Bitcoin and ETH Consolidate, AAVE Could Surge To $300

Key Insights:

  • Bitcoin is trading above the $46,700 support zone.
  • Ether (ETH) is facing resistance near $3,425.
  • AAVE rallied above $200 and $220 resistance levels.

Bitcoin

After a strong increase, bitcoin price spiked above the $48,000 level. However, the price faced sellers near the $48,150 zone.

There was a downside correction below the $47,500 support zone and the 21 simple moving average (H1). The price is now following a declining channel with resistance near $47,600 on the hourly chart.

Bitcoin

A clear move above the channel resistance might start another increase and bitcoin could rise towards the $48,850 level. On the downside, the $46,700 level is a major support. Any more losses might increase selling pressure and the price could decline to $46,000.

Ethereum (ETH)

ETH gained pace above the $3,400 resistance level and the 21 simple moving average (H1). It even spiked above the $3,450 level, but faced sellers near $3,485.

The price is now consolidating gains above the $3,350 support level. There is also a connecting bullish trend line with support near $3,340 on the hourly chart. A downside break and close below the trend line could spark a sharp decline to $3,250.

Ether

On the upside, the price could face resistance near $3,425. A clear move above the $3,425 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $3,485.

AAVE

AAVE started a strong rally after it formed a base above the $110.00 level. There was a clear move above the $120.00 and $150.00 resistance levels.

During the increase, the price climbed a major bearish trend line with resistance near $122 on the daily chart. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $294 swing high to $112 low.

AAVE

It is now trading well above the $200 level and the 21-day simple moving average. The bulls are now facing resistance near the $230 level. The next key resistance might be $250 or the 76.4% Fib retracement level of the key decline from the $294 swing high to $112 low.

A clear move above the $250 resistance could set the pace for a move towards the next barrier at $300 in the coming sessions.

ADA, BNB, and DOT price

Cardano (ADA) slowly moved below the $1.20 level. It is now consolidating near the $1.18 level and might decline to $1.165.

BNB is consolidating near the $435 level. The main barrier is still near the $450 level, above which the price could start a strong rally.

Polkadot (DOT) is moving lower towards the $22.00 support level. If there is a downside break, the price could decline to $21.20.

A few trending coins are WAVES, ZIL, and COMP. Out of these, ZIL is gaining pace above the $0.15 resistance level.

Top 5 Cryptocurrencies to Watch This Week – ADA, ALGO, VET, FIL, UNI

Key Insights:

  • BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark. 
  • ADA, ALGO, VET, FIL, and UNI were a few coins that noted high daily and weekly gains at press time. 

With the global crypto market cap well above the $2 trillion mark noting a 4.07% increase in 24-hours, standing at $2.11 trillion, most cryptocurrencies noted a healthy uptick in price. 

Bitcoin has completed its second successive weekly gain and ended the weekend at the highest weekly closing price year-to-date. At press time, bitcoin traded at $46,897, noting close to a 15% rise in price over the week. 

The recent BTC gains fueled a larger market rally as most altcoins highlighted gains on their daily and weekly time frames. Of the top cryptocurrencies, Cardano (ADA), Algorand (ALGO), VeChain (VET), Uniswap (UNI), and  Filecoin (FIL) were some of the top gainers highlighting high daily and weekly gains.

To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Cardano (ADA)

Cardano’s sustained price uptrend since March 15 has led the coin to gain close to 50% price since then. ADA has sustained its uptrend above the critical level at $1 for the past few days. 

The continued price recovery highlights that traders who bought under the $1 level are not looking to take profits and expect the uptrend to continue. Notably, the $1.20 mark has acted as a significant resistance line, and a move above that level could further confirm ADA’s uptrend in the short term. 

FXempire, ADA, Crypto
ADA Price Action | Source: FXEmpire

ADA’s key moving averages have completed a bullish crossover. Daily RSI was in the overbought zone indicating that buyers dominated sellers in the market. If bulls can further push buying sentiment and sustain the price above the $1.20 support price can see another rally to the next key resistance at $1.60.

