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Alright folks, let’s kick off this week with a fresh perspective! Things started off on a bit of a downer as BTC took a nosedive right from the weekly open. But hey, amidst the chaos, TRX and BNB are holding their ground pretty well today! Now, onto the juicy stuff: DWF tokens like AUCTION are stealing the spotlight, boasting a 12.6% gain compared to BTC, while DUSK isn’t faring as well, down by -5.9% against BTC. There’s a lot of buzz around various alts, gearing up for what could be a bullish February once the Grayscale FUD takes a backseat. Keep an eye on tokens like CFX, AUCTION, and API3, managed by the market wizard DWF labs. Their stellar branding and compelling narratives are causing quite the stir, resulting in some epic pumps!
Bitcoin Market Analysis
BTC surged to $42,700, aligning perfectly with our earlier bullish forecast. Despite Grayscale’s continuous BTC deposits to Coinbase, whale activity drove prices higher and squeezed out numerous short positions. As of now, our strategy remains unchanged. The BTC range is clearly defined, with $44,500 serving as the upper boundary and $40,200 as the lower boundary. These pivotal levels are crucial for identifying potential reversals or breakouts. The chart below illustrates the same plan outlined previously.
Ethereum Market Analysis
Ethereum has adhered to our strategy impeccably by rebounding from its lows. Despite evident weakness in ETHBTC, the plan has unfolded as anticipated. Presently, the focus is on the current price’s ability to maintain or demonstrate momentum. Should the lack of strength persist, Ethereum could experience further downside. However, the bullish structure remains intact as the current support demonstrates resilience against potential downward pressure. The images below outline the before and after scenarios, along with a plan for Ethereum.
Following its legal victory, XRP has reverted to its previous pattern of gradual decline. While the broader market remained resilient and bullish from November 2023 to January 2024, XRP has struggled within a range, indicating that investors and whales are offloading their XRP holdings post-case resolution. Currently, it hovers at a critical level on its trendline. A breach of this trendline could lead to XRP dipping below $0.41, marking a 21% decrease from its current price. Conversely, if the trendline holds, we might witness a potential bounce, as this pivotal level will determine XRP’s trajectory in the upcoming weeks.
VET initiated its upward trend in December 2023, surging over +150% from its lows. However, the subsequent decline has mirrored the intensity of the initial pump, resulting in significant downward movement in the current price action. The range low and range high for VET are distinctly identifiable, as illustrated in the image below. Notably, there is a noticeable deviation from the range high, indicating a potential downward movement towards the range low around $0.22. Should this price level hold, there’s a possibility of another bounce or continued ranging on the daily timeframe.
Solana has been gaining momentum recently, particularly with the upcoming JUP airdrop scheduled in a few days. This anticipation has already sparked a pump in SOL since last week. The bullish environment surrounding shitcoins, coupled with active airdrop farming, has significantly boosted demand and activity within the SOL ecosystem, reflecting in its price action. A notable development is SOL breaking out of its daily bearish trendline. If a retest of the trendline occurs and a bounce follows, there’s potential for SOL to surpass last year’s high at $128, potentially reaching liquidity levels around $143.