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M.J. KELLEY II
The impressive bullish run of many top cryptocurrencies is an excellent opportunity for traders to take advantage of the situation. One particular coin has made over 70% gains in 2023, making it an ideal time to act and capitalize on this surge. This weekly report will assist traders by indicating the appropriate direction and providing details about the coin’s changes in price. It will also give investors the necessary market analysis to make informed decisions when trading the asset.
The report will also help traders know when to buy and sell, allowing them to maximize their crypto profits. By using this weekly report, traders can more easily identify trends in the market and be able to make profitable trades promptly.
Bitcoin’s value has significantly improved after experiencing a price decrease. Since the start of the year, the value of the digital currency has increased by 5%, surpassing short-term resistance levels and attracting day traders to invest in shorter time frames.
On Monday, January 9, the price of Bitcoin was $17,354, which represented a 1% increase for the day and faced little opposition from traders looking to take profits. The bullish trend was reinforced as Bitcoin broke through the 8-day exponential moving average, a commonly used indicator among traders who aim to make quick profits in trending markets.
At mid-week, Bitcoin price continues to play an essential role in curbing excessive optimism in the market. On Wednesday, another indication to sell was generated by the Bitcoin price. Bitcoin price continues to ascend, showing profitable opportunities in the smaller time frames. As of January 11, the peer-to-peer digital currency is up 5% on the year, showing potential for more gains.
Bitcoin price auctioned at $17,539. The nascent uptrend’s slope appears vertical, suggesting BTC is starting a much stronger rally. Throughout the month, the 8-day exponential moving average and 21-day simple moving average have provided support for bulls entering the market, which is another positive sign for a higher BTC price.
As of Friday last week, Bitcoin price was up 6% on the day, making the trending relief rally a 20% gainer since January 1. The daily spike (now the most significant daily gainer of the month) has gone entirely vertical, breaching past a trendline that halted previous uptrend attempts throughout the fall.
Bitcoin price exchanged hands at $20,017. The previous chart illustrates trendlines that are coming closer together from the low point on June 18 and the high point on August 15, as the price of BTC could not surpass either side of the range during the summer and fall. Elliott Wave practitioners suggest that an “Ending Diagonal” can explain the confining range.
Suppose the recently breached trend line is a part of an ending diagonal pattern (commonly found near market reversals). In that case, the bullish target zones could be the final origin point above the August high resulting in an additional 25% rally from Bitcoin’s price today.
A Fibonacci retracement level from the bullish cross of the 8-day exponential moving average and 21-day simple moving average at $16,655 and the $25,000 high shows resistance levels at $20,430 and potentially $21,440. These levels may act as temporary barriers to the progress of BTC before it eventually reaches the expected target area.
The optimal period to acquire Bitcoin is when the market forecast is in an uptrend, meaning that the price of Bitcoin has been steadily increasing for some time. It can be determined by analyzing the charts and analyzing their various trends. When this trend is identified, it is usually wise to purchase Bitcoin at a lower price before it skyrockets. Additionally, one should look out for news and announcements related to the cryptocurrency market, as these could indicate potential opportunities for investment in Bitcoin.
Furthermore, understanding the fundamentals of the digital asset – such as its blockchain technology and use cases – will give investors confidence when investing in BTC. Finally, investors should also keep an eye on their finances and allocate their resources only to what they can afford to invest in Bitcoin as a form of financial diversification. All these factors make up the optimal moment to put money into BTC.
The value of Ethereum has increased in parallel with the positive trend of Bitcoin, but it has seen four times as much growth. On January 9, 2023, the decentralized intelligent contract token’s market value increased by 4.5%. On smaller time frames, traders impulsively enter the market to grab hold of the ETH’s profiting-yielding horns.
At the week’s opening, Ethereum price traded at $1,342, perpendicular to the 38.2% Fibonacci retracement level of October’s swing low to swing high. As ETH trade’s within October’s range, the conservative target to aim for is the 61.8% FIb level at $1,457. The bullish scenario creates space for an additional 9% increase in market value from today’s Ethereum price. The earliest evidence to suggest an uptrend failure would be a breach below the October range low of $1,328.
On January 11, Ethereum price auctioned at the $1,375 hurdle, which caused two steep corrections in the past and also coincided with another hurdle. The value of Ripple experienced a sharp increase on January 10 following a period of stability. As a result, Ripple rallied 5% and tagged the declining trend line connecting the swing highs from November 24. Ethereum price has outperformed Bitcoin by 100%, rallying 12% since January 1.
Similar to BTC, short-term indicators for the decentralized smart contract to a favourable environment for gains. If the current market conditions continue, the ETH token will reach values of $1,400 and $1,450 before encountering more vigorous opposition in the market.