However, since RSI was in the overbought zone, if buyers’ bullish sentiment weakens, the same could send the altcoin back to the $1 range. Bulls are cautiously defending the $1.20 zone on a four-hour chart, which acts as resistance at press time. However, in the near term, if the price breaks below the 20-EMA a price pullback can be expected. 

Algorand (ALGO)

In March, ALGO has charted a parabolic recovery, recovering from the under $0.70 mark. At press time, the 29th ranked altcoin traded at $0.9574, noting 3.89% daily and 30.10% weekly gains.

Despite ALGO’s recent gains, the coin was down 70.28% from its all-time high price of $3.24 made in June 2019. Trading volumes for Algorand have maintained constant levels throughout March, which present that the recent gains were largely market-driven and not retail-driven.

However, the coin’s RSI on a one-day chart had finally entered the overbought zone presenting a rise in buyers. As buyers dominated sellers alongside decent price uptick, the larger market sentiment was bullish. 

The $0.996 mark can act as a strong resistance for the token in the near term, and a move above the same can ensure further gains. 

FXempire, Algorand, Crypto
ALGO Price Action | Source: FXEmpire

However, a fall under the $0.931 level can lead to further consolidation or losses for the altcoin. 

VeChain (VET)

VeChain, like many other top coins, has reversed its price losses of 2022, noting a close to 40% rise in the last two days. At press time, VET exchanges hands at $0.0774, presenting 15.83% daily and 57.44% weekly gains. 

The coin could witness further gains if VET’s price maintains above the key $0.0768 support/resistance mark. 

FXempire, VET, Crypto
VET Price Action | Source: FXEmpire

The coin’s RSI at the time of writing oscillated in the overbought zone, which presented a dominance of buyers in the market. Furthermore, VET saw one of its highest trade volumes since May 2021, which signified retail euphoria in the current rally. 

However, since the VET market looked overheated, a pullback from the $0.0960 mark, which acts as a key resistance, can weaken the bullish momentum. On the contrary, a move above the same can aid further bullish momentum in the coming week. 

Filecoin (FIL)

Filecoin’s price saw a clear downtrend in the past few months as FIL broke down below multiple resistances and retested them as support. 

However, in the last two weeks, its price climbed above the lower resistance at $18.9 and the next significant resistance levels at $20.9 and $22.00. 

FXempire, FIL, Crypto
FIL Price Action | Source: FXEmpire

At press time, FIL traded at $24.70, noting 27.59% daily and 38.83% weekly gains. Retail crowds supported Filecoin’s recent rally as the coin saw high trade volumes for two consecutive days. 

Its RSI reached the overbought zone for the first time since September 2021, highlighting a rise in buyers. The next crucial resistance for the coin lies at the $31.18 mark, but a push from bulls can convert that level to support, ensuring a bullish outcome for the token in the near term. 

However, a short-term price pullback can be expected if the coin fails to maintain the aforementioned resistance levels, primarily above the $23.46 mark. 

Uniswap (UNI)

UNI had recovered from the losses over the last two months, pulling its price up from the low of $7.52 seen in February-end. At press time, the Defi token traded at $11.44 noting a 7.06% rise in price over the last day and a 20.02% price uptick in the weekly time frame. 

The $8.27 level acted as strong support for the token throughout this year. The next key resistance for the coin lay at the $11.89 and $12.55 mark and a move above the same can push the coin for higher gains in the near term. 

FXempire, UNI, Crypto
UNI Price Action | Source: FXEmpire

RSI for UNI was in an uptrend since March 14 and was just under the overbought zone at press time. Nonetheless, a clear dominance of buyers in the market could be spotted for UNI.

However, since retail euphoria or high trade volumes were still missing, consolidation could be expected in the short term. 

Helium (HNT) Eyes a Return to the $30 Level

Helium is moving lower as leading cryptocurrencies decline after the recent attempt to gain upside momentum.

Helium Declines Amid Pressure on Riskier Assets

Helium is a decentralized network for IoT devices. HNT has recently made an attempt to settle above the $40 level but failed to develop sufficient momentum and pulled back close to the $30 level.

Its recent fate is similar to other Web3 coins like FileCoin or Theta which are trading near multi-week lows. It looks that the key reason for this weakness is the increasing connection between traditional financial markets and crypto markets.

