bought this dip aggressively. The buyers pushed the price back above the overhead resistance at $0.75 on Jan. 11.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair reached the 20-day EMA ($0.80) on Jan. 12 but the long wick on the candlestick indicates that bears continue to defend this level. If the price turns down from the current level, the bears will again try to pull the XRP/USDT pair below $0.69. If they manage to do that, the pair could plummet to the Dec. 4 intraday low at $0.60.

Conversely, if bulls push the price above the 20-day EMA, the pair could rise to the 50-day SMA ($0.86). A break and close above this resistance could clear the path for a possible up-move to $1.

LUNA/USDT

Terra’s LUNA token bounced off the support line of the channel on Jan. 10 and broke above the 50-day SMA ($71.99) on Jan. 11. Follow-up buying has pushed the price to the 20-day EMA ($78.12) on Jan. 12.

LUNA/USDT daily chart. Source: TradingView

The bulls will now try to propel the price above the resistance line of the descending channel. A close above the channel will be the first sign that the downtrend could be over. The LUNA/USDT pair will then attempt a rally to $93.81.

On the contrary, if the price turns down from the resistance line, the pair could remain inside the channel for a few more days. A break and close below the support line of the channel could indicate the start of a deeper correction.

Related: Bitcoin shoots to $44,000 as US inflation hits 7.8% in December

DOT/USDT

Polkadot (DOT) bounced off the $22.66 support on Jan. 10, indicating that the bulls are defending the support. The rebound has reached the 20-day EMA ($26.85), which could act as a resistance.

DOT/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the bears will again try to sink and sustain the DOT/USDT pair below the $22.66 support. If they pull it off, the pair could resume its downtrend. The next level to watch on the downside is $16.81.

Conversely, if bulls drive the price above the moving averages, the pair could rally to the resistance of the range at $32.78. The buyers will have to push and sustain the price above this level to signal the start of a new up-move.

AVAX/USDT

Although Avalanche (AVAX) closed below the uptrend line of the symmetrical triangle on Jan. 8 and again on Jan. 10, the bears could not sustain the lower levels. This suggests that the bulls bought the dips.

AVAX/USDT daily chart. Source: TradingView

The bulls pushed the price back into the triangle on Jan. 11 and have followed that with another up-move on Jan. 12. The relief rally is likely to face stiff resistance at the moving averages.

If the price turns down from this overhead resistance, the bears will make one more attempt to sink and sustain the AVAX/USDT pair below the triangle and the critical support at $75.50.

Conversely, if bulls drive and sustain the price above the moving averages, the bulls will sense an opportunity and try to push the pair above the downtrend line of the triangle.

DOGE/USDT

The bears attempted to pull Dogecoin (DOGE) below the Dec. 4 intraday low at $0.13 but the bulls thwarted their attempt on Jan. 10. The buyers pushed the price back above $0.15 on Jan. 11 but hit a roadblock at the 20-day EMA ($0.16).

DOGE/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative territory suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will attempt to pull the price below $0.13.

If they succeed, the DOGE/USDT pair could slide to the psychological support at $0.10. This negative view will invalidate if bulls drive and sustain the price above the moving averages. That could indicate a possible change in trend. The bullish momentum may pick up on a break and close above $0.19.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Kraken Daily Market Report for January 16 2022

Price analysis 1/10: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Buyers stepped in to buy BTC’s dip to $39,650, but there are signs that the market-wide correction might not be over.

Bitcoin (BTC) dipped below the $40,000 level on Jan. 10 for the first time since September 2021. The crypto markets were not alone as the U.S. equity markets also witnessed strong selling when traders chose to reduce risk and piled into the 10-year Treasury yield which surged to 1.8% from 1.51% at the end of 2021.

On Jan. 9, Goldman Sachs chief economist, Jan Hatzius, said that the U.S. Federal Reserve may increase rates by four quarter-percentage points in 2022.

Analyst Alex Krüeger also warned that crypto markets may not be able to ignore the Fed if it “decides to go all out wielding a deflationary machete.” He was not alone as ex-BitMEX CEO Arthur Hayes and Pentoshi also projected a bearish picture.

