New data reveals that the Shiba Inu (SHIB) holdings of the world’s largest Ethereum (ETH) whales have grown by hundreds of millions of dollars in less than a week. According to whale-surveying platform WhaleStats, the top 1,000 ETH whales have gobbled up $422 million worth of the meme asset since January 17th. Previously, it was […]
The post Ethereum Whales Accumulate Staggering $422,000,000 of Shiba Inu in Less Than One Week: On-Chain Data appeared first on The Daily Hodl.
Crypto insights firm Santiment says that one Ethereum-based altcoin just experienced its largest surge in whale activity in almost a year and a half. According to Santiment, interoperability blockchain Quant (QNT) had 187 six-figure transactions on January 7th, the most since September of 2021. “After its modest +10% price spike after its last whale activity […]
The post Ethereum-Based Altcoin Witnesses Largest Spike in Whale Activity in Nearly 18 Months: Analytics Firm Santiment appeared first on The Daily Hodl.
Prominent market analytics firm Santiment says that a trio of altcoins is showing healthy signs moving into 2023. According to the crypto intelligence firm, interoperability blockchain Quant (QNT), metaverse protocol Decentraland (MANA) and Ethereum-based (ETH) gaming blockchain Enjin Coin (ENJ) may have bright futures ahead of them. Santiment says there is a sharply diminishing supply […]
The post Quant (QNT), Decentraland (MANA) and One Ethereum-Based Altcoin Showing Good Signs for 2023: Santiment appeared first on The Daily Hodl.
Analysts expect the bear market to loosen its grip in 2023. Here are five cryptocurrencies to keep an eye on.
It has been a tumultuous year for the crypto investors who have witnessed the total crypto market capitalization tumble from about $2.2 trillion at the beginning of 2022 to about $850 billion in December. The sharp erosion in valuation was caused due to several high-profile bankruptcies in 2022.
The entire Terra ecosystem imploded with the collapse of its LUNA token and TerraUSD (UST) stablecoin. The failure of Three Arrows Capital followed this black swan event, and the final blow came as FTX underwent a bank run and imploded. These back-to-back events triggered a liquidity and credit crunch and appear to have caused the most damage to the crypto industry.
A prolonged bear market tends to test investors’ patience, but it offers one of the best opportunities to buy fundamentally sound cryptocurrencies at lower levels. Smart investors who can go against the herd and invest during periods of panic tend to benefit the most when the trend eventually turns.
While a bear market is a great time to build a portfolio, traders tend to make the mistake of buying the coins that have fallen the most in the hope that they will recover to their previous glory. Most times that does not happen because every bull market has a new set of leaders. Generally, the ones that are resilient during the fall or recover quickly from the bottom tend to lead on the way up.
Let’s look at five cryptocurrencies that are showing promise for 2023.
The broader cryptocurrency market is unlikely to start a new bull phase until Bitcoin (BTC) stages a turnaround. Although Bitcoin has been in a strong downtrend for the past several months, the relative strength index (RSI) is forming a positive divergence, indicating that the bearish momentum may be weakening.
However, a positive divergence must have favorable price action to confirm a trend change.
The first sign of strength will be a break and close above the 20-week exponential moving average (EMA) of $19,870. The BTC/USDT pair could rally to $25,211, where the bears may mount a strong defense again.
If the price turns down from this level, then rebounds off the 20-week EMA, it will signal a change in sentiment from selling on rallies to buying on dips. That could increase the possibility of a break above $25,211.
The pair could then rise to the 50-week simple moving average (SMA) of $28,156. This remains the key level for the bears to defend because a break above it could suggest the start of a new uptrend. Bears may face a minor hurdle near $32,400, but that is likely to be crossed, and the pair could rise to $50,000.
However, the downtrend could resume if the price turns down from the current level or the 20-week EMA and breaks below $15,476. The next major support on the downside is $12,500 and $10,000.
The pair has been trading below the breakdown level of $17,622 for several days, but bears have failed to take advantage and resume the downtrend. This suggests that selling dries up at lower levels.
The 20-day EMA ($17,021) has flattened out and the RSI is near the midpoint, indicating that the bears may be losing their grip.
If buyers thrust the price above the overhead resistance, it will signal a potential trend change. A confirmation will happen after bulls flip the $17,622 level into support. That could lay the groundwork for a rally to $25,211.
Ether (ETH) has been in a strong downtrend, but a minor positive is that it is finding support near the psychological level of $1,000. The repeated rallies to the 20-week EMA ($1,428) also indicate sporadic buying by the bulls.
