M.J. KELLEY II
The reality of digital currencies in 2023 is that they will be even more prevalent than they are today. With technology advancing rapidly and the world becoming increasingly interconnected, digital assets offer an easy way to move money around and make transactions quickly. Investing in digital assets now can give you an advantage and allow you to capitalize on the potential appreciation of these currencies over time.
They allow for faster global payments, reduced transaction costs, enhanced security, and privacy, and they can even provide new investment opportunities. Additionally, with the rise of blockchain technology, digital currencies offer increased transparency and trust between parties involved in transactions. So if you’re looking to invest in something with solid potential as we enter the future, consider investing in digital currencies now.
Bitcoin started the week at $23,000 and experienced profit-taking consolidation. Bitcoin opened the week at $22,837, 2% below the monthly high of $23,371.80.
On January 25, Bitcoin held steady at $23,000, resisting a sell-off and consolidating as the only barrier to reaching previous highs of $25,000 and $28,000. The next day, it was back within its range. Bitcoin price auctioned at $23,084, as earning profits was on smaller time frames after rallying 5% earlier in the day. The bulls accomplished a new high on the month at $23,816.BTC is encountering strong opposition close to $24,000. Since BTC has already surged 40% since the start of the year, traders may want to increase their stop losses to safeguard gains should there be a more extensive drop.
As the week ended, Bitcoin price was finding resistance near the mid-$23,000 price zone. While the bullish rally was impressive, traders viewing the consolidation as a weakening trend may overlook a few details. Bitcoin price exchanged hands at $23,146 on Saturday. For a week, the cost of Bitcoin has been gradually increasing. On January 25, the buyers achieved a new peak for the month at $23,816 after being backed up by the 8-day exponential moving average. Bulls should aim for further heights as long as BTC can stay above $23,000. The initial area of attention is $24,000, with the subsequent liquidity at $24,650. This bullish idea could result in an increase of 7% from the current bitcoin value.
If the 8th-day exponential moving average is broken to the downside, it would be a reasonable point for bears who have been waiting on the sidelines to enter. If this occurs, the 21-day simple moving average, which has not been tested during the 40% rise, could be a critical point at which traders can achieve maximum returns.
Ethereum price was undergoing account consolidation after tagging the mid-$1,600 zone early last week. Like Bitcoin, the Relative Strength Index (RSI) had become overvalued and showed a contrast between its peak of $1,675 and $1,566. As the cost stabilizes 2% beneath the liquidity level, it is unlikely that market makers would push up the ETH rate this near to the bakery without taking advantage of their chance.
On January 22. ETH price auctioned at $1,636. Traders anticipated the price would go up in the upcoming hours, with a potential obstruction at the round figure of $1,700. However, on January 23, Ethereum’s price reacted first. ETH price peaked at $1,679.
ETH price witnessed the most significant red day in 2023 as the decentralized intelligent contract token fell by 4% on January 23. Since the incident, ETH has made a remarkable 180% increase, rising by 5% and recapturing the $1,600 level.
On January 25, Ethereum’s price was bid at $1,623, showing a 5% surge above the 8-day exponential moving average. Analysts forecast that the next trade will take ETH to the $1,700 range, generating an extra 7% growth in market worth.
Ethereum’s figures were comparable to Bitcoin’s by the week’s close, with one minor difference. During the seven-day timeframe ending on January 23, Ethereum held steady in the mid-$1600 area. The bears have maintained their strength since the dip, forming a barrier near $1610.
The Ethereum price in the week closed at $1603. ETH could not break the $1610 resistance for the fifth day. Investors ought to be exceptionally watchful of this level over the weekend as a candle on a lower timeframe that closes above this resistance may initiate an intense buying spree.
If the price rises above $1610, the likelihood of Ethereum reaching $1700 is strong. However, if the trend turns negative and falls below the recent low of $1552, it could invalidate the uptrend.
XRP diverged from BTC and ETH as investors drove an 8% increase at the beginning of the week. On January 23, while Bitcoin and Ethereum sparred over new price fluctuations, the digital remittance token soared to new highs, tagging old liquidity levels near the $0.42 zone.
XRP was sold at $0.421 as people took advantage of the increase in price afterward. A significant divergence between Ripple and the other two currencies is that the Relative Strength Index has yet to burst into a daily state of being overbought. Despite the surge, 40% ride since the January 1 low at $0.30, the RSI remains suppressed beneath the 70 levels. RSI indicator suggests that XRP’s move to the upside could be a part of a much larger correction within an overall downtrend.
On January 25, Ripple’s price overcame several significant hurdles in its 2023 rally. This action breached and overturned the $0.400 barrier that has hindered XRP owners for the past half-year. Hence, the recent sell-off has been supported by buyers at this level, as mentioned above. As long as this resistance remains solid, it is not a bad sign for Ripple’s price.
On January 26, the XRP price was up 2% as the bulls bounced from a previous resistant trend line. The trend that had been broken held XRP at prices below $0.400 between January 14 and 20. This allowed traders to buy into the market during a midday dip on January 25.
