Over the past week, Bitcoin (BTC) experienced an approximately 4% surge, indicating robust interest at lower prices. Interestingly, U.S. Bitcoin exchange-traded funds (ETFs) saw outflows of $242.3 million on January 2nd, but swiftly reversed this trend with inflows totaling $908.1 million the following day, as per Farside Investors’ data. This pattern seems to indicate that investors anticipate Bitcoin will continue its upward trajectory.
One beneficial aspect of Bitcoin is that the selling pressure might be decreasing. According to CryptoQuant’s data, the inflow of Bitcoin to exchanges – the overall amount of Bitcoin transferred to exchange platforms – decreased in December from its peak of 98,748 Bitcoin on Nov. 25. Furthermore, the outflow of Bitcoins mined has also shown a downward trend since its Nov. 11 high, where miners sent 25,367 Bitcoin to exchanges.
In the short term, Bitfinex analysts predict that Bitcoin’s value will stabilize between $95,000 and $110,000 until the end of January. They believe that Donald Trump’s inauguration on January 20th won’t have a substantial impact on its price increase.
Should Bitcoin surpass $100,000, it’s plausible that certain alternative coins (altcoins) could see an increase as well. Let’s explore the price movements of the leading five digital currencies expected to potentially excel in the coming period.
Bitcoin price analysis
On January 3rd, Bitcoin experienced an increase and ended its trading day above the moving averages, suggesting a decrease in the resistance from sellers.
In an attempt to solidify their hold, the bulls will strive to push Bitcoin’s price above the challenging barrier at $100,000. If they manage to do so, the BTC/USDT pair might spike towards its record high of $108,353. However, sellers are anticipated to put up a strong fight at this level. If the buyers overcome this resistance, the pair could advance towards an even higher target of $126,706.
If the price suddenly drops significantly from $100,000 and falls beneath the moving averages, this could indicate a temporary halt or consolidation in the near future. The pair might fluctuate between $90,000 and $100,000 for several days.
On the 4-hour chart, the 20-exponential moving average is increasing, and the relative strength index (RSI) is around 62, suggesting that buyers hold a slight advantage. The price has rebounded from the 20-EMA, and if successful, the bulls aim to surpass the resistance at $100,000. If they manage to do so, the pair could potentially reach $102,800 and subsequently $105,350.
Instead, if the price falls under the 20-Exponential Moving Average (EMA), it weakens the bullish position. The pair could potentially fall towards the 50-Simple Moving Average in this scenario.
Solana price analysis
The cryptocurrency Solana (SOL) is encountering resistance near its 50-day Simple Moving Average ($219). However, it’s worth noting that the bullish forces are still holding their ground fairly well against the bearish ones.
The 20-day Exponential Moving Average (EMA) is now increasing, currently at approximately $204, suggesting a potential price upturn. Meanwhile, the Relative Strength Index (RSI) indicates bullish sentiment as it’s in a positive region. This implies that buyers are currently controlling the market direction. If the price rises from its current position or bounces off the 20-day EMA, the bulls might attempt to push the Solana/USD Tether (SOL/USDT) pair above the 50-day Simple Moving Average (SMA). Should they succeed, the pair could climb towards $234 and potentially reach $247 if conditions remain favorable.
If the price decreases and falls below its 20-day Exponential Moving Average, this positive outlook may prove incorrect. This drop might push the price towards the uptrend line, suggesting that bears have become more active near the higher price levels.
On the 4-hour chart, the duo shaped a triangle pattern that inclines upward, suggesting that the adjustment period might be wrapping up. If the price falls beneath the 20-Exponential Moving Average (EMA), another attempt at $202 could occur. To take charge, traders must forcefully push the price below $202.
Instead, if the price either strongly rebounds from the 20-day Exponential Moving Average (EMA) or holds firm at the support level of $202, it could boost the chances of a jump above $220. Once that occurs, the pair should continue its upward momentum and head towards the projected target of $229.