Although three rallies in the past few weeks have faced rejection at the 20-week EMA, the bears have failed to pull the ETH/USDT pair to the June low of $881, suggesting traders are buying the dips.
If bulls push and sustain the price above the 20-week EMA, several bears may cover their short positions. That could result in a rally to the overhead resistance at $2,030. The 50-week SMA ($1,977) is nearby; hence, this level may be a major obstacle for the bulls.
If buyers propel the price above $2,030, the pair will complete a double bottom pattern. This reversal setup has a target objective of $3,200, but the rally could extend to $3,600. The zone between $3,600 and $4,000 could prove to be a major barrier for the bulls.
If bears want to invalidate this bullish view, they will have to sink and sustain the price below $881.
The pair has been trading inside a descending channel pattern, but with the 20-day EMA ($1,255) flattening out, the RSI is near the midpoint. This suggests that the buyers are attempting a comeback.
If bulls push the price above the 50-day SMA ($1,326), the pair could rise to the resistance line of the channel. This is the key level to watch out for because a break above it will suggest that the downtrend could be ending. The pair could then rise to $1,800 and thereafter to $2,030.
On the contrary, if the price turns down from the current level or the overhead resistance, the bears will try to pull the pair to the channel’s support line.
Several major cryptocurrencies are trading or have been threatening to break below their June low, but Polygon (MATIC) has been an outperformer as it is trying to form a base well above its yearly low.
The MATIC/USDT pair nudged above the 50-week SMA ($1.05) a few weeks ago, but the bulls could not sustain the breakout. This suggests that bears are active at higher levels. An encouraging sign is that the bulls did not allow the price to break below the crucial support at $0.69.
The 20-week EMA ($0.88) has flattened out and the RSI is near the center, indicating a balance between supply and demand. The first sign of strength will be a break above $1.05. That could increase the likelihood of a retest of $1.30. This is an important level for the bears to defend because a break above it could signal the start of a new uptrend.
The pair could rally to $1.75, where the bears may pose a strong challenge again. If this resistance is crossed, the pair could pick up momentum and soar to $2.92. The bears will gain the upper hand if they sink the price below $0.69. That could clear the path for a drop to $0.31.
The pair has been stuck between $1.05 and $0.69 for several days. The breakout above $1.05 on Nov. 4 proved to be a trap as the bears pulled the price back below $1.05 on Nov. 8. Since then, the pair has continued its range-bound action.
The longer the price stays stuck inside the range, the stronger its breakout. The next break above $1.05 could enhance the prospects of a rally above $1.30. If that happens, the bullish momentum could pick up and the pair may climb to the psychological level of $2.
Alternatively, a break below $0.69 could tilt the advantage in favor of the bears. The pair could first drop to $0.40 and then retest the vital support of $0.31.
Related: Bitcoin traders cross fingers in hopes that a positive Fed meeting triggers a run to $18K
Toncoin (TON) has been gradually pulling higher since the June low of $0.74. Traders put in a higher low at $1.18 in October, which is a sign of strength.
The up-move in the TON/USDT pair has reached the overhead resistance zone between $2.15 and $2.50. The bears will strive to stop the march by the bulls in this zone. If they do that, the pair could drop to the 20-week EMA ($1.61) and then to $1.18. If this support gives way, the pair could retest its June low of $0.74.
If bulls want to maintain their advantage, they will have to bulldoze their way through the overhead zone. The pair could attract huge buying if it sustains above $2.50 as it has no major overhead resistance above this level. The next stop on the upside could be $4.26.
The bulls tried to push the price above $2.15 on Dec. 11 but the bears held their ground as seen from the long wick on the day’s candlestick. However, the bulls did not give up ground and are again trying to break above the overhead resistance on Dec. 12.
The upsloping moving averages and the RSI in the overbought zone indicate that the path of least resistance is to the upside. Above $2.15, the pair could rally to $2.50.
This level may act as resistance on the way down. But if bulls flip the $2.15 level into support, it will increase the chances of a break above $2.50.
The bears will have to pull and sustain the price below the moving averages to weaken the short-term strength. The pair could then drop to $1.50 and later to $1.20.
Quant (QNT) soared from $40 in June to $228 in October. This sharp rally in the midst of the bear phase indicates strong demand from traders. Although the price has given back a large part of its gains, buyers are trying to form a higher low near $87.
After the volatile moves of the past few weeks, the QNT/USDT pair is likely to enter a consolidation phase where the bulls and the bears battle it out for supremacy. The boundaries for the wide range may be $87 on the downside and $228 on the upside.