XRP prices changed hands at $0.415. The back-and-forth price action last week was a strong signal that the market would witness a strong move in the coming days. If the trend is upward, Ripple could climb back up to November’s support zone at $0.440, representing a 7% increase from its present value.
At the end of the week, XRP price witnessed a countertrend pullback after falling 3% earlier in the day. XRP auctioned at $0.41. The back-and-forth pullbacks within the low $0.40 zone tell the underlying sentiment around the digital remittance token. Given the recent activity in the market, if it surpasses the peak of $0.428, it will increase toward the previously breached support area at $0.44.
Cardano’s (ADA) native token, ADA, reached highs of $3.10 in 2021 and was valued at $0.3529 following the bear market of 2022. Although there has been a decline, investors remain optimistic that Cardano (ADA) will rebound in the coming months. Since the end of December, Cardano (ADA) has increased by 32.79% in value, with further increases speculated for the next few weeks. If the rise continues, Cardano (ADA) could easily hit a new all-time high in 2023.
Since January 23, Cardano’s price has rallied 50% since January 1. The technicals contain subtle hints that Cardano will likely provide good trading possibilities for investors. Cardano’s price auctioned at $0.37. On January 18, the bears surpassed the 8-day exponential moving average. The day after that, a pullback of the broken indicator happened, attracting many bears to open a short trade. On January 20, the Cardano price invalidated the classical trade setup. The Cardano price rallied 10% in one day, trapping two days’ worth of retail bears in the process.
At mid-week, the Cardano price remained above where the bears entered the market between $0.355 and $0.325. On January 25, Cardano lost only 10% of the 61%. After stretching to the top near $0.388, an immediate rejection followed against $0.384. On Wednesday, a disclaimer against the monthly R2 at $0.362 looks to be the next.
On January 26, Cardano’s market value carried on with a bullish stance as it achieved a new monthly high of $0.389. The 4% growth on the day has resulted in Cardano’s total uptrend amounting to a tremendous 60% rally since the beginning of 2021. Crypto exchanges auctioned Cardano’s price at $0.380. The recent increase facilitated a barrier above the 8-day exponentially weighted moving average.
The cost of Cardano (ADA) has been on the rise, and it seems set to finish January with a profit. The only concern is if ADA will achieve this despite the two major bearish obstacles currently visible in the charts at a larger scale.
Cardano’s price has been able to break its prolonged slide, which began in August 2020. The cause of this continual depreciation was mainly attributed to the growing inflation rates worldwide and the stern warnings from central bankers that economic suffering would be unavoidable. As inflation has decreased, markets have been climbing too rapidly with the assumption that inflation will steadily decline to 2%. It would be ordinary when compared to what has happened in the past.
The ADA value has not returned to its usual trading rate since 2018. A surge of this size with such restricted volume suggests that the tide was made on unsteady foundations and could give way with even the slightest surprise— an unexpected increase in inflation instead of a decrease.
Solana (SOL) was one of the best-performing cryptocurrencies of the 2021 bull market. Solana’s (SOL) worth declined drastically in 2022, yet it has recovered for January 2023 with a monthly rise of 90.56%. Consequently, many investors have flocked back to Solana (SOL), which has sparked trading volume. Forecasts suggest that due to its existing recognition and multitude of uses, the Solana (SOL) price could soar to over $100 in 2023. This makes Solana (SOL) a vital asset for any portfolio going into the new year.
Solana’s price hovered around the $24 mark for more than ten days, with the altcoin trading at $24.41 at the beginning of last week. Although the altcoin maintained a sideways momentum for a couple of trading sessions, it was still in an uptrend with indications of further rise. On January 25, Solana’s price auctioned at $24.45.
This month, Solana’s value astonished dealers and speculators alike when the digital currency recorded an impressive surge of more than 150% to reach the $26 level. However, during the middle of the week, the activity was sluggish.
Solana’s price on the daily chart has been going back and forth over the last few trading periods after an upward trend paused on January 20. This back-and-forth action also invalidated the month-long uptrend resulting in the cost stabilizing close to $23.93.
If the general market climate shifts to a negative one and Solana’s cost declines, it will meet instant assistance at $22.77. On the other hand, if the cooling-off phase terminates and Solana’s value begins ascending again, a restoration of the uptrend may be possible. The cooldown could drive the price to the critical resistance at $28.28. If a daily candlestick is closed above this level, it will disprove the pessimistic outlook, pointing SOL toward $32.06 and beyond.
In conclusion, cryptocurrency is becoming more prevalent in 2023 as technology advances, and the world becomes increasingly interconnected. Digital currencies provide several benefits, including faster global payments, reduced transaction costs, enhanced security and privacy, and investment opportunities. Bitcoin (BTC) has experienced a bullish rally but is facing significant resistance near $24,000. On the other hand, Ethereum (ETH) has undergone a seven-day consolidation, expecting ETH to increase in market value to reach the $1,700 zone. Ripple (XRP) has decoupled from BTC and ETH and has significantly risen. With the growth potential, it is a good idea to consider investing in digital currencies now.
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