Analysis

Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation

Published

2 weeks ago

January 16, 2023

Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation

Solana started the week trading near a two-month high, as momentum remained marginally bullish, despite market consolidation. The global cryptocurrency market cap is currently trading 0.98% higher as of writing. Shiba inu also traded close to recent highs, despite declines on Monday.

Solana (SOL)

Solana (SOL) remained near a two-month high to start the week, despite crypto markets beginning to consolidate recent gains.

SOL/USD hit an intraday high of $24.75 on Monday, which comes less than a day after falling to a bottom of $22.68.

This move means that the token remains close to this weekend’s high of $25.03, which was the strongest point for SOL since November 8.

SOL/USD – Daily Chart

From the chart, it appears as sentiment in solana is still somewhat bullish, which comes as the 14-day relative strength index (RSI) continued to track above a support point at 80.00.

As of writing, the index is tracking at 80.18, with solana trading at the $23.42 price point.

Should the index remain about 80.00 in the coming days, it is likely that SOL could once again move toward $25.00.

Shiba Inu (SHIB)

Like SOL, shiba inu (SHIB) bypassed today’s price consolidation, maintaining recent highs in the process.

Following a low of $0.00001009 on Sunday, SHIB/USD climbed to a peak of $0.00001099 earlier today.

Monday’s action has seen the meme coin continue to trade near the two-month high of $0.00001111, hit last Friday.

SHIB/USD – Daily Chart

Like many cryptocurrencies last week, prices of shiba inu were mostly overbought in recent days, with the RSI falling from a ceiling at 80.00.

Currently, the index is tracking at 73.00, with a floor at the 70.00 mark a possible target for sellers.

However, bulls seem to be rejecting this proposition on Monday, with some eyeing a rally back above $0.00001100 instead.

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Could we see shiba inu hit a fresh two-month high this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin liquidations in last 24 hours top $160M

Published

9 hours ago

January 30, 2023

Zeynep Geylan

Bitcoin liquidations in last 24 hours top $160M Zeynep Geylan · 25 mins ago · 1 min read

Data shows that a total of $160.7 million worth of BTC got liquidated in the last 24 hours.

1 min read

Updated: January 30, 2023 at 10:06 pm

Cover art/illustration via CryptoSlate

The third most significant long Bitcoin (BTC) liquidation of 2023 occurred on Jan. 30, as over $160 million worth of BTC were liquidated in the last 24 hours, according to CoinGlass data.

At the time of writing, data shows that a total of $160.69 million worth of BTC got liquidated in the last 24 hours. This amount includes the 15 million long BTC liquidation recorded today, which marks the third-largest long BTC liquidation of 2023, according to CryptoQuant.

BTC Long Liquidations (Source: CryptoQuant)

The first and second largest long BTC liquidations of the year were recorded on Jan. 19 and Jan. 15, with over 20 million and 16 million, respectively.

A similar movement in BTC liquidations was also recorded on Jan. 25, when the price of BTC breached $23,000, and total liquidations breached $200 million in 24 hours.

BTC is being traded for around $22,740 at the time of writing.

altcoin

Polkadot [DOT] dropped to a key support zone; can bulls prevail?

Published

10 hours ago

January 30, 2023

Suzuki Shillsalot

Polkadot [DOT] dropped to a key support zone; can bulls prevail?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

DOT was neutral after a sharp drop on the 12-hour chart.
A price reversal could happen if demand increases at the crucial support zone.

The value of Polkadot [DOT] dropped after Bitcoin [BTC] broke below the $23.5K level. At press time, DOT was trading at $6.225, over 4% down in the past 24 hours. Similarly, BTC was closer to retesting or breaking below the $23K level.

Read Polkadot [DOT] Price Prediction 2023-24

However, DOT’s drop hit a critical support zone, which could act as an inflection point if demand for the asset increases at the level.

The support zone of $6.0 – $6.2: Can it hold steady?

