Analytics: ETH, XRP, SOL, DOGE, MATIC, DOT, BTC

Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach their peak and beyond. While the catalyst behind the rally might be unclear, Polygon’s (MATIC) bullish trend could be a part of its upcoming zkEVM Network update. As the launch draws near, investors have continued to increase in numbers pouring more funds into the asset. 

Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. The soon-to-be-launched zkEVM network update is just one of the plans the developers of the Polygon network have announced to enhance the layer-2 scaling solution. 

According to Polygon co-founder Sandeep Nailwal’s recent tweet, the anticipated zkEVM comes soon as the mainnet launch now has an official date which is somewhere around the corner.

Polygon (MATIC) Surges Nearly 10% In 24 hours

Over the past 24 hours, MATIC has spiked in price by 8.6%, mirroring other altcoins’ bullish trend as the global cryptocurrency market capitalization still holds steady above the previously amassed $1 trillion mark. 

The past few weeks have seen a MATIC mark an upward rally movement, especially since the beginning of the year. MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. Meanwhile, the 1-day chart still indicates more rallies as there is still liquidity at the higher highs to be taken.

Notably, MATIC is ranked the 10th most valuable cryptocurrency asset by market capitalization, according to data aggregators CoinGecko and Coinmarketcap. Polygon currently has a market cap of $9.7 billion, higher than Solana with $8.8 billion but below Dogecoin, which sits at $11.8 billion.

Though MATIC has been climbing highs since the beginning of the year, it is still far from its all-time high of $2.92, seen in 2021. With the ongoing disbelief in the crypto market among investors, it is still uncertain whether the zkEVM will be a good enough catalyst to drive its value beyond or closer to its peak.

Polygon Network User Activity Plummets

Despite MATIC’s appreciation in value, the network user activity has recorded a decline in the number of interactions. Polygon’s number of daily users started the year positively moving from roughly 404,000 seen on January 1 to 696,00 users on January 6.

However, today, the figure has declined more than 10%, dropping to approximately 399,000, according to data from PolygonScan. The reason behind the plummet is still unclear, as the network activity is expected to increase, given the network’s recent collaborations with multiple top companies. 

Last year, Facebook (Meta) added support for the Polygon network. In addition, the layer-2 scaling solution recently partnered with Mastercard to launch a Web3 accelerator program to bring budding musical artists into the spotlight by leveraging Web3 technology and other blockchain-based innovations.

Featured image from FreePiks, Chart from TradingView

MATIC price started a fresh increase from the $0.920 support zone. Polygon bulls are now aiming more gains above the $1.12 resistance zone.

  • MATIC price started a fresh rally above the $0.98 resistance against the US dollar.
  • The price is trading above $0.98 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $1.18 and $1.20 resistance levels.

Polygon’s MATIC Price Rallies Above $1

This week, polygon’s price formed a strong base above the $0.900 zone.  MATIC remained stable and started a fresh increase above the $0.95 resistance zone.

There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.

The price traded to a new yearly high at $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high.

It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.12 and $1.15 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

Dips Limited in MATIC?

If MATIC price fails to rise above the $1.12 and $1.15 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.080 level.

The main support is near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high. A downside break below the $1.050 level could open the doors for a fresh decline towards $0.98. The next major support is near the $0.92 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $1.05 and $0.98.

Major Resistance Levels – $1.12, $1.15 and $1.20.

Ethereum struggled once again to clear the $1,640 resistance against the US Dollar. ETH is correcting lower and remains at a risk of a move below the $1,550 support.

  • Ethereum is slowly moving lower below the $1,620 and $1,600 levels.
  • The price is now trading below $1,600 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another decline if there is a clear move below the $1,550 support.

Ethereum Price Dips Again

Ethereum price started a decent increase above the $1,600 pivot level. ETH attempted a fresh upside break above the $1,640 resistance zone, but the bears protected more upsides.

A high was formed near $1,639 and the price started a downside correction. There was a move below the $1,600 level and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high.

However, the bulls were active near the $1,550 support zone. The price stayed above the 61.8% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high.

Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,590 level. There is also a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,640 level. An upside break above the $1,640 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 resistance.

More Losses in ETH?

If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,550 level or the triangle lower trend line.

The next major support is near the $1,520 level. If there is a break below $1,520, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,365 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,600

Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA.

  • Bitcoin is slowly moving lower from the $23,500 resistance zone.
  • The price is trading below $23,000 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it clears the $23,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price attempted a fresh increase above the $23,500 resistance zone. However, BTC struggled to gain bullish momentum above the $23,800 level. A new yearly high was formed near $23,829 and the price started a downside correction.

There was a drop below the $23,200 and $23,000 support levels. The price even spiked below $22,500 and traded as low as $22,492. It is now consolidating losses above $22,500.

Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair.

It is slowly moving above the 23.6% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low. An immediate resistance is near the $23,000 level, the 100 hourly simple moving average, and the triangle trend line.

Source: BTCUSD on TradingView.com

The next major resistance is near the $23,150 zone or the 50% Fib retracement level of the recent decline from the $23,829 swing high to $22,492 low, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $23,800 level. The next resistance could be near the $24,200 level. Any more gains might send btc price towards the $25,000 level.

Downside Break in BTC?

If bitcoin price fails to clear the $23,000 resistance, it could continue to move down. An immediate support on the downside is near the $22,500 zone and the triangle lower trend line.

The next major support is near the $22,400 zone. A downside break below the $22,400 level might send the price towards the $22,000 level. Any more losses might send the price to $21,250 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $22,500, followed by $22,400.

Major Resistance Levels – $23,000, $23,150 and $23,500.

The XRP price dipped in 2022 during the crypto winter, and the back-and-forth legal exchange between Ripple Labs and the U.S. Securities and Exchange Commission has not helped matters.

However, the token is still attracting interest from whales and institutional investors. XRP still has a chance of recovery, which seems to be the motivation behind the whale mass acquisition of the token.

Whales Seize The Dip

WhaleAlert reported that whales had moved 128 million-plus XRP worth close to $53 million in the last day. The largest whale activity recorded in that period was the movement of 35 million XRP worth around $15 million to the Bitstamp exchange. 

According to the data, whales have purchased up to 69 million XRP tokens in 24 hours. The first accumulation noted by Whale Alert is the addition of 33 million XRP (approx worth above $13 million) to a Bitstamp address.

Another large whale accumulation was 36 million tokens sent to a Bitstamp address worth 14,972,855 USD at the time of the transaction.

Whalestats also reports that XRP was the most traded token among the top 100 BSC whales. The top 100 whales on this list currently hold more than $28.6 million worth of XRP, which accounts for 2.5% of their entire portfolio.

Over the past few days, there has been increased whale activity on the XRP network. WhaleAlert reported massive transfers exceeding 600 million XRP tokens between anonymous whale addresses. The whale transfers come amid rising crypto inflows from investors since the beginning of the year.

A single transaction, as reported by WhaleAlert, carried 254,594,795 XRP, which amounted to $107,778,830 between two unnamed whale addresses. Another was about 221,500,500 XRP worth $89,110,472 from an unknown whale address to a Bittrex-linked wallet. Each of the transfers occurred in single transactions.

Ripple Versus SEC