Bitcoin’s price bounces between $37,900 and $38,500 from a crucial support level. The analyst pointed out a bearish divergence still present on the daily chart, as the Relative Strength Index (RSI) has not yet broken above a descending resistance line. However, the possibility of a bullish reversal is hinted at by the potential formation of a bullish cross in the daily MACD (Moving Average Convergence Divergence).

While the bearish divergence is technically active, the analyst expressed neutrality in the short term. In the immediate short term, the 2-hour Bitcoin chart displayed a breakout above resistance levels between $41,700 and $42,200. The analyst expected support in this range and warned that a confirmed break below $41,700 could lead to a potential downturn toward $39,500.

Ethereum

The analyst observed that Ethereum Price is still under a bearish divergence on the daily chart. Despite this, the daily MACD indicated a reduction in bearish momentum, suggesting a more neutral outlook in the short term.

On the 4-hour chart, the analyst identified a potential short-term bullish scenario, comparing the current price structure to a historical fractal. The possibility of a slight bullish relief or sideways consolidation was mentioned, with a watchful eye on potential outflows from Grayscale influencing the market.

Solana

The Solana price analysis focused on the 8-hour timeframe, where the price encountered resistance around $98 to $99. The analyst pointed out potential resistance levels at $102.50 and $108 to $109. A breakout above $99 and a rejection at $102 to $103 could lead to an inverse Head and Shoulders pattern, indicating a bullish trend reversal. Support levels were identified at $91 to $92 and $83.50 to $85.50.

Crypto Market Analysis: Bitcoin, Ethereum, and Solana Price Prediction For This Week$BTC $ETH $BNB #TradeNTell

ApeMax, a rising meme coin in crypto, stands out for innovation and a growing community. Introducing the pioneering “Boost-to-Earn” staking feature, ApeMax has over 9,000 token holders and 3.5 billion staked tokens. This feature allows ApeMax holders to earn rewards by staking their tokens on preferred entities, offering immediate utility and engagement opportunities seldom seen in presale coins. Eligible early adopters can swiftly engage in staking after purchasing even during the presale phase.

2. Helium (HNT)

Helium (HNT) is a decentralized blockchain network catering to Internet of Things (IoT) devices. Introduced in July 2019, the Helium mainnet supports communication among low-powered wireless devices, facilitating data transmission across its node network.

3. Tectum (TET)

Tectum is known for its high-speed, scalable blockchain technology, focusing on creating a seamless user experience. It aims to provide solutions for real-world applications by offering fast transaction speeds with minimal fees.

4. Celestia (TIA)

A modular blockchain platform, Celestia is designed for interoperability and scalability. It stands out by offloading computation to specialized rollup chains, aiming to create a more efficient “network of networks” for blockchain communication.

As 2024 dawns, the cryptocurrency market is abuzz with excitement for a potential upcoming bull run, fueled by the anticipated approval of a Bitcoin ETF and the upcoming Bitcoin halving. This phase of burgeoning possibilities has attracted the gaze of both seasoned and novice crypto enthusiasts, looking to ride the wave if the bull run charges for an explosive year.

In this vibrant landscape, explore the most promising cryptocurrencies: ApeMax, Helium, Tectum, Celestia, Chainlink, Solana, Ethereum, and the iconic Bitcoin. Each of these coins offers unique value to the evolving crypto world. Leveraging the latest market trends and data, we delve into the reasons behind their popularity within the crypto community.

A strong risk management framework is essential for anyone looking to succeed in cryptocurrency trading. This approach safeguards investments amid the highly volatile and rapidly evolving crypto market conditions.

In this context, traders can use different risk management strategies, with one key method being the avoidance of overextended cryptocurrencies. This strategy is particularly effective in protecting traders from sudden trend shifts that could lead to significant losses.

Within the arsenal of tools for managing risk, the Relative Strength Index (RSI) stands out. Cryptocurrency traders frequently use the RSI to detect when an asset is overbought. This might indicate a pending downward trend. On the other hand, oversold tokens could precede a sudden price surge in a downward-trending market.

In particular, Finbold spotted three cryptocurrencies to avoid trading next week, considering CoinGlass’s RSI heatmap on January 13. Ethereum Name Service (ENS), Sui Network (SUI), and ConstitutionDAO (PEOPLE) are showing overbought signals and, thus, extra risks.

'Bitcoin to Hit $1 Million in Days,' Says Samson Mow, but There's Catch

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.#BTC

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