A well-defined range offers an opportunity for traders to buy near the support and book profits close to the resistance.
If bulls kick the price above $228, the pair could speed up and soar to $325. This level could act as a roadblock, but if cleared, the pair could retest the high at $430.
If the price turns down and breaks below $87, it will suggest that bears are in command. The pair could then plummet to $50.
After the sharp fall from $228 to $94, the pair may spend some time in a range. The important level to watch on the upside is $137, and $94 on the downside.
If bulls push the price above $137, the pair could rally to the 61.8% Fibonacci retracement level at $176. The bears are expected to aggressively defend this level because a break above it could complete a 100% retracement, resulting in a rally to $228.
However, if the price breaks and sustains below $94 in the near term, it could indicate a resumption of the downtrend.
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.
Polygon was a notable gainer on Friday, as cryptocurrencies moved higher following a turbulent week of trading. The global crypto market cap is 2.28% higher as of writing, as markets prepared for the release of U.S. consumer sentiment data. Quant was another big mover, as prices surged for a second straight day. Polygon (MATIC) Polygon […]
Quant was one of the biggest gainers to start the weekend, as price remained close to a multi-week high. This comes as cryptocurrency markets were marginally higher, following Friday’s volatile session. Monero was also higher on Saturday, as the token extended its recent gains for a fifth consecutive day. Quant (QNT) Quant (QNT) was trading […]
Dogecoin surged to a three-week high to start the week, as the token rallied for a second consecutive session. Overall, the meme coin has now traded higher for four of the last five days. Quant was another notable gainer in today’s session, moving to an eight-day peak. Dogecoin (DOGE) Dogecoin (DOGE) raced to a three-week […]
Bitcoin price is stuck in a tight range, but TON, CHZ, QNT and TWT caught a bid in the past week.
The FTX collapse continues to stoke fears of a contagion in the cryptocurrency space as investors wait to hear about businesses that may face the heat. One of the marquee names to come under the circle of suspicion is the Grayscale Bitcoin Trust (GBTC), which has seen its discount to Bitcoin’s (BTC) price reach record levels of about 50%.
Traders hate uncertainty and shy away from investing during these periods. That could be one of the reasons for a lack of buying interest in Bitcoin even after the sharp fall in its price. The Stock-to-Flow (S2F) model, which had seen its popularity soar during the bull phase, is coming under increasing criticism after the deviation between Bitcoin’s price and its projected price hit levels never seen before.
Does this suggest that the pessimism has reached an extreme or is it just that the S2F model is flawed?
During a bear phase, the general trend is down but there are always pockets of strength that may offer trading opportunities to long-only investors. However, rallies during bear markets are short-lived, hence traders may consider booking profits near strong resistance levels.
Let’s look at the charts of five cryptocurrencies that may attempt a rally in the near term.
Bitcoin continues to trade inside the tight range between $16,229 and $17,190. Generally, periods of tight consolidation are followed by an increase in volatility.
The downsloping moving averages and the relative strength index (RSI) in the negative zone indicate that the path of least resistance is to the downside. If the price breaks below $16,229, the Nov. 9 intraday low of $15,588 may be threatened. A break and close below this support could signal the resumption of the downtrend. The next support on the downside is $12,200.
If bulls want to avoid a further decline, they will have to push and sustain the price above the breakdown level of $17,622. Such a move will suggest strong demand at lower levels. The pair could then climb to the psychological level of $20,000.
The BTC/USDT pair has been trading near the moving averages, which have flattened out. This suggests that the pair has entered a state of equilibrium as both the buyers and sellers are undecided about the next directional move.
However, this uncertainty is unlikely to continue for long. If the price plummets below $16,229, the selling pressure could pick up momentum and the pair may drop to $15,588. If this support gives way, the pair may start the next leg of the downtrend.
On the contrary, if the price rises and breaks above $17,190, it will suggest that the current tight range was used by the bulls to accumulate. The pair could then rally to $18,200 and later to $18,730.
Toncoin (TON) has recovered sharply from its June low and managed to hold on to a large part of the gains. This suggests that traders are in no hurry to dump their positions at higher levels.
The TON/USDT pair has formed a symmetrical triangle, which usually acts as a continuation pattern. Both moving averages are gradually sloping up and the RSI is in the positive territory, indicating a slight advantage to the bulls.
If the price rebounds off the 20-day exponential moving average ($1.65), the bulls will try to drive the price above the triangle. If they can pull it off, the pair could rally to $2.15 and thereafter climb toward the target objective of $2.87.
