Cardano, Polkadot, Uniswap, Polygon and Shiba Inu Post Double Digit Gains in the Last Week
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The cryptocurrency market had a moderate recovery this week, as Bitcoin (BTC) and Ethereum (ETH) recovered their price levels on Friday during an otherwise quiet Christmas weekend. This led to altcoins such as Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Uniswap (UNI) posting double-digit gains over the last week. However, BTC has slipped below $ 50,000 today. In this article, we will look at the recent price actions of the major cryptocurrencies along with the short-term predictions for BTC.
Hesitating price action for BTC and ETH
After taking a look at the breakout of its one-month trading range, BTC has returned to its consolidation zone. BTC reached an intraweek high of $ 52,088 in hopes of breaking the major resistance level near the $ 52,000- $ 53,000 region. But with trade volumes weak, BTC slid back to levels below $ 50,000 this morning. Having lost the support of the 200-day exponential moving average (EMA) at $ 49,800, the bulls are expected to provide support at $ 49,000 and $ 48,000 in the short term. BTC is currently trading near $ 49,100 with a 1.4% weekly gain.
ETH, the second-largest cryptocurrency, mimicked the market leader's price actions as it took a week-long momentum from $ 3,944 to $ 4,127 before succumbing to levels below $ 4,000 again. However, with the strong metaverse narrative powering the web3 space, ETH continues to show strength despite BTC's volatility. ETH enjoys support at $ 3,850 and $ 3,770. It is currently trading at $ 3,918 with a weekly decline of 2.3%.
Altcoins return
The top 20 cryptocurrencies, excluding BTC and ETH, have turned bearish due to BTC's price reversal this morning. However, the good news is that ADA, DOT, MATIC and UNI have won weekly. Cardano's native token ADA has gained 16% this week as founder Charles Hoskinson mentioned upcoming network enhancements in 2022 and increased adoption efforts in Africa.
Polkadot's DOT had seen an 18% increase in one week when the second batch of parachain auctions went live. Parachutes are blockchains that run on top of Polkadot's main blockchain. Polkadot has a limited number of slots that can support parachutes, driving demand for cryptocurrencies.
MATIC saw a 16% increase in prices when the DeFi Uniswap V3 protocol was implemented on the Polygon network. In turn, UNI saw a 24% increase in prices, as previously $ 20 million was offered to drive the launch at Polygon. Chainlink (LINK) entered the top 20 cryptocurrencies list with a 15% gain on the weekly chart.
BTC priming by 2022
As traders expected BTC to break out of the $ 52,000- $ 53,000 resistance zone this week, the reverse scenario played out prompting nearly $ 300 million in liquidations on various crypto futures in the past 24 hours, according to analytics tool Coinglass.
Despite the drop, BTC mining hash rate has reached record highs after China's crackdown, growing support from global investors, and continued buying from falling prices points to a strong bullish scenario for Bitcoin in the first quarter of 2022. In the meantime, we can expect BTC to continue its consolidation phase as we move into the new year.
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Investments in crypto assets or cryptocurrencies are subject to market risks such as volatility and do not have guaranteed returns. Do your own research before investing and seek independent legal / financial advice if you are unsure about investments.
