Hi friends, Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.It is not only the crypto markets that are facing selling by investors. The S&P 500 has also plummeted 8% year-to-date. However, gold has outperformed and risen about 1.76% during the period, cementing its billing as a safe haven asset.
LUNA/USDT
Terra’s LUNA token has been trading inside a descending channel for the past few days. The price dropped to the support line of the channel on Jan. 22 but the bulls purchased this dip aggressively as seen from the long tail on the day’s candlestick. The LUNA/USDT pair could attempt a pullback to the moving averages and then to the downtrend line of the channel. If bulls propel the price above the channel, the pair could rise toward $87.90 and later to $93.81.Contrary to this assumption, if the price turns down from the current level or the moving averages, it will suggest that bears are selling on every minor rally. The pair could then retest the support line of the channel. A break below this support could accelerate the selling.
ATOM/USDT
Cosmos (ATOM) turned down from the overhead resistance at $40 on Jan. 17 and plummeted to the 200-day simple moving average ($27.57) on Jan. The ATOM/USDT pair has rebounded sharply off the 200-day SMA, suggesting that bulls are defending this level aggressively. The buyers will now try to push the price to the 20-day EMA ($35.91).
A break and close above this level could indicate that the correction may be over. The pair could then rally to the critical overhead resistance at $44.80.
This positive view will invalidate if the price turns down from the current level or the 20-day EMA and breaks below the 200-day SMA. Such a move could open the door for a possible drop to $20.
ACH/USDT
Alchemy Pay (ACH) aims to bridge the gap between the crypto and fiat world by achieving seamless transactions between the two economies. Its recent partnership with MEXC Global will provide users with several payment options in Japan, Korea, and Indonesia.
Alchemy Pay also teamed up with Algorand and Avalanche to bring direct fiat payment channels such as Visa, Mastercard, PayPal and several local payment channels to their network.
A new partnership with NIUM will help Alchemy Pay lower costs for its clients in the 190+ countries where NIUM operates. NIUM’s licences in financially important regions such as the United Kingdom, Europe, U.S., Singapore, Hong Kong and Australia, will assist Alchemy Pay in penetrating these markets.
FTM/USDT
Fantom (FTM) broke above the $3.17 overhead resistance on Jan. 16 but could not clear the next hurdle at $3.48. This may have attracted profit-booking by traders, resulting in a sharp pullback.The bears pulled the price below the 50-day SMA ($2.14) on Jan. 22 but could not sink the FTM/USDT pair to the 200-day SMA ($1.57). Strong buying by the bulls has pushed the pair back above the 50-day SMA.
The bulls will now try to push and sustain the price above the 20-day EMA. If they manage to do that, the pair could retest the overhead zone.
Conversely, if the price turns down from the current level or the 20-day EMA, it will suggest that traders are selling on rallies. The bears will then try to pull the pair below the 200-day SMA.
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