• Altcoin traders are closely monitoring Tezos (XTZ), SingularityNET (AGIX), and Terra Luna Classic (LUNC) for potential breakout in the coming week.
• Google Cloud’s partnership with Tezos has caused a surge in its value, while ChatGPT’s increasing popularity has brought attention to AGIX.
• LUNC is trading inside a triangle pattern that may break its 31.8% Fib level soon.
Recent Shift of Crypto Investors Towards Altcoins
The cryptocurrency industry has experienced a remarkably positive first quarter of 2023, exceeding expectations despite earlier projections from investors predicting a short-lived bull run at the beginning of the year. During this time, there has been a noticeable shift in sentiment among crypto investors towards altcoins, as opposed to Bitcoin. This shift is partly attributed to the growing understanding of altcoin’s diversity and future potential beyond Bitcoin’s dominance.
Altcoins Gaining Attention
Altcoins such as Tezos, SingularityNET, and LUNC have garnered significant attention this week which may send them to new highs soon. These tokens are being closely watched by altcoin traders for their potential breakout in the coming week.
Tezos (XTZ) Price Analysis
Despite the ongoing market downturn affecting most cryptocurrency prices, Tezos‘ (XTZ) value has gained significant attention due to Google Cloud’s partnership with them. As of writing, XTZ token trades at $1.25 with a decline of 8%. The RSI is still in bullish region with an increase in buying pressure indicating that XTZ may rebound next week and head toward resistance at $1.75 levels if it breaks above $1.1 support level near EMA-100 mark.
SingularityNET (AGIX) Price Analysis
As AI platform ChatGPT’s popularity is constantly rising, AI altcoins like AGIX have gained enough attention to break their upcoming resistance levels in the next week with target price of $0.66 upper limit set by Bollinger band’s upper boundary . Currently AGIX is trading at $0.42 with 6% gains over last 24 hours and forming triangle pattern on 4 hour chart aiming towards 31% Fib level breakout .
Terra Luna Classic (LUNC) Price Analysis
The price movement of Luna Classic is currently trading inside a triangle pattern that indicates its 31%Fib level could break soon on higher side ,and if it does so then we can expect an exponential surge till its 0.$45 resistance price target .
Summary of Bitcoin’s Fate Hangs Near A Crucial Level
- Bitcoin’s 12% surge sparked signs of a potential bull market this quarter.
- BTC price is showing solid warning to bears as its indicator recently flashed green, providing a bullish outlook for the cryptocurrency.
- The $25K price level is playing a crucial role in bringing two different scenarios for the BTC price.
What Caused Bitcoin’s Price Surge?
Bitcoin’s 12% surge in a single day has become a debate in the crypto market as it has again sparked signs of a potential bull market this quarter. After witnessing a massive influx of funds near the $21.5K level, the BTC price surged to $25K and made a minor rejection, confusing investors about the upcoming price trend. Market analysts believe that Bitcoin’s wild price swings are a sign of a bullish and healthy market, while others are concerned about a market crash ahead as the volatility is too extreme to handle ongoing events.
„Mother Of All BTC Signals“
BTC price is showing a solid warning to bears as its indicator recently flashed green, which is the mother of all signals. According to a tweet from crypto analyst Mohit Sorout, Bitcoin (BTC) traders and investors have received an extremely rare and significant buy signal for the cryptocurrency, providing an optimistic outlook for the digital asset. The analyst states that Dollar Cost Averaging (DCA) indicator now hints at an upsurge in Bitcoin’s prices this quarter. Cameron Winklevoss, co-founder of Gemini cryptocurrency exchange also expressed his views on Bitcoin’s outstanding performance indicating that its surge past $25K is an indication of recovery from FTX’s demise.
„Two Different Scenarios“
The $25K level is playing an essential role in bringing two different scenarios for the BTC price; more slowdown in Bitcoin’s volatility will develop bearish scenario with spike in short positions while validating bullish trend would be possible if bulls successfully break through this resistance level at $25K.
Bitcoin’s recent movements show that it could be entering into another bull run but there’s still uncertainty surrounding whether or not it will hold above or below $25K. Analysts anticipate further consolidation near this crucial support/resistance level before deciding whether we should expect volatile swings or some stability over time.
• Cardano network is focusing on developing smart contracts with the implementation of Vasil upgrade resulting in growth of decentralized applications.