When riskier assets find themselves under pressure, cryptocurrencies are often leading the way lower. The opposite is also true – increasing demand for riskier assets provides material support to crypto markets.

HNT Is Testing the Support Level at $31.50

hnt january 14 2022

HNT faced strong resistance near the 20 EMA and the 50 EMA above the $35 level and pulled back towards the support level at $31.50. This support level has already been tested several times and proved its strength.

It should be noted that RSI is in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.

In case HNT settles below the support at $31.50, it will move towards the next support level at $30. A move below this level will signal that HNT is ready to continue the pullback from highs that were reached at the beginning of 2022. In this case, HNT will head towards the next support at $28.00. A successful test of this level will push HNT towards the support at $26.80.

On the upside, the nearest resistance level for HNT is located at the $33 level. A move above this level will push HNT towards the resistance at $34.00. In case HNT manages to settle above $34.00, it will head towards the resistance at the 20 EMA at $35.30.

hnt h1 january 14 2022

Taking a look at the H1 chart, we can see that RSI has moved out of the oversold territory, so HNT will have a good chance to gain additional downside momentum in the near term in case it manages to settle below the important support level at $31.50.

Top Five Web3 Coins To Have Under the Radar in 2022

The new era of the internet is here and it is called “Web3”, thanks to the technology that is behind the cryptocurrencies which is blockchain.

In the mid-90s, when the Internet was invented, platforms like “Yahoo!” and “MSN Messenger” were some of the most used ones for search and communication purposes, this was known as “Web1.”

As years passed by, the internet got more adoption and platforms like Spotify and Instagram were launched in this new phase of the internet known as “Web2”.

In 2014, Gavin Wood, known for being co-founder of Ethereum and Polkadot, named and described for the first time ever the word “Web3” in a post called “ ĐApps: What Web 3.0 Looks Like”.

“Web 3.0, or as might be termed the “post-Snowden” web, is a reimagination of the sorts of things that we already use the Web for, but with a fundamentally different model for the interactions between parties.” Gavin Wood

What Is Web3?

Last year, the crypto world gained a lot of attention worldwide, especially in the NFTs (Non-Fungible Tokens) ecosystem. The main NFT marketplace, OpenSea, got 10x of users since the beginning of the year, from approximately 100,000 users to almost 1 million, according to Dune Analytics data.

As NFTs got an explosive growth last year, some users who bought an NFT could also receive benefits, this is one of the main characteristics in the Web3 era, users are also benefited from artists or creators by supporting them.

“Web3 is the internet owned by the builders and users, orchestrated with tokens,” said Chris Dixon, general partner at VC Andreessen Horowitz.

Five Web3 Coins To Watch This Year

Polkadot (DOT)

DOT is the 10th biggest cryptocurrency by market capitalization ($24 billion) with a value of $24.36 per coin, after reaching its all-time high of $53.88 in November 2021, according to CoinMarketCap.

DOT
September 2021-January 2022 DOT/USD chart. Source: FXEMPIRE

The project was founded by Gavin Wood, Robert Habermeier, and Peter Czaban in 2016, supported by the Web3 Foundation, it is a platform for Web3 where users are in control and it is completely decentralized.

Polkadot has its main chain called “Relay Chain”, which is built as its Layer 0, and in order to have better scalability in the network, there are Parallel Chains known as “parachains” built as Layer 1 blockchains that are connected to the main chain and can be connected to other networks via bridges.

Last month the first five parachains were live on the network through different auctions, which is one of the reasons that the price reached its all-time high. As more parachains are launched this year, we can expect that the price could have a positive reaction to them.

FileCoin (FIL)

FIL is the 37th biggest cryptocurrency by market capitalization ($4.2 billion) with a value of $28.21 per coin, after reaching its all-time high of $191.36 in March 2021, according to CoinMarketCap.

FIL FXEMPIRE
September 2021-January 2022 FIL/USD chart. Source: FXEMPIRE

The project was founded by Juan Benet in 2014, it is a decentralized storage network where users pay storage miners FIL tokens to store their information securely and correctly.