Ethereum price auctioned at $1,356 on January 12. The Ethereum’s move above the $1,230 level was the low point of October’s confirmation of using Fibonacci retracement on the specified range. In the upcoming weeks, ETH can experience a significant increase, reaching as high as $1,600 on the other side of the range, with some fluctuations expected during the journey.
Ethereum price was in profit last week. Ethereum price has confirmed the bullish bias mentioned throughout the winter and has hit the ideal target at $1,450. Analysts have predicted that ETH may face a potential challenge of breaking through the $1,400 barrier since it crossed over the $1,230 support zone at the start of the month.
Ethereum price closed the week trading at $1,458. Traders participating in the bullish trade are well in profit as ETH now bolsters a 22% gain since January 1. The following vital targets are nearly $1,600. The specific range of prices is a significant point of liquidity that has yet to be reached since ETH dropped from $1,660 to $1,073 in the first week of November.
Investing in Ethereum can be more profitable than investing in Bitcoin, depending on the investor’s goals. Ethereum is a blockchain platform that allows developers to build and deploy decentralized applications and smart contracts. Ethereum makes it an attractive investment for those who want to get involved in developing new technologies and those looking for a long-term, stable return. Ethereum is also much easier to use than Bitcoin, making it more straightforward for investors to purchase and manage their investments.
Ethereum’s price has been relatively stable over the past few years, so investors can expect consistent returns without worrying about sudden volatility or dips in value. Overall, investing in Ethereum is an excellent option for those looking for a reliable and secure way to make money from cryptocurrency.
XRP price made turbulent gains last week. XRP price has risen by 2.5% to start the second trading week of January. Compared to its Ethereum and Bitcoin counterparts, Ripple’s uptrend rise seems more turbulent. The resistance is displayed on the 4-hour chart. Bulls have prompted several attempts to hurdle the $0.35, but profit-taking bears advantageously keep the digital remittance token suppressed.
XRP price traded at $0.353 on Monday.The fluctuation of the prices between the converging range allowed for a second downward trend and the recovery of the 8-day exponential moving average. If the bulls can sustain a daily close above the abovementioned level, XRP could continue to make gains in the coming days. A key target to aim for would be the December 27 swing high at $0.373, resulting in a 5% rise from Ripple’s current market value.
Traders are paying close attention to the changes in XRP price, as the bullish trend has made a remarkable shift in shorter time frames. On January 11, the digital currency for remittance saw a 6% increase in value after receiving support from the 8-day exponential and 21-day simple moving averages.
The recent uptrend hike remains erected despite piercing multiple resistance levels in just 24 hours. XRP price traded at $0.371, following the surpass of $0.366, the target from previous outlooks. XRP price is up 3% on Thursday and aims to rise above $0.40. The crypto market has made a complete u-turn and is charging north impulsively. The upward trend that is currently visible could reach higher levels.
At the end of the week, XRP price continued to ascend as the bulls were up 3% daily, bringing the ongoing rally to a 29% increase in market value since January 1. On January 11, the most significant influx of volume this year accompanied the developing trend, as 1.6 billion transactions were accounted for on all exchanges during XRP’s 7% uptick. The sudden increase in trading volume is a positive sign that indicates the enthusiasm of buyers and the potential start of a prolonged upward trend in the market.
XRP price exchanged hands at $0.384. Unlike BTC and Ethereum, The Relative Strength Index has not yet broken out into overbought territory above the 70 levels on the daily timeframe. If the value of Ripple surpasses 70, it would be a strong indication of a bullish trend, indicating that it is likely to be the beginning of a prolonged upward movement. Since it has not yet breached the barrier, the XRP price could be trading range bound, placing a cap above the current uptrend’s potential.
Whether or not this is advisable to purchase Ripple (XRP) depends on various factors. First, it’s essential to consider the current market conditions and how Ripple has performed. If Ripple has a steady growth history, then now might be a good time to buy. On the other hand, if the market is volatile and prone to sudden drops, then it may be more favourable conditions before investing.
Additionally, consider your financial situation and risk tolerance when deciding whether or not to purchase Ripple at this time. It’s also essential to research and understands all aspects of cryptocurrency trading before investing in any digital asset. All these factors should be considered when determining if this is an opportune moment for you to invest in Ripple (XRP).
Last week, Cardano and Solana, two rivals of the Ethereum smart contract blockchain network, experienced significant price increases. Indicators such as social dominance and network activity in ADA and SOL indicated a bullish trend reversal before the tokens saw double-digit price rallies. The next coin that could follow this trend is Litecoin, with bulls targeting a 22% rally in the payment token.