Daily cryptocurrency market performance. Source: Coin360

Quant analyst Benjamin Cowen gave some hopes to the bulls when he said that levels of “extreme fear” on the Crypto Fear & Greed Index occurred only four times since 2018 and those were followed by bullish reversals resulting in strong returns between 17% to 1,585% in Bitcoin.

Could Bitcoin and major altcoins start a sustained recovery or will the support levels give way? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plunged to $39,650 today when buyers stepped in and bought aggressively as seen from the long tail on the candlestick. If buyers sustain the rebound, the price could attempt to move toward the 20-day exponential moving average ($45,369).

BTC/USDT daily chart. Source: TradingView

Both moving averages are sloping down and the relative strength index (RSI) is in the oversold zone suggesting that bears are in command. If the price turns down from the 20-day EMA, the BTC/USDT pair could again drop to the strong support at $39,600 and remain range-bound between these two levels for a few days.

If the support at $39,600 gives way, the selling could intensify further and the pair could start its march toward $30,000.

Conversely, if bulls drive the price above the 20-day EMA, the pair could rally to the stiff overhead resistance at $52,088. A break and close above this resistance could signal a possible change in trend.

ETH/USDT

The bulls have been defending the support line of the descending channel for the past few days but they have not been able to achieve a strong rebound off it. This suggests that demand dries up at higher levels. Ether (ETH) attempted a recovery on Jan. 9, but it could not rise above the breakdown level at $3,250.

ETH/USDT daily chart. Source: TradingView

The price has turned down again today and the bears are attempting to pull the ETH/USDT pair below the descending channel. If they manage to do that, the selling could intensify and the pair could drop to the next strong support at $2,652.

This is an important support for the bulls to defend because if it cracks, the pair could plummet toward the psychological support at $2,000.

Conversely, if the price rebounds off the current level, the bulls will make one more attempt to clear the overhead hurdle at $3,250 and push the pair to the resistance line of the channel.

BNB/USDT

Binance Coin (BNB) slipped below the support line of the descending channel on Jan. 8 but the long tail on the day’s candlestick showed buying at lower levels. The bulls pushed the price back into the channel on Jan. 9 but failed to sustain the price above the breakdown level at $435.30.

BNB/USDT daily chart. Source: TradingView

The price has turned down once again today and the bears are attempting to sustain the BNB/USDT pair below the channel. If they succeed, the pair could decline to $392.20. This is an important support for the bulls to defend because if it cracks, the next stop could be $330.

The RSI has dropped into the oversold territory, indicating that the selling may be overdone in the short term. This could result in a minor recovery or a range-bound action in the next few days. A break and close above the 20-day EMA ($492) will be the first sign that the sellers may be losing their grip.

SOL/USDT

Solana (SOL) attempted a recovery on Jan. 8 but the bulls could not push the price back above $150. This suggests that bears are selling on relief rallies.

SOL/USDT daily chart. Source: TradingView

If bears sustain the price below $133, the SOL/USDT pair could drop to the strong support at $116. Both moving averages are sloping down and the RSI is close to the oversold zone, indicating that bears are in control.

If the $116 level cracks, the pair could decline to the support line of the channel. If this support also breaks down, the selling may intensify and the pair could plummet to $82. The first sign of strength will be a break and close above the 20-day EMA ($162).

ADA/USDT

Cardano (ADA) broke and closed below the $1.18 support on Jan. 9 indicating the resumption of the downtrend. The next support on the downside is the critical level at $1.

ADA/USDT daily chart. Source: TradingView

The bulls are likely to defend this level aggressively as it has not been breached for the past several months. If the price rebounds off $1, the pair could rise to the 50-day SMA ($1.39) where the bears are expected to mount a strong resistance.

If the price turns down from the moving averages, the bears will make one more attempt to pull the ADA/USDT pair below $1. If they succeed, the selling could pick up momentum and the pair could drop to the support line of the channel.

XRP/USDT

XRP closed below the $0.75 support on Jan. 8 but rose back above the level on Jan. 9. This suggests that bulls were attempting to trap the aggressive bears, but the recovery attempt was short-lived.