• The Cardano network intends to make further upgrades to ensure its DeFi ecosystem remains competitive with other smart contract-enabled blockchains.
• IOG will initiate mainnet deployment via a hard fork combinator event on February 14th, leading to an increase in Cardano’s on-chain activity.
Cardano Upgrading for Smart Contract Development
The Cardano network has been focused on the development of smart contracts through the successful implementation of the Vasil upgrade last year, which has resulted in a growth in decentralized applications and an increase in on-chain activity. In order to remain competitive with other blockchain networks, Cardano plans to make further upgrades to enable multi-chain communications, allowing users to build unilaterally scalable Dapps and cross-chain applications efficiently.
Vasil Upgrade Features
In order to accomplish this goal, the Vasil upgrade will feature built-in functions that support ECDSA and Schnorr signatures along with Cardano’s native signature (SECP or SECP256k1). This functionality is currently undergoing testing by members of the ADA community and will be deployed onto the devnet shortly before being moved over to preview and pre-production environments for further testing. Upon successful completion of these tests, IOG plans to initiate mainnet deployment via a hard fork combinator event on February 14th.
Positive Effects Expected from Upgrade
The effects of this upgrade are expected to be positive for both developers and investors; developers should benefit from having more efficient tools when creating their Dapps while investors should see an increase in total value locked as well as higher liquidity levels. Additionally, increased activity on the network may result in a price bump for ADA tokens which currently traded around $0.364407 at time of writing.
Future Plans For Cardano Network
Moving forward, IOG plans continue making upgrades that help put them ahead of competing blockchains while meeting demand from users and regulations alike. With continuous evolution comes new opportunities for developers building their projects on top of this PoS secured blockchain – all while providing investors with more avenues for earning passive income through yield farming activities or simply buying/selling ADA tokens themselves..
The upcoming hardfork combinator event scheduled for February 14th should prove beneficial both developers looking into building projects on top of Cardano’s blockchain as well as those hoping for better performance from their investment portfolios due it’s expected effect increasing total value locked within this protocol’s DeFi ecosystems as well as higher liquidity levels across exchanges trading ADA tokens
• Bitcoin and Ethereum are currently trading at $23,000 and $1,500 area respectively.
• Crypto strategist Altcoin Sherpa is predicting a bullish target for DYDX, GMX and Injective.
• Bitcoin is mirroring its late 2018 and early 2019 trade cycle with a potential to reach $30,000.
Bitcoin Price Mirrors Late 2018 Pattern
The crypto market is currently flashing a mixed signal where most of the large cap cryptocurrencies have turned red. However, the first two cryptocurrencies, Bitcoin and Ethereum, are still holding on to their crucial level of $23,000 and $1,500 area respectively.
Altcoin Sherpa Predicts Bullish Target
A well-known crypto strategist and trader who is anonymously known as Altcoin Sherpa is predicting a bullish target for DYDX, GMX, and Injective. The analyst claims that these three decentralized altcoins are performing really well while the crypto market’s shifts between ups and downs. Meanwhile DYDX has surged 23.31% over the last 24 hours while GMX and Injective have gained 1.33% and 16.35% respectively in the past day.
Bitcoin Could Reach $30K
Altcoin Sherpa talks about Bitcoin claiming that it is moving mirroring its late 2018 and early 2019 trade cycle which saw it spike from $3,000 level to that of $14,000 area. The analyst believes that this trade pattern could be short term but could see bitcoin reach upwards of $30K if momentum continues to build up in favor of cryptocurrency adoption worldwide.
Risk Management in Cryptocurrency Market
Elena R., an expert in technical analysis and risk management in cryptocurrency market with 10+ years experience in writing says that investors should take extra caution when investing into any asset class as there always remains a risk associated with it regardless of how optimistic predictions may be regarding its future outlooks..
The crypto market has been showing signs of volatility despite Bitcoin maintaining its price above the crucial level of 23K USD mark for the time being . While Altcoin Sherpa predicts bullish targets for some large cap altcoins such as DYDX ,GMX & INJ he also believes that if momentum continues to build up we might see BTC reaching levels as high as 30K USD by 2023 end . However investors should always keep an eye out for any unforeseen risks or regulations which may come into effect anytime soon in order to minimize losses at all times .