Source: DOT/USDT on TradingView

Is your portfolio green? Check out the DOT Profit Calculator

Polkadot’s January rally was slowed by two phases of price consolidation. The second price consolidation phase was the most challenging as it broke below the uptrend line at press time.

But the drop hit a critical support zone of $6.013 – $6.200. The zone was a resistance level before it was flipped into the current support level. If demand for DOT increases at this level, DOT could witness a price inflection and reverse the losses from the sharp drop.

Such an upswing could move DOT above the uptrend line to retest the overhead resistance level of $6.804. In addition, if BTC reclaims the $23.5K level and surges afterward, DOT could reclaim its pre-FTX level of $7.124.

The On Balance Volume (OBV) increased steadily, showing an uptick in trading volume and buying pressure which could boost DOT’s potential uptrend momentum.

But the RSI was 50, showing a neutral structure; thus, the price direction wasn’t definitive. The above bullish bias will be invalidated if bears break below the support zone (green) at $6.000. The plunge could stop at the $5.754 or the 100-period EMA.

DOT saw increased development activity and demand

Source: Santiment

As per Santiment, DOT recorded an impressive building in the network, as evidenced by the rising development activity. The increasing development activity also coincided with DOT’s price surge.

In addition, DOT saw an uptick in the Funding Rate, indicating increased demand and bullish sentiment in the derivatives market. Similarly, the weighted sentiment retreated significantly from the negative territory, showing improved investors’ stance on the asset. The above trend could boost DOT’s recovery and uptrend.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

24 hours

Bitcoin Rise In First Month Of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ To ‘Greed’

Published

13 hours ago

January 30, 2023

Jamie Redman

Bitcoin Rise In First Month Of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ To ‘Greed’

Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear.” Thirty days later, with a 39% increase in bitcoin prices against the U.S. dollar, the current CFGI score on Jan. 30, 2023, is 61, reflecting “greed.”

Crypto Fear Index Jumps to ‘Greed,’ Etoro Market Analyst Attributes Bitcoin’s Rise to Shift in Investor Expectations

Records show bitcoin (BTC) saw significant value growth in the first month of 2023, with a 39% increase against the U.S. dollar. On Jan. 29, 2023, BTC reached a 30-day high of $23,954 per unit, with prices ranging from that value to a low of $22,988 over the past 24 hours. This rise has significantly raised the Crypto Fear and Greed Index (CFGI) hosted on alternative.me, moving it from the “extreme fear” zone to the “greed” range in the course of the month.

Last week, CFGI records showed a score of around 50, indicating “neutral,” according to alternative.me. Seven days later, the CFGI score rose to 61, meaning “greed.” The website states that when crypto investors become too greedy, it signals the market is due for a correction. The CFGI score has remained above the neutral range of 50 since Jan. 23, 2023, after spending a significant amount of time below 45 prior to Jan. 14, 2023. On Monday, bitcoin (BTC) prices saw weakness against the U.S. dollar as traders took profits.

Crypto Fear and Greed Index (CFGI) chart on Jan. 30, 2023.

In a note sent to Bitcoin.com News, Etoro’s market analyst, Simon Peters, attributed the halt in crypto price declines to a change in investor expectations regarding inflation and interest rate hikes from the Federal Reserve. Peters also noted that financial institution Goldman Sachs “published a positive note on Bitcoin,” citing a market performance sheet that was recently published, which shows Bitcoin outperforming all other major asset classes, including gold, real estate, and emerging markets.

“Bitcoin has performed extremely well so far in 2023, rising nearly 43% since 1 January on the eToro platform. From its lowest point in the past year – $15,523 – reached on 9 November, it’s up just over 50%,” Peters wrote. “With inflation and interest rate expectations now turning, most asset classes have halted the declines witnessed in 2022 as investors begin to think ‘where next’ for their portfolios beyond the 2022 rate hike crash,” the Etoro market analyst added.

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What do you think is driving the increase in bitcoin prices and the shift in the Crypto Fear and Greed Index towards ‘greed’? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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