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Welcome, everyone! Today, let’s dive into the exciting world of cryptocurrency and explore some trendy coins and juicy pumps that have been making waves in the past few days or weeks. It’s been quite a ride, with most altcoins pumping heavily and outshining BTC. While BTC takes its time with a slow grind, we’re seeing altcoins soar high, experiencing periodic chops and consolidations to give them room to spread their wings and fly. Get ready for some thrilling insights into the latest trends in the crypto market!
Bitcoin Market Analysis
BTC surged to $42,700 during today’s Asia session on January 31, 2024, 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. However, it’s important to exercise caution as BTC may continue to rise, potentially reaching up to $46,000. 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 followed the outlined strategy perfectly by bouncing back from its recent lows. Despite ETHBTC showing some weakness, the plan has unfolded as expected. The current focus is on the price’s ability to sustain momentum. If the lack of strength persists, Ethereum may see further downside. However, the bullish structure remains intact, with the current support showing resilience against potential downward pressure. Ethereum’s market sentiment remains bullish, especially after bouncing from its previous support at $2180 to its current level of $2340. Vitalik Buterin, Ethereum’s founder, has also been actively supporting ETH through bullish posts and sharing relevant information, adding to the positive sentiment surrounding the cryptocurrency.
Solana is currently experiencing a bullish surge in the market, especially with the imminent JUP airdrop and its strong performance against the ETHSOL pair. The ecosystem’s excitement for the airdrop, coupled with the overall bullish sentiment in the market, has propelled SOL’s price upwards. Notably, SOL recently broke out of its daily bearish trendline, indicating a potential retest scenario. If this retest holds and generates increased volume and momentum, SOL could aim for its next target at $143. This bullish momentum is further supported by various optimistic theses, including the upcoming JUP airdrop, which is set to solidify Solana’s position in the crypto ecosystem.
Following the disappointing MANTA airdrop, which left many depositors underwhelmed, MANTA has been gradually climbing, thanks to the efforts of its market maker, DWF Labs. DWF Labs has been a strong supporter of MANTA’s growth and advancement. Despite the lackluster launch and airdrop, MANTA surprisingly maintained its price, showing minimal dumping as depicted in the chart below. Instead, it moved sideways, resembling accumulation, and has now surged upwards by over 60% since its initial accumulation phase. The overall price action appears bullish, with key support and resistance levels highlighted in the image below.
Since our last update on January 26, 2024, $ALT has surged by more than 50% from its lows, and roughly 20% overall. The bullish momentum surrounding altcoins continues to surge as market makers actively seek deals, while venture capital firms show significant interest in the project, further bolstering its momentum and strength.Currently priced at $0.40170, $ALT boasts a market cap of $308 million and a fully diluted market cap of $2.8 billion. Depending on their participation in Altitude campaigns or ownership of AltLayer OG Badge NFTs, holders can expect to receive anywhere from 300 to 129,859 $ALT tokens. This recent surge in price has significantly increased the value of the airdrop for eligible holders.
TAO has been on a roll, doubling its price in recent weeks, and it’s not even on big exchanges like Binance yet. Despite that, it’s catching the eye of onchain whales who are diving into the token. TAO is all about strong basics, aiming to shake up the centralized AI scene, especially with giants like Google splurging on machine learning. Bittensor’s Peer-to-Peer Intelligence Market is the place to be, with an open-source protocol driving a decentralized neural network. Engineers can jump in with the BitTensor API, monetizing their genius and tapping into top-notch machine intelligence models. It’s all about teamwork here as nodes work together to mine machine knowledge, earning their spot in a ranking system that dishes out tokens. With a seasoned crew from heavyweights like Google and IBM leading the charge, Bittensor is set to grow its AI squad, offering TAO tokens for governance decisions and network rewards.