Crypto market forecast: After experiencing a significant rally last week, the cryptocurrency market has entered a phase of relative stability characterized by lateral movements across various digital currencies. Bitcoin, the leading cryptocurrency, maintains its position above the $42,000 mark, aiming to establish a solid foundation for potential future gains. An upward trajectory by Bitcoin could revive recovery momentum within the altcoin sector, offering traders new opportunities for long positions.
Furthermore, there is a mixed yet optimistic picture in a concise overview of the current state of Bitcoin ETFs, derived from insights shared by well-known crypto trader @invest_answers. The Fidelity Bitcoin ETF ($FBTC) faced its second worst performance on the Day 16th. The downturn for Grayscale Bitcoin Trust ($GBTC) has slowed further, indicating that its most challenging period may be over. The launch of nine new ETFs played a crucial role in mitigating the impact of Grayscale’s sales, even attracting additional investment. Smaller ETFs are on the rise, marking a significant upward trend in investor interest. The cumulative net inflows into these new ETFs reached an impressive $1.6 billion, contributing to a total of more than $7.53 billion.
In light of the optimistic trend, investors are closely monitoring altcoins such as Ethereum (ETH), Dogecoin (DOGE) and SUI.
Will the Ethereum (ETH) price exceed $2700 in February?
Ethereum (ETH), the leading proof-of-stake ecosystem, experienced a noticeable increase in buying interest at $2170 monthly support, just above the crucial 50% retracement threshold. This crucial foothold spurred a 6.1% rise in the Ethereum price, pushing it to $2300 amid a favorable shift in market sentiment.
However, the road to further recovery faces a challenge with a resistance point at $2400. The anticipation surrounding Ethereum’s upcoming Dencun upgrade, especially with the Holesky testnet scheduled for February 7, 2024, as the final preparatory step, maintains a bullish outlook.
A successful test launch could inject further optimism, potentially overcoming resistance levels at $2390 and the 50% retracement of the last correction at $2410.
Surpassing these barriers could pave the way for a 10% price rally, targeting the last swing resistance at $2700.
Dogecoin (DOGE) Price Escapes Consolidation Tips 22% Jump Ahead
DOGE, the native token of the biggest meme cryptocurrency Dogecoin, is underperforming the broader market recovery, with its sideways action. For more than a month, the DOGE price has been resonating between the $0.087 and $0.0753 levels, reflecting no initiation of bulls or sellers on this asset.
According to a recent insight from on-chain analytics firm IntoTheBlock, Dogecoin has seen the creation of more than 890,000 new addresses in the past week. This significant increase in Dogecoin’s network activity is further underscored by an impressive adoption rate, with 86% of these new users engaging in transactions shortly after their initial setup.
This trend underscores a growing enthusiasm for DOGE, marking a notable period of expansion and increased transactional activity for the cryptocurrency.
If a positive outlook reinforces a breakout of overhead $0.087 resistance, the Dogecoin price will get a suitable springboard to drive a 22% rally to reach $0.106.
Morning Star pattern sets SUI price for 12% rally amid market volatility
Amid the ongoing volatility within the cryptocurrency market, the SUI token experienced a notable surge, peaking at $1.65 before undergoing a correction.
This correction sent the token’s value down 13.7% over the week, establishing a new higher low at $1.387. Currently, SUI is trading at $1.49, having experienced significant buying interest at the previous swing resistance level of $1.43. This interest led to a 4.3% intraday increase, setting the stage for what appears to be a bullish reversal pattern known as the morning star.
This pattern indicates a potential change in momentum, indicating that buyers may be regaining strength after a period of exhaustion. Should this bullish sentiment continue and the minor setback serve to rejuvenate the bullish momentum, there is a possibility that the SUI price could see a 12% increase in the coming weeks, possibly reaching $1.69.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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