In October 2021, they launched FileCoin Plus, so storage providers can connect with verified clients. According to their official Twitter account, Inflow music will be released next month, a social token platform where fans will also benefit by supporting the artists.

Theta Network (THETA)

THETA is the 40th biggest cryptocurrency by market capitalization ($4 billion) with a value of $4.01 per coin, after reaching its all-time high of $14.28 in April 2021, according to CoinMarketCap.

THETA FXEMPIRE
September 2021-January 2022 THETA/USD chart. Source: FXEMPIRE

The project was founded by Mitch Liu and Jieyi Long in 2017, it is a decentralized video streaming platform in order to stream excellent video quality that is run by a network of hundreds of computers across the globe.

According to its official website, Theta Network has big partners like MGM, Lionsgate, and NASA and during 2022 they are delivering airdrops and an NFT based video platform.

Helium (HNT)

HNT is the 46th biggest cryptocurrency by market capitalization ($3.3 billion) with a value of $31.45 per coin, after reaching its all-time high of $52.71 in November 2021, according to CoinMarketCap.

HNT FXEmpire
September 2021-January 2022 HNT/USD chart. Source: FXEMPIRE

The project was founded by Shawn Fanning, Amir Haleem, and Sean Carey in 2013, it is a decentralized wireless network where IoT devices are used as Hotspots and earn HNT tokens when data is transferred.

The Helium team attended last week at the Consumer Technology Association in Las Vegas and recently partnered with FreedomFi, a 5G network builder.

BitTorrent (BTT)

BTT is the 54th biggest cryptocurrency by market capitalization ($2.4 billion) with a value of $0.002483 per coin, after reaching its all-time high of $0.01 in April 2021, according to CoinMarketCap.

BTT FXEmpire
September 2021-January 2022 BTT/USD chart. Source: FXEMPIRE

The project originally was founded by Bram Cohen in 2001, but then in 2019, it was acquired by the TRON Foundation, it is the world’s largest decentralized file-sharing protocol that uses its native token BTT which can be earned by seeding files, according to its official website.

Although these five coins are down more than 30% since their all-time highs, the Web3 mania appears just to be starting, these are only five projects but there are many more building it to expand this new era of the internet.

Crypto News Updates: Filecoin (FIL), Theta (THETA), Elrond (EGLD), Bitgert (BRISE) & Helium (HNT)

There are already several cryptocurrencies that are showing huge potential and are worth taking a look at. For the investors in the crypto market, here are crypto projects that are worthy of considering:

Filecoin (FIL)

Filecoin is a cryptocurrency that was launched in 2017 to provide decentralised storage solutions. Considering that humans require safe storage for their most variable data, the team started developing a platform that would allow users full control of their safe storage.

Filecoin provides a platform where users can store their most variable data in a decentralised manner. This simply means there are no third parties that can access the data. The safety and the integrity of the storage are guaranteed, unlike cloud storage. This is what is attracting investors and users to the project.

Over the years, the team has improved the platform with the advancing blockchain technology. There has been the addition of more products on the platform, which increases the project utility. Look at the 2022 roadmap to see why this might be one of the biggest cryptos in 2022.

Theta (THETA)

The demand for video streaming has seen platforms like Youtube grow big within a very short time. But the decentralised of video streaming is what makes Theta one of the biggest cryptocurrencies. The platform is decentralising video streaming by allowing users to share bandwidth and computing resources on a peer-to-peer (P2P) basis.

With video streaming growing big every day, Theta is projected to become one of the biggest cryptocurrencies of 2022. The number of users and content developers that will be joining the platform is predicted to increase significantly in 2022. This will see the demand do the THETA, the native coin, increase.

The team has also revealed an impressive 20222 roadmap that aims to improve the utility and efficiency of the platform. Therefore, this is an ideal investment because of its huge potential to break out in 2022.

Elrond (EGLD)

Founded in 2017, the Elrond project objective was to address the speed problem on the blockchain. With Bitcoin and Ethereum having scaling issues, there was a need to improve speed to accommodate the growing number of crypto users. Elrond team designed a blockchain protocol that increased the number of transactions per second.

