Cryptocurrencies to watch for the week of January 16, 2023

The crypto market continues to see a significant rally, with Bitcoin (BTC) leading the charge after months of sideways trading. The rally is the result of a combination of positive macroeconomic news and possible easing of regulatory concerns in China. However, despite the continued boom in the market, it is important to note that the crypto space is still operating in the shadow of the massive bull run that took place in 2021.

Although most cryptocurrencies trade in the green zone, specific assets remain worth monitoring for their potential, the narrative they drive, and their potential to impact the general cryptocurrency market. So Finbold reviewed the cryptocurrencies to watch for the week of January 16, 2023.

GALA (GALA)

The GALA (GALA) token benefited from the general crypto market rally and the increasing interest in blockchain games. Indeed, GALA has sustained bullish price momentum that has moved independently during periods of broad market consolidation.

Notably, GALA’s rally was also aided by increased whale activity, with data from crypto analytics platform Santiment indicating deals helped push the token above resistance at $0.048. Furthermore, GALA has also recorded an influx of investors piling up the asset with notable network partnerships.

GALA is one of the leading entities for a mini-altcoin rally as investors allocate more capital to the non-fungible tokens (NFT) games and metaverse space. At one point, GALA gained 100% in seven days, leading the top 100 cryptocurrencies by market capitalization. As a result, GALA is a cryptocurrency to watch for the next price action in the wake of significant futures liquidation.

At press time, GALA was trading at $0.05 with a daily correction of over 3%. On the weekly chart, GALA is over 90%.

From a technical analysis perspective, GALA’s daily gauges on TradingView are bullish. A summary of the gauges is for ‘buy’ at 13 while ‘moving averages’ is at 12.

Fetch.ai (FET)

Fetch.ai (FET) is an interchain protocol built on the Cosmos (ATOM) software development kit (SDK) and artificial intelligence (AI) blockchain environment. Users can create networks of autonomous economic agents within a single ledger through the protocol. In particular, FET has recorded increased interest which is in line with the general market sentiment.

However, FET got a boost from the potential the network holds with the ongoing buzz around AI-related concepts after the initial success of ChatGPT. Indeed, interest rose FET more than 20% within 24 hours as the market recovered.

Elsewhere, the buzz surrounding FET is partly due to the impact of network activity where the token emerged as the top winner in Cosmos (ATOM) inter-blockchain communication (IBC) networks as of January 13.

The focus is now on whether FET will manage its momentum and continue to recover in the coming week. Along these lines, the possibility of rallying will partly depend on network development activity.

At the time of publication, FET was trading at $0.23, having corrected nearly 6% in the past 24 hours.

At the same time, the sentiment around FET offers mixed signals, with the 1-day gauges in the ‘buy’ zone at 15, while oscillators against ‘sell’ are at 4. Elsewhere, moving averages indicate a ‘strong buy’ at 13. .

Bitcoin (BTC)

After appearing to stagnate below the $17,000 level for several weeks, Bitcoin (BTC) began a winning streak that culminated in the first cryptocurrency briefly regaining the $21,000 level. As reported by Finbold, the ongoing BTC rally is among the longest since the 2020 pandemic period.

The rally in Bitcoin was helped by broader optimism and an encouraging economic outlook. Initial signs of a rally emerged following encouraging signs in the United States labor market and positive consumer price index (CPI) data. The result led to hopes that inflation is cooling, allowing the Federal Reserve to ease its aggressive rate hikes. In particular, the steady rally helped Bitcoin to put behind the effects of the collapse of the FTX crypto exchange.

Despite the fact that Bitcoin has experienced long-term consolidation, according to a Finbold report, new data indicated that based on BTC holdings as of January 13, it could be equated to 0.5% of the world’s population.

Overall, Bitcoin remains an asset to watch as it will be important to monitor whether investors can consistently continue to pump money into the crypto. Indeed, the buying and selling pressure will be crucial to Bitcoin’s ability to sustain gains above $20.0000.

Furthermore, the market will be watching where Bitcoin’s price moves next, with the asset still facing various headwinds. For example, the industry is seeing massive exchange layoffs, Gemini and Genesis legal issues, and the possible formation of a House crypto-focused subcommittee in the United States.

At press time, Bitcoin was trading at $20,697 with daily losses of around 1.3%. On the weekly chart, BTC is up more than 22%.

Elsewhere, Bitcoin’s technical analysis is mainly bullish. A summary of the daily gauges on TradingView aligns with the ‘buy’ sentiment at 14, while moving averages for the ‘strong buy’ gauge are at 12. Oscillators are bearish, recommending ‘sell’ at 4.

Shiba Inu (SHIB)

Shiba Inu (SHIB) coin has had an impressive performance over the past few days. At one point, the dog-themed asset regained the top trending spot among cryptocurrencies. Although the meme coin is benefiting from the general market rally, the gains have been aided by continued network development and partnerships aimed at providing more utility to SHIB.

For example, the social network Twitter recently activated a function that allows SHIB users to keep track of the prices of the crypto-asset alongside Bitcoin, Ethereum (ETH) and Dogecoin (DOGE). At the same time, the Shiboshi Club and Bugatti Group recently unveiled a collaboration focusing on an NFT coin collection.

Additionally, the SHIB community is still awaiting the release of the Shibarium layer-2 solution. Overall, SHIB remains an asset to watch for whether it can lead meme coins to a new rally along with any impact if investors start taking profits.

At press time, Shiba Inu was trading at $0.000009985 with daily losses of around 0.3%, while SHIB was up over 18% on the weekly chart.

From a technical analysis perspective, a summary of SHIB gauges is for a ‘buy’ at 12, while moving averages are consistent with a ‘strong buy’ at 11. Oscillators are for ‘sell’ at 3.

Avalanche (AVAX)

The layer one blockchain has seen bulls try to take control in an attempt to lift the asset to previous highs. After weeks of correction, AVAX opened the year with a bang, drawing inspiration from the general sector sentiments.

Amid the ongoing rally, the Avalanche ecosystem has recently accelerated partnerships with established entities. Some of the network development saw Avalanche working with Amazon Web Services. Under the agreement, AWS will use the Avalanche network to develop enterprise blockchain solutions for businesses and governments.

Indeed, the partnership will increase Avalanche’s utility among enterprises, which in turn could increase demand for AVAX tokens. Furthermore, as reported by Finbold, BLRD, a subsidiary of Japanese gaming giant GREE, has partnered with Avalanche to launch its first Web3 game in 2023.

AVAX is worth monitoring for the next week based on its ability to sustain the gains and implications of the network partnerships.

Currently, AVAX is trading at $16.33, up nearly 40% over the past seven days. However, the token is facing correction on the daily chart by more than 4%.

Furthermore, daily sentiments for AVAX offer mixed signals. The summary of the gauges stands for ‘buy’ at 12, with moving averages recommending ‘strong buy’ at 11. Only oscillators are for ‘sale’ at 3.

Finally, as the cryptocurrency market tries to sustain the ongoing rally, the highlighted assets are worth monitoring as they are likely to dictate the trajectory of various digital assets. However, the market continues to face headwinds as the impact of macroeconomic factors continues.

Disclaimer: The content on this website should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.