Sui price analysis
On January 3rd, SUI saw a continuation of its upward trajectory as buyers managed to surpass the substantial resistance barrier at approximately $4.96.
The bears aim to lure the bulls into a trap by pushing the price down below the $4.96 breakout point. If they succeed, the SUI/USDT pair might slide towards the 20-day Exponential Moving Average (EMA) at $4.49. For the sellers to suggest that the pair has peaked in the short term, they must pull the price below $3.94.
Instead, a firm rebound from $4.96 suggests that the bulls are attempting to transform this level into a support point. This could initiate a rise towards $6.28.
The duo saw a retreat of about $5.36, which could mean they’re preparing to revisit the initial breakout point at $4.96. The ascending 20-Exponential Moving Average and RSI in the overbought region imply that buyers are currently dominating the market. If the price rises from its current position or bounces back from $4.96, it would be a sign of ‘buying on dips’, enhancing the likelihood of the trend continuing upward, potentially resuming the uptrend.
Instead of what you might think, a drop below the 20-Exponential Moving Average could indicate that the bulls are cashing out their profits. This could potentially cause the pair to decrease in value, reaching approximately $4.60, and later on, it may even dip down to the 50-Simple Moving Average.
Internet Computer price analysis
On January 3rd, the price of Internet Computer (ICP) climbed over its moving averages, suggesting a possible shift in the short-term direction.
The current recovery is close to hitting around $13, but the moving averages could potentially provide robust support as it drops. If the price bounces back from these averages with vigor, this could indicate that optimism remains high. The ICP/USDT pair might then rise towards $14 and potentially even $15, at which point the bears are anticipated to launch a powerful counterattack.
If the price drops and falls below its 20-day Exponential Moving Average (currently at $11.23), this optimistic perspective could prove incorrect, potentially leading the pair to drop as low as $9.60.
The duo finished forming an optimistic rising triangle structure on the 4-hour graph, suggesting potential purchases at reduced prices. Investors are anticipated to actively protect the 20-Exponential Moving Average (EMA). If they manage this successfully, the chance of a surge beyond the $12.74 resistance level grows. This could initiate a rise towards the intended goal of $13.96.
In this region where the price hovers around the 20-day moving average, which is approximately $11.39, it’s anticipated that this area could provide robust support. For sellers to indicate a potential return or comeback, they must push the price below the $11.39 mark.
Ethena price analysis
According to the current pattern, Ethena (ENA) is expected to finish its cup-and-handle structure once it breaks and closes above 1.30 dollars.
Over the past 20 days, the Exponential Moving Average (EMA) has begun to climb, currently sitting at around $1.04. Moreover, the Relative Strength Index (RSI) now resides in positive territory, suggesting a potential advantage for buyers. If bulls manage to push the price above $1.30, the ENJ/USDT pair might surge towards $1.52 and potentially reach $1.72. The maximum target of this bullish setup, according to the pattern, is set quite high at $2.41.
The lowest level of potential resistance lies around $1.10, followed by the 20-day Exponential Moving Average (EMA). If the price falls below and closes beneath this 20-day EMA, it could indicate that the bulls are beginning to lose control. In such a case, the pair might descend to approximately $0.88.
In simpler terms, the bulls were attempting to drive the price beyond $1.30, but the bears successfully maintained their position. It’s crucial to keep an eye on the 20-EMA (Exponential Moving Average) as it serves as a significant marker. If the price bounces back strongly from the 20-EMA, this would suggest that the bulls are still in control, enhancing the possibility of a surge above $1.30.
Instead, if the price drops and falls below the 20-Exponential Moving Average (EMA), it could indicate that the buyers are taking their gains. This might lead the price towards the 50-Simple Moving Average (SMA).
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- STEEM PREDICTION. STEEM cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- POL PREDICTION. POL cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- COW PREDICTION. COW cryptocurrency
2025-01-06 00:11