XRP/USDT daily chart. Source: TradingView

The price has turned back below $0.75 today, indicating that bears are selling on every minor rally. The downsloping moving averages and the RSI near the oversold zone indicate that bears are in command.

If the price sustains below $0.75, the XRP/USDT pair could drop to the Dec. 4 intraday low at $0.60. The bulls will have to push and sustain the price above the 50-day SMA ($0.87) to signal the start of a stronger recovery.

LUNA/USDT

Terra’s LUNA token broke below the descending channel pattern on Dec. 8 but the long tail on the day’s candlestick suggests buying at lower levels. The bulls pushed the price back into the channel and above the 50-day SMA ($70) on Dec. 9.

LUNA/USDT daily chart. Source: TradingView

The relief rally hit a barrier at $75.67 and the price has turned down below the 50-day SMA today. This suggests that bears continue to sell on rallies. The 20-day EMA ($78) is sloping down and the RSI is near 43, indicating that bears are in control.

If bears pull the price below $62.46, the selling could intensify and the LUNA/USDT pair could drop to $51.84. This bearish view will be negated if the price turns up from the support line of the channel and breaks above the resistance line.

Related: Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

DOT/USDT

Polkadot (DOT) attempted a rebound off the strong support at $22.66 but the bulls have not been able to push the price to the 20-day EMA ($26.95). This suggests that demand dries up at higher levels.

DOT/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative zone suggest that bears have the upper hand. If bears sink and sustain the price below $22.66, the DOT/USDT pair could start its downward journey to $16.81.

Alternatively, if the price rebounds off the current level, the bulls will again try to push the pair above the 20-day EMA. If they manage to do that, the pair could rise to the 50-day SMA ($29.66) and then to the overhead resistance at $32.78.

AVAX/USDT

Avalanche (AVAX) slipped below the uptrend line of the symmetrical triangle on Jan. 8 but the bears could not build upon this advantage. The bulls pushed the price back into the triangle on Jan. 9.

AVAX/USDT daily chart. Source: TradingView

However, the recovery was short-lived as the bears have pulled the price back below the triangle. This indicates that the sentiment remains negative and traders are selling on every minor rally.

There is a strong support at $75.50 but if it collapses, the AVAX/USDT pair could tumble to $57.02 and then to $50.

On the other hand, if the price rebounds off the current level or the $75.50 support and sustains inside the triangle, it will suggest accumulation at lower levels. The pair could then rise to $98 where bears may mount a strong resistance.

A break and close above the moving averages could open the doors for a rally to the downtrend line.

DOGE/USDT

Dogecoin (DOGE) has broken below the critical support at $0.15, signaling the start of the next leg of the downtrend.

DOGE/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the oversold territory suggest that the path of least resistance is to the downside. If bears sustain the price below $0.15, the DOGE/USDT pair could drop to the Dec. 4 intraday low at $0.13.

Contrary to this assumption, if the price rebounds off the current level, the bulls will try to push the pair above the moving averages. If they do that, it will bring the $0.19 to $0.15 range into play and the pair could rise to $0.19.

The bulls will have to push and sustain the price above this resistance to indicate the start of a new up-move.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Kraken Daily Market Report for January 16 2022

Which layer-one protocols will outperform in 2022? | Tune in now to The Market Report

“The Market Report” with Cointelegraph is live right now!

In this week’s show, Cointelegraph resident experts decide which layer-one protocol is more likely to rise above the rest in 2022. 

Join Cointelegraph host and analyst Benton Yaun alongside market analysts Jordan Finneseth and Sam Bourgi as they pick their favored layer-one protocols for 2022. Will it be Velas ($VLX), which is currently the fastest blockchain when it comes to transactions, Avalanche (AVAX), with its substantial VC backing, fast transactions and low gas fees, or Cosmos (ATOM), a platform focused on interoperability. Let us know which project you think has the most potential by leaving a comment in the chat room!

Stick around after the showdown for insights from Cointelegraph’s Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Markets Pro identifies two altcoins that stood out this week: ACH and ICP.

Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!

“The Market Report” streams live every Monday at 12pm ET, so be sure to head on over to the Cointelegraph YouTube page and smash that like and subscribe button for all our future videos and updates.

Kraken Daily Market Report for January 16 2022