Alternatively, if the price slips below the 20-day EMA, the pair could drop to the 50-day simple moving average ($1.50) and then to the support line.
The pair is facing stiff resistance at $1.80. Repeated failure to sustain the price above this level may have tempted short-term traders to book profits. The bears are trying to capitalize on this situation and sink the price below the 50-SMA. If this support cracks, the pair could dive to $1.55.
Conversely, if the price rebounds off the current level, the bulls will again try to scale the wall at $1.80. The repeated retest of a resistance level tends to weaken it. A close above this resistance could open the doors for a possible rally to $2.
Chiliz (CHZ) is attempting to form an inverse head and shoulders pattern, which will complete on a break and close above the neckline. If that happens, it may signal the start of a new uptrend.
The pattern target of the reversal formation is $0.54 but the bears are unlikely to give up easily. They are aggressively defending the neckline. If the price breaks below the 50-day SMA ($0.21), the CHZ/USDT pair could decline to $0.18 and subsequently to $0.14.
Alternatively, if the price bounces off the current level, buyers will again attempt to propel the pair above the neckline and gain control.
The flattening moving averages and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. Hence, it is better to wait for the price to breakout before establishing fresh positions.
The pair turned down sharply from $0.27 and the bears have pulled the price below the moving averages. If the price sustains below the 50-SMA, the pair could drop to $0.20. That could put the bears in the driver’s seat.
On the other hand, if the price turns up from the current level and rises above the 20-EMA, it will suggest that traders are viewing the dips as a buying opportunity. The pair could then rise to $0.26 and later to $0.28. Buyers will have to drive the price above this level to challenge the resistance at $0.30.
Related: FTX funds on the move as thief converts thousands of ETH into Bitcoin
Although Quant (QNT) has corrected sharply in the past few days, it is attempting to take support and bounce off the support line. This indicates demand at lower levels.
The downsloping 20-day EMA ($128) indicates advantage to bears but the RSI is trying to form a positive divergence. This suggests that the selling pressure could be easing.
Buyers will have to propel and sustain the price above the 20-day EMA to indicate that the corrective phase may be over. The QNT/USDT pair could then rise to the 50-day SMA ($151) and thereafter to $180.
This positive view could invalidate in the near term if the price continues lower and breaks below the uptrend line. The pair could then drop to $87 and later to $79.
The recovery in the pair is facing selling near the downtrend line. This suggests that bears are active at higher levels. The bears have pulled the price below the moving averages and will try to extend the decline to $105 and then to $94.
To invalidate this negative view, the bulls will have to kick and sustain the price above the downtrend line. The pair could then rise to $125 where the bears may mount a strong defense. If buyers overcome this barrier, the up-move may reach $136.
While most major cryptocurrencies extended their downtrend in the past few days, Trust Wallet Token (TWT) has moved in the opposite direction and risen sharply. This indicates outperformance in the near term.
The TWT/USDT pair soared from $1.03 on Nov. 10 to $2.73 on Nov. 14, a 165% rally within a short time. That pushed the RSI deep into the overbought territory, suggesting a minor correction or consolidation in the near term and that is what happened.
The pair is finding support near the 50% Fibonacci retracement level of $1.88 but the bulls are struggling to push the price above $2.45. This suggests the pair may consolidate between $1.81 and $2.45 for a few days.
Both moving averages are sloping up and the RSI remains in the positive territory, indicating that bulls have the advantage. If buyers drive the price above the $2.45 to $2.73 resistance zone, the pair could resume its uptrend. This positive view could invalidate on a break and close below the 20-day EMA ($1.70).
The bears pulled the price below the 50-SMA but they are struggling to keep the pair down. This suggests strong buying at lower levels. If buyers push the price above the 20-EMA, the pair could rise to the downtrend line.
A break above this level could clear the path for a possible rally to $2.45. This remains the key hurdle for the bulls to overcome. If they succeed in breaking it, the pair may retest $2.73.
On the downside, a slide below $1.92 could result in a decline to $1.81. This is an important level to keep an eye on because a break below it could tilt the advantage in favor of the bears.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Quant moved higher for a second straight session on Saturday, as prices rose by as much as 10%. The move sees the token break out of a key resistance level, with many now expecting a move towards $200. Xrp was also higher, extending recent gains in the process. Quant (QNT) Quant (QNT) was up for […]
Quant ended a streak of three consecutive declines on Friday, as prices rebounded following recent losses. The move saw the token bounce towards its recent resistance level of $180.00. Uniswap, on the other hand, remained in the red, falling below a key support point in the process. Quant (QNT) Quant (QNT) rose higher on Friday, […]