Cardano and Solana’s prices yielded over 20% gains for holders in 24 hours, from January 8 to January 9, 2023. Cardano and Solana’s correlation with prominent market capitalization cryptocurrencies Bitcoin and Ethereum decreased, leading to a decoupling of the altcoins and a bullish breakout. On Tuesday, Cardano’s price outperformed most cryptocurrencies this week, rallying 40% since January 1. The digital token now has its sights set on the 2022 liquidity levels and could yield substantial gains if successful.
Cardano’s price is currently the focus of the crypto market’s attention during the second trading week of the new year. On January 9, the smart-contract token surged by 40% from its opening at $0.248 on 2023’s opening bell. As the days progressed, the trading range expanded, resulting in Cardano breaking through several short-term indicators and previous resistance zones.
On Thursday, Cardano’s price produced positive returns for five days. ADA could rally towards $0.40 for a 21% increase. Cardano’s price has shown continued market strength in recent days, and the uptrend could be the start of a more significant move north in the coming weeks.
If Cardano’s price continues to climb higher between $0.3600 and $0.3800, when ADA reaches the upper trendline of the wedge, it could experience a pullback. A close outside the upper trendline of the rising wedge could invalidate the bearish thesis.
Solana’s price significantly increased by almost 70% over ten days, reaching a trading value of $16.40. On Monday, January 9, Solana’s price traded at $16.44, following a 12.45% increase in value over the last 24 hours. Mid-week, Solana’s price steadily rose for the past 12 days and is on track to continue this pattern.
Year-to-date, Solana’s price has gained more than 70% as the value of the cryptocurrency rose from $8.80 to $16.74 on Wednesday. The surge in buying activity and positive sentiment in recent days has helped the altcoin climb higher and is expected to continue this trend.
The Parabolic Stop and Reverse (SAR) indicator maintains its uptrend indication on both the 4-hour and daily timeframe, further supported by the Average Directional Index (ADX). The ADX indicates the strength of the current trend, and as the red line of the indicator is above the 25.0 thresholds, the uptrend has the strength to push the price higher.
If these conditions persist, Solana’s price could easily breach the resistance at $17.89 and reach the critical resistance at $19.30. This would boost SOL to $22.77, marking a 37% increase to a two-month high.
Ethereum, Bitcoin, XRP, Cardano, and Solana are all leading cryptocurrencies that have shown strong performance in recent years. However, it’s important to note that each coin has unique characteristics and potential uses. The best coin for you to invest in will depend on your personal investment goals and risk tolerance.
The first and largest cryptocurrency by market capitalization, Bitcoin is often considered a store of value and a haven asset. Its value is primarily driven by its limited supply and increasing adoption as a form of digital gold.
Ethereum is an innovative contract platform that enables the development of decentralized applications (dApps) and the creation of new tokens. Its value is driven by the growing ecosystem of dApps and the increasing demand for decentralized finance (Defi) applications.
XRP is a digital asset that facilitates fast, low-cost international money transfers. Its value is driven by its utility as a bridge currency in cross-border transactions and its increasing adoption by financial institutions.
Cardano is an innovative contract blockchain network and proof-of-stake layer-1 blockchain; it is often considered a rival of Ethereum. Its value is driven by its energy-efficient consensus mechanism and its focus on scalability, interoperability, and governance.
Solana is a high-performance blockchain protocol; it enables the development of decentralized applications, and its value is driven by its ability to process high transaction volumes with low latency.
In terms of the current market trends, all five coins have shown strong performance in recent weeks. Bitcoin, Ethereum, XRP, Cardano, and Solana have all seen a significant price increase in the past few weeks. It’s important to note that past performance does not guarantee future results, and the crypto market is highly volatile. Therefore, it is crucial to conduct your research and consult with a financial advisor before making any investment decisions for your desired cryptocurrency to invest in in 2023.
Traders are already taking advantage of the impressive bullish run of many top cryptocurrencies. One of the coins, in particular, has made over 70% gains in recent weeks. With the market showing vital signs of growth, now is the time to act and make crypto profits. Traders have already taken advantage of the remarkable surge in numerous primary cryptocurrencies. Given that the market is displaying indications of expansion, this is an excellent opportunity to capitalize and generate some profit.
Here are a few essential guidelines to bear in mind when deciding which crypto assets you wish to purchase:
In conclusion, the crypto market is showing solid signs of growth, and now is the time to act and make crypto profits. By keeping an eye on market trends and news, utilizing technical analysis, diversifying your portfolio, and having a solid plan, you can navigate the market and potentially make significant gains in top cryptocurrencies.
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