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01/17/2022

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Bitcoin, Ether, Major Altcoins – Weekly Market Update January 17, 2022

The total crypto market cap added $102 billion to its value for the last seven days and now stands at $2,03 billion. The top 10 coins were all in green for the same time period with Cardano (ADA) and Binance...

Bitcoin, Ether, Major Altcoins – Weekly Market Update January 17, 2022

The total crypto market cap added $102 billion to its value for the last seven days and now stands at $2,03 billion. The top 10 coins were all in green for the same time period with Cardano (ADA) and Binance Coin (BNB) leading the pack with 30 and 9.1 percent of gains respectively. Bitcoin (BTC) is currently trading at $42,700 while ether (ETH) is at $3,275.

BTC/USD

Bitcoin dropped to a 3-month low on Saturday, January 8 hitting $40,450 during intraday trading before recovering to $41,70 at the daily candle close. The Relative Strength Index (RSI) also reached a level last seen during the May 2021 crash as BTC remained heavily oversold.

On Sunday, January 9, the coin formed a small green candle up to $41,900 as many traders were betting on the $40,000 – a solid horizontal support and resistance line. A short-term relief bounce can be expected.

The BTC/USDT pair ended the last seven-day period with an 11 percent loss.

On Monday, bulls saw the price of BTC dropping down to $39,700 in the first part of the session as a result of the ongoing debate at the FED about the upcoming interest rate hikes to tackle inflation in 2022. It is expected that an interest rate increase will impact risk assets like stocks and crypto.

The Tuesday session was quite different though. The biggest cryptocurrency initiated a reversal to the upside by jumping 2.3 percent up to $42,780. The move was followed by another strong trading day on Wednesday during which buyers pushed the price up to $44,000. Still, it remained below the 21-day EMA and the former short-term support around $45,500 – $46,000.

On Thursday, January 13, the BTC/USDT pair formed the exact same candle but in the opposite direction, losing 3.4 percent before stopping at $42,529.

The Friday session was slightly better for buyers as the price of BTC moved back up to $43,000.

The weekend of January 15-16 started with a flat session on Saturday as the momentum was not in favor of a continuation of the uptrend.

On Sunday, it again remained stable, hovering around the $43,200 level.

What we are seeing midday on Monday is a short correction to $42,700.

ETH/USD

The Ethereum project token ETH hit the September weekly bottom at $3,000 on Saturday, January 8. The coin was closely following Bitcoin on its way down, but unlike its big brother, it was showing some signs of strength, mainly on the weekly timeframe where the $3,900 support was last broken but not the last low registered during the September 2021 correction.

On Sunday, January 9 it formed a short green candle to $3,140 but still ended the week with a 17 percent loss.

The RSI indicator hit 27 – a value not seen since the March 2020 coronavirus crash. Analysts were pointing to this as a short-term buying signal now that the Federal Reserve interest hike news has been absorbed and priced in.

The Monday session started with a new low – $2,941. However, bulls reacted quickly and regained positions back above the mentioned support above $3,000 and the Volume Profile Point of control.

On Tuesday, January 11, the ETH/USDT pair climbed up t $3,237 adding 5.4 percent to its value.

The ether formed its second consecutive green candle on the daily chart on Wednesday reaching $3,372 – a potential resistance zone.

Bears were quick to react in that area. They pushed the price down to $3,242 on Thursday, January 13, which resulted in a 3.6 percent correction. The stability of the area around $3,400 comes from the fact it was strengthened in the August- October 2021 period when ETH was struggling to surpass it.

The last day of the workweek came with a jump to $3,324 as the trading volumes once again started to fall.

The first day of the weekend brought some low volatility with it as the ether remained more or less in the same area. Then on Sunday, January 16 it moved slightly higher – to $3,341, but buyers were unable to surpass the small resistance mentioned above.

ETH is currently trading at $3,280.

Leading Majors

  • Cardano (ADA)

The Cardano supporters had a tough Q4 in 2021 watching their favorite project losing 65 percent of its value after hitting an all-time high of $3 in September.

Now it looks like the ADA/USDT pair has finally found support around the extremely stable horizontal right above $1. That area was unbreakable during the entire 2021 and now bulls will be looking to re-initiate the accumulation phase for one of the leading Ethereum competitors.

ADA added 20 percent on a weekly basis and is now trading back above its 21-day EMA, looking to regain positions above the last reached high at $1.5. A successful break there will open the door for an attack of the same EMA on the weekly timeframe, which is currently located at $1.66.

Altcoin of the Week

Our Altcoin of the week is Oasis Network (ROSE). This project represents a Layer 1, proof of stake ecosystem that utilizes the Cosmos SDK to build upon. It is described as a highly scalable and secure solution for Defi that has two main components: a core layer called the Consensus Layer and ParaTime Layer that can host many parallel runtimes just like the Polkadot parachains work.

The native token of the Oasis Network – Rose, benefited from the rise of Cosmos (ATOM) and surged in the price for the last seven days. It added 54 percent to reach a new all-time high on Saturday, January 15 – $0.59.

The coin moved up to #78 on CoinGecko’s Top 100 list with a total market cap of approximately $1.82 billion.

There is a lot happening around Oasis in the last few weeks with the Ethereum-compatible subnetwork Emerald crossing the $100 million barrier of Total Value Locked (TVL) on the hosted YuzuSwap DEX while Binance Labs announced they will support the Oasis ecosystem fund to further help the projects building on its network.

The ROSE/USDT pair is currently trading at $0.52.

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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