Over the years, the team has been working on this platform and has built one of the most powerful blockchain protocols that use sharding technology to address the scaling issues. With growing demand from users, the platform has also added products to the ecosystem to keep the platform intuitive and user friendly.

Elrond is still one of the best blockchain protocols when it comes to transaction speed. The team has also improved the security, gas fee and sustainability making it an ideal investment for 2022.

Bitgert (BRISE)

Bitgert (BRISE) is one of the most talked-about crypto projects in the crypto market today. The token is trending on the major exchanges, including Binance and others. It is currently one of the mooning cryptocurrencies in 2022. But the recent surge in price and the coin market value is development done by the team.

For a project that launched on July 28th 2021, the team has accomplished a lot by launching the staking process. Bitgert is a Defi project that is building a powerful payment system that enables users to transact on a p2p platform.

But the team is developing products that make this project the biggest thing in DeFi. The team is developing a centralised cryptocurrency exchange and a zero gas fee blockchain. These are two products making the project popular.

The Brise exchange is launching in Q1 2022. The gas-free blockchain is in the development stage, and the launch date will be announced soon. In addition to impressive products, the team is doxxing, and the project is registered as a legal entity. Check out more on the Bitgert website.

Helium (HNT)

Helium (HNT) is a unique blockchain protocol built to decentralise the Internet of Things (IoT). The platform launched in 2019 and has been performing very as the adoption of IoT technologies increases. The technology works by the Helium mainnet allowing low-powered wireless devices to communicate with each other as well as send data across the nodes.

The platform is increasingly growing popular as more people invest in IoT devices, and we are likely to see the value of the coin increasing in 2022. The team is blending LoRaWAN and blockchain technologies to provide a platform that caters to even the latest and emerging technologies in IoT.

The Helium team has also released the 2022 road map, which shows how great this project is going to be in 2022. This is why it has been featured on this list.

Do thorough research before investing in any of these cryptocurrencies or any other crypto project. The information herein may not enable the investor to make a solid investment decision. This is why more research is recommended.

Filecoin (FIL) Mainnet Celebrates Its First Anniversary, Price Stands At $62

The Filecoin (FIL) team is celebrating the first anniversary of its mainnet, whose major product runs 13 EiB of file storage nowadays.

The project operates a distributed data storage ecosystem, but its celebrations were overshadowed in some way after a Chinese police’s action on an alleged multi-marketing level scheme.

31 People Arrested From Major Filecoin Company

Reports from the state-run news agency Xinhua and quoted by Colin Wu via his Twitter profile, a well-known independent journalist specializing in Asian crypto affairs, say that a police unit from Xuzhou city conducted a series of raids with over 18,000 police officers involved in the operations.

The main target was people from Star Alliance Network, one of the world’s largest Filecoin companies.

As a result, 31 people were arrested by the Chinese police, and around $80 million worth in FIL and other cryptocurrencies – including Ether (ETH) and a local crypto dubbed Teda (TDB) – were seized.  Specifically, Fèngxiáng police noted that these 31 individuals were part of an alleged ‘MLM’ scheme.

However, Star Alliance Network issued a statement shortly after the police’s action, stating that these funds were allegedly used for illicit purposes and the arrests are not related to the firm’s business.

Also, the company commented that “most members have resumed normal work” and will be fully back after the investigation is completed.

The news didn’t directly impact FIL’s price action, as the coin keeps treading waters around the $62 neighborhood. After plummeting towards $52.17, FIL recovered some ground and looked forward to breaking above the 200-period simple moving average at $66.00.

Decisive Stage In FIL Price Action

Suppose that scenario materializes in the near term. In that case, bulls will be favored by a buying wave that could push the cryptocurrency higher towards the psychological level of $70.00 in a first degree, followed by the $72.00 level, where the price action formed a Doji at the H4 chart during mid-October.

FIL FXEmpire

Still, the RSI indicator remains neutral, awaiting a decisive move in the coin, which in case that it turns bearish, FIL needs to break clear out the support area of $58.00 to open the doors and fall towards $52.00. If such a level gives up, the bearish stance could strengthen further, even for the mid-term in the crypto.