While Bitcoin’s price has remained relatively stable, some altcoins have demonstrated potential for growth.
Bitcoin has been experiencing relatively low levels of volatility as we enter a new year, indicating that investors are not rushing to enter the market. The price of Bitcoin has remained near $16,500, and the start of the new year has not resulted in any significant market activity.
While Bitcoin’s price has remained relatively stable and has not shown significant movement, some altcoins have demonstrated potential for growth. Let’s analyze these altcoins and identify important levels to monitor.
LTC/USDT
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<source: tradingview, binance>
Several major cryptocurrencies are still trying to reach a bottom, but Litecoin’s price is significantly higher than its June, 2022 low, indicating strong demand at lower levels. The 20-day exponential moving average (EMA) and relative strength index (RSI) suggest a balance between supply and demand.
If the buyers can push the price over the moving averages, the Litecoin market could see a potential rise to $75 and possibly even $85. However, if the price turns down and falls below the 20-day EMA, it could drop to $65.
APE/USDT
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<source: tradingview, binance>
ApeCoin has been trading within a range between $3 and $7.80 for some time, with both bulls and bears showing some activity. The price has not risen above the moving averages, but the bulls have managed to prevent it from falling too far.
There is a possibility of a breakout above the moving averages, which could lead to a rise in price to $4.58 and then to $5.25. However, if the bears prevent a breakout and the price falls below the support at $3, it could indicate a further decline.
BIT/USDT
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<source: tradingview, binance>
BitDAO (BIT) has been trading between $0.25 and $0.35 for several days, with indications of a potential breakout. The moving averages have made a bullish crossover, suggesting a change in trend. If the price breaks above $0.35, the BIT/USDT pair could start an uptrend and aim for $0.45.
However, if the price falls from $0.35, it could drop to $0.30. If it bounces from this level, it could indicate a shift to buying on dips and an increased likelihood of breaking above $0.35. If the price falls below the moving averages, the pair may remain in a range.
The price recently declined from $0.35, but bulls are trying to stop the drop at the 20-day EMA. If the price bounces off the EMA with strength, it could rise above the resistance and aim for $0.40 and then $0.42. If it falls below the EMA, it could drop to the 50-day SMA and remain in the range.
Conclusion
The bearish market indicates that sentiment towards Bitcoin is currently not overly positive, but there is a potential silver lining. It is often the case that bear markets come to an end when the last remaining bulls turn bearish, and there are no more sellers left. At this point, the price stabilizes, and new buyers enter the market, leading to a reversal and the start of an upward trend.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
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