In the last seven days,the crypto market
bounced back from a nearly $600 million crash,
sending Bitcoin close to its pre-crash levels at
$45K. Additionally, altcoins made notable gains,
Dut tney dlverged trom Bitcoin's path due to the
couldn't fully capitalize on the market recovery,
strong performers like Celestia, Arbitrum, and Sei
saw significant price surges this week and are set
to continue their momentum in the coming week.
Decrease In Altcoin
Dominance As Bitcoin's
Influence Increases
While Bitcoin and various altcoins have both
recovered from their crash levels. there's a notable
difference in their dominance trends. Recent data
amend a ctoady increase
reaching 53.6% with minimal downward
fluctuation. In contrast, the dominance of altcoins
has shown a downward trajectory, hitting a weekly
low of 12.1%.
Interestingly, prior to the crash on January 3rd, th
altcoin market was nearing a significant phase,
often referred to as 'altcoin season; as the index
reached a more than one-year high, trading at level
69. It's important to note that the altcoin season is
Z5 However since that peak, the index has been
on a downward trend, currently trading at 59,
thereby weakening the likelihood of a robust bull
run in the market ahead of SEC's decision on spot
Bitcoin ETE.
Celestia (STIA ) Price
Analysis
level. However, the positive sign is that the price
has consistently remained above the 50%
Fibonacci retracement level of the current price.
Ine buish sentiment is further supported by the
EMA20 and the Relative Strength Index (RSI)
hinting at further surges. However, rejections
around $14-$17 might weaken any bullish
comeback.
If the price holds above the 20-day EMA, there s
e bey rocictance level at Ś17. Surpassi
level could pave the way for a new high for the
altcoin in the next week.
Arbitrum ($ARB ) Price
Analysis
the ascending support line.
Arbitrum price experienced a dip below the 20-day
Exponential Moving Average (EMA), yet the bears
nd $14
In the coming hours, sellers might attempt to test
the support line, and a break below might trigger
long-liquidations. However, the buying pressure is
EMA20 trend line. A surge above the 20-day EMA
could intensify buying pressure, taking the ARB
price above $2.1 next week.
vards
Sei ($SEI) Price Analysis
support line.
Sei price has been in a ascending channel pattern
ngly defending
for over the past few davs: however it facee.
rejection at $0.88. With the price trading below
EMA20 now and the RSI holding below the midline
sellers are aiming for a retest of the ascending
coming week. DYOR.!
