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Samed Trader -Baegoes-
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Short squeeze alert for January 9: Two cryptocurrencies that could soar This week started with a $4,000 Bitcoin (BTC) rally, accruing 10% gains from the lowest to the highest price on January 8. Some cryptocurrencies followed the leader, which overperformed the cryptocurrency market, increasing its capitalization dominance to over 54%. Nevertheless, some cryptocurrencies are laggards in this bull rally, still dominated by short positions, with remaining liquidity upwards. These higher-priced liquidity pools could become market makersâ targets, favoring short-squeeze liquidation events, potentially driving prices up. Essentially, a short squeeze happens when short positions get massively liquidated. These liquidations force purchases of the given cryptocurrency, increasing the price and bringing new liquidations for even higher prices at a spiral event. In particular, Finbold spotted XRP (XRP) and BNB Chain (BNB) as two cryptocurrencies to watch, based on data from CoinGlass on January 9.
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t3 cryptocurrencies to avoid trading this weekđ Avoid trading ConstitutionDAO (PEOPLE) ConstitutionDAO (PEOPLE) is the first cryptocurrency to avoid trading. The token has lost close to 17% in the last 24 hours, priced at $0.034 by press time. Notably, the $178.16 million market cap PEOPLE has seen a daily volume of $316.16 million â 238% of its capitalization. According to CoinMarketCap, the DAO was an experiment and had already dissolved. Despite its lack of use with the ConstitutionDAOâs dissolution, PEOPLE features as a strong asset, according to CoinGlassâ RSI heatmap on January 9. Stacks (STX) is overbought in the weekly RSI In this context, Stacks (STX) is increasing its momentum in the 24-hour time frame, with 69.42 RSI. However, the weekly RSI is close to its maximum level, at 98.22. This suggests a massively overbought token, prone to a mid-term retracement. Following Bitcoinâs leadership, STX is trading at $1.96 by press time, up 2.73% in the last 24 hours. Avoid trading Chromia (CHR) this week In the meantime, Chromia (CHR) is back to an overbought status on the daily RSI, with 73.14 points. The token is up 19.87% on the day, trading at $0.26 at the time of publication. CHR also shows an overbought weekly Relative Strength Index with 93.14 points.All things considered, knowing which cryptocurrencies to avoid is crucial in trading. Speculators should always monitor relevant indicators and understand what they are investing in. SHARE YOUR TAUGHTS IN THE COMMENT SECTION #stxcoin #STX/USDT #PEOPLEUSDT
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Plan to trade XRP? Hereâs what you should now XRP has undergone a sharp short-term price correction after trading within a consolidated zone for several months despite gaining partial legal clarity that deemed it not a security. As the new week begins, XRP and the broader cryptocurrency market face critical moments, with all eyes on the anticipated spot Bitcoin (BTC) exchange-traded fund (ETF) approval. This event is closely monitored for its potential impact on the market. In this line, crypto analyst Cryptoinsightsuk, in an X (formerly Twitter) post on January 7, highlighted the significance of this event and its potential influence on the trajectory of XRP. From his perspective, XRP is poised for a breakout, but investors need to monitor various developments closely. The expert emphasized the importance of XRP holding a weekly close above $0.5636. This level is considered pivotal, with XRP having reacted to it multiple times over the past seven years, both as support and resistance. The analyst pointed out that the current technical characteristics of XRP resemble those of previous bear markets. He also observed a tight consolidation structure in XRP. From a technical standpoint, the rising consolidation is considered a more bullish structure than that seen in 2017. #XAI #XRPWhaleAccumulation #XRPUnlock
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6 cryptocurrencies under $1 to buy this week #VeChain (#VET) VeChainâs (VET) recent trademark acquisition can potentially have a revolutionary impact. With the prospect of ISO 20022 compliance, VET stands in a position to disrupt the trillion-dollar payments market and pave the way for collaborations with central banks, as per a report from January 7. At the time of writing, VET is changing hands at $0.03014, marking an increase in the price of 1.16% over the past 24 hours, contrary to the losses over the last 7 days of -13.01%, and adding to gains of 9.18% in the previous month #Cardano (#ADA) Recently, Cardano (ADA) has been forming a bullish pennant formation with investors and analysts speculating whether it will incur gains for ADA, and 30% to 40% is being predicted by a crypto analyst Captain Faibik post on January 2. Meanwhile, ADA was priced at $0.5063, with a -2.89% decrease over the last 24 hours, a loss of -16.07% in the previous week, and a -18.66% downside in the last 30 days. While the current market downturn has most crypto assets trading in red, this might present a potential âbuy the dipâ opportunity for traders looking for the near or distant future upside.
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6 cryptocurrencies under $1 to buy this week As the week starts, the broader cryptocurrency market is witnessing losses in what might be a wary response to the possible approval of a spot Bitcoin ETF. Altcoins are facing challenges as the week of the potential Bitcoin ETF approaches. This is unsurprising given the current emphasis on Bitcoin (BTC). However, momentum is expected to return to altcoins after the ETF event, crypto analyst Michael van de Poppe X noted on January 8. With this development around altcoins, Finbold compiled a list of 6 altcoins that may be a potentially lucrative investment for traders this week below $1. #XRP (XRP) In a recent report on January 3, Ripple announced its strategic expansion plan targeting the $1.5 trillion IT industry. Envisioning a transformative role in the IT sector, addressing longstanding challenges related to cross-border payments and other financial complexities that have persisted in the industry might prove to be a bullish catalyst for XRP (XRP) as Ripple uses it as a bridge currency to facilitate the transfer of value between different fiat currencies for its customers. At the time of writing, XRP was trading at $0.5597, representing a decrease of -1.38% in the past 24 hours, with -9.56% losses in the previous week and -18.13% in the last 30 days. #Polygon (#MATIC) The TD Sequential indicator recently indicated a buy signal on the 4-hour Polygon (MATIC) chart. Should there be a notable increase in buying pressure at present levels, there is potential for a rebound in MATIC, with a possible upward trajectory towards $0.88 and a further potential peak at $0.96, as per a post on X from crypto analyst Ali Martinez on January 6. continue in next post
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