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 makers’ 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.
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 — 238% of its capitalization. According to CoinMarketCap, the DAO was an experiment and had already dissolved.
Despite its lack of use with the ConstitutionDAO’s dissolution, PEOPLE features as a strong asset, according to CoinGlass’ 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 Bitcoin’s 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.
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.
VeChain’s (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 ‘buy the dip’ opportunity for traders looking for the near or distant future upside.
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.
BendDAO Announces the Release of the BDIN Token on January 6th
BendDAO, an NFT lending platform, has announced the introduction of its token, BDIN, on January 6 at 11:00, according to Foresight News. BendDAO announced that a snapshot will be taken prior to the token launch. likewise, the Alpha and Beta whitelist standards will only apply to token releases on the BendDAO platform, but BDIN tokens published on Launchpad will begin trading immediately.
I trade Binance and have earned and lost a lot of money in the last several months; here are my techniques (in random order).
First, purchase the dips. The issue is determining if it is a blip or a larger slump. Most cryptocurrencies have a daily natural peak and bottom.
Second, avoid chasing breakouts. So you're in the middle of your exchange, browsing trends - and BAM! You notice one rising. Your natural instinct is to purchase this shooting star. Then it crashes and takes you with it in E seconds.
Third, never purchase peaks. If you can't resist the impulse to acquire a coin whose value is rising, at the very least, NEVER, EVER buy when the green line is close to vertical.
Fourth, trade against USDT currency pairs. This is not guaranteed, but when trading against ETH or BTC, there is natural volatility on both sides of the pair.
Fifth, trade coins in large quantities. The greater the trading volume, the more predictable the trends. When hunting for alt-coins, aim to discover those with a high trading volume.
Sixth, long-term coin fundamentals have no bearing on short-term trades. You'll meet a lot of XRP, XML, Cardano, Zerox, and other cryptocurrency fans.
Seventh, daily news IS IMPORTANT. I follow CCN and a few other crypto news outlets, and when a big story breaks, it affects coin value. A flurry of news stories boosted XRP from $2.60 to $4.68 two months ago.
The eighth point is that coin hype is nonsense. There will be a lot of buzz from long-term holders looking to increase the value of their coin. For example, Justin Sun and his army of TRX supporters are constantly blogging about why it's supposed to be fantastic.
Ninth, Ignore. The mainstream press reports about crypto crashes on a daily basis, instilling fear among traders, which leads to crashes.
Tenth, understand when to walk away. After a couple of hours of trading, you grow weary and your reflexes can go to shit. #LearningOpportunity #earn #BTC!💰
Unibot Introduces a Solana-Specific Trading Bot for Early Adopters Unibot, a Telegram Bot project, has announced the debut of a Solana-specific trading bot, offering early users access to the first phase, according to Foresight News. Support for complex limit orders, embedded charting and token analysis, advanced routing and trading priority techniques, and built-in Ethereum and Solana bi-directional bridging are among the key features of Unibot on Solana. #SOL #BTC #Launchpool
The price of bitcoin (BTC) soared more than 6% on the first day of the new year, as the leading cryptocurrency blew past $45,000 for the first time since early April 2022. As has been the case for the past several weeks, anticipation that the U.S. Securities and Exchange Commission (SEC) will green light the launch of a number of spot bitcoin ETFs appears to be the catalyst for the move higher. A Reuters report over the weekend suggested that the regulatory agency could begin notifying ETF sponsors as soon as Tuesday that their applications were to be approved. #BTC #etf
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Good news! 💯 Another opportunity to Earn Free🏆 Money on Binance Launchpool Hey guys,if you missed grabbing an Ace token from the Binance launchpool yesterday, here's another opportunity to make some free bucks. Binance just announced the 41st project coming to their launch pool. Users who stake BNB, TUSD and FDUSD will be able to farm NFP freely for seven days. Important Details: Farming period: NFP token farming starts on December 20, 2023, at 00:00 (UTC), Binance will then list NFP at 2023-12-27 10:00 (UTC). Token Name: NFPrompt (NFP) Total Token Supply: 1,000.000.,000 NFP . Launchpool Token Rewards: 110,000,000 NFP (11% %of total token supply) Initial Circulating Supply: 250,000,000 NFP (25% of the total token supply) NB: You must be a verified Binance user to participate in launch pools. . Accumulated rewards can be redeemed every hour. You need to have either BNB, TUSD, or FDUSC to participate in this opportunity A higher stake means a higher reward Please support us with a tip❤️ for more informative contents😎 #BinanceWish #ACE #BONK #BTC #NFP
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Since its listing, ACE/USDT has become a popular option for both spot and futures trading. I personally participated in this by acquiring the currency right after Binance announced its listing. I even uploaded a snapshot of my earnings, but some people didn't believe me and accused me of photo tampering. This amused me because I have no reason to modify the photos. In reality, it would be more logical for someone to compensate me for promoting the coin. However, the entire thing made me feel awful yesterday.
Anyway, let's get back to the #ACE chart. Based on my findings, I feel this currency will do exceptionally well in the following days, as I am witnessing significant movement. Yesterday, one of my followers predicted that the price will reach $25, which made me giggle because they clearly don't understand how these things work. This coin was recently listed on Binance and other exchanges, and its price is now being stabilised in respect to other cryptocurrencies. As a result, there was a large increase of 2300% soon after listing, followed by a decline to 0.83%, which had no meaningful impact on the real price. This suggests that changes are being made to bring the pricing in line with other cryptocurrency assets.
For the time being, this coin is ideal for trading in futures trading, an opportunity which I have previously taken advantage of. If you want to scalp this currency, I propose following our page. I will continue to post price movement updates, so make sure you're subscribed.
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In my world picture - meme-coins will be one of the main narratives of the coming cycle, it is the main weapon of bubble bursting, hype and retail engagement. #Memepool #MemeCoinInsider
Here are 13 #Altcoins that i think can 5x- 100x over the next 12 months 1- $SOL 2- $DOGE 3- INJ 4-$ARB 5-$SHIB 5-$FEG 7- $BONK 8-$MONG 9- $CATLY 10-$LUNC 11-$PEPE 12-$XRP 13-$GROK
Everything is falling into place. Because I follow patterns and guidelines, and most importantly, I pick and stick to my course. There has been no significant change, with the exception of solid entrances for opening new long positions. One thing to keep in mind: Forget about achieving perfect entrances; instead, establish long positions with 1% of your portfolio and build your trade with DCA. We are rapidly approaching a bull market. As a result, in order to discover the appropriate entry, you will be left behind.
Targets are the same 43800-44500 leading to 45700 and then we will rally to $48,000 hitting soon$50,000.