The cryptocurrency market has entered 2023 still shocked by extension bearish conditions that characterized the sector during the last year. However, despite the dismal conditions, several digital assets stand out that show the potential to post gains against the overall market movement.
In particular, some digital assets are performing well due to things like their potential to recover and promising use cases. Therefore, below are the keys. CRYPTOCURRENCIES to see the week of January 2.
BitDAO (BIT)
BitDAO (BIT) is a decentralized autonomous body that has been in the spotlight in recent weeks. The network caught the attention of the cryptocurrency sector after greenlighting a $100 million buyback for its token. It is worth noting that BitDAO aims to support various projects in decentralized finance (DeFi), DAO, non-fungible tokens (NFTs), and the game through research and starting liquidity, and financing.
Under the buyback plan, the BitDAO team will buy $2 million worth of USDT from BIT for 50 consecutive days starting January 1, 2023. Although the plan has received mixed reactions from community members, the development has positively influenced the the token. In the future, it will be of interest how the buyback plan affects BIT.
At press time, BIT was trading at $0.35 with daily gains of more than 2% in the last 24 hours. On the weekly chart, BIT is up more than 20%.
Elsewhere, the BIT technical analysis is bullishwith a summary of the daily meters in TradingView aligning with 'buy' sentiment at 11. moving averages are also to 'buy' at 9, while oscillators they are 'neutral' at 8.
Pancake Exchange (CAKE)
Pancake Swap (PIE) has caught the attention of cryptocurrencies investors in recent weeks, as the token performed well despite general bear market conditions. With many cryptocurrencies struggling, CAKE was able to close the previous weeks in the green territory. However, the token has been unable to sustain gains.
In particular, PancakeSwap (CAKE), one of the largest decentralized exchanges based on the Binance Smart Chain (BSC), has seen increased network development activity. For example, the platform has announced V2, which comes with liquidity pools that can be used without permission and are only controlled by algorithms.
In fact, CAKE is still a token to watch out for, considering that the recent correction could offer investors the opportunity to buy on the dip. In this case, if the token maintains high buying pressure, it could act as a catalyst for another rally.
At press time, CAKE was trading at $3.16, having fallen less than 1% in the last 24 hours. On the weekly chart, the token has corrected almost 6%.
Following the recent correction, CAKE technical analysis is bearish, with a summary of 'sell' at 14, while the moving averages are for a 'strong sell' at 13.
Toncoin (TON)
Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has exhibited a prolonged bullish momentum even as significant digital assets struggled to mount a formidable price move. The token's rally can be attributed to several factors, with increased network development and adoption ranking at the top.
For example, TON attracted increased interest after the gate.io exchange announced support for the TON/USDT pair for futures. At the same time, the token received support from the SafePal crypto wallet.
Additionally, Telegram's decision to allow users to purchase blockchain-based identities using Toncoin also contributed to the rally. This new feature will allow users to avoid the need for a SIM card. following the FTX cryptocurrency exchange crisisTelegram announced plans to create its own trading platform, with the possibility of TON being used as a utility token.
Right now, TON is trading at $2.28, up more than 5% in 24 hours, while on the weekly chart, the asset is down almost 8%.
Elsewhere, TON technical analysis is dominated by neutral sentiment. The summary of the indicators of a day in TradingView aligns with 'neutral' sentiment at 10, while the moving averages are also 'neutral' at 1. Oscillator indicators are for 'sell' at 2.
Bitcoin (BTC)
The maiden cryptocurrency is still consolidating, having corrected more than 70% from the all-time high of nearly $69,000. Although the price forecast is based on a machine learning algorithm in PricePredictions indicates than bitcoin (BTC) will likely continue to correct in January to trade around $15,000 on the last day of the month.
Furthermore, there are signs that Bitcoin could be in line for a further recovery, with data indicating that despite BTC's consolidation, the asset has registered faster recovery post-FTX saga compared to previous capitulation events. This comes after fears were raised that the FTX crash could lead to a further Bitcoin correction. In addition, pseudonymous cryptography and stock Exchange analyst trend rider noted that Bitcoin could take a bullish turn in the first half of 2023.
Interestingly, based on historical data, Bitcoin could also be lining up for another bull run in 2023. According to a analysis By Aurelien Ohayon, CEO of the XOR strategy services platform Bitcoin has experienced an uptrend every four years. He noted that previous bear markets lasted a year and that 2023 could be crucial for Bitcoin.
Bitcoin is currently changing hands at $16,568, correcting less than 0.1% in 24 hours. In the last seven days, Bitcoin has corrected slightly to 1.7%.
Furthermore, both Bitcoin bulls and bears have shown almost equal strength, failing to push the asset's price in either direction. In particular, it is feared that the asset could correct more before finding a bottom.
In addition, the technical analysis of Bitcoin remains bearish, with a summary of the daily indicators in TradingView Going with 'Sell' sentiment at 14, while the moving averages are for 'Strong Sell' at 13. oscillators stay 'neutral' at 9.
XRP
Blockchain-native Ripple token has failed to break the crucial $0.40 support level as the token was unable to take advantage of recent gains. Notably, XRP has exhibited bullish sentiments after minor gains over the course Vibe and Securities Market Commission (SECOND) case.
Meanwhile, the case has not produced any bullish triggers, as both sides have presented their final presentations. As the crypto community awaits the ruling, the lawsuit continues to witness further developments from interested parties.
For now, the SEC has filed a filing seeking to seal several documents, while the presiding judge allowed investment firm Crypto Paradigm to join the case.
Elsewhere, XRP is trading at $0.34 with a correction of around 1.4% in a day, while on the weekly chart, the asset is down more than 2.6%.
Based on the recent price movement of the token, crypto trading expert, Michael van de Poppe warned that after XRP failed to break the $0.37 resistance level, the asset could correct further.
As XRP exhibits a sideways trading patterntechnical analysis for the token remains bearish, with a summary aligning with 'sell' at 15. At the same time, daily indicators for moving average sentiment point to a 'strong sell' at 13.
Finally, with the featured cryptocurrencies still showing promise, it is worth noting that their recovery prospects are still being impacted by various external factors. Along these lines, the market is struggling with macroeconomic factors. At the same time, a part of the market believes that the collapse of FTX could extend until 2023.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. By investing, your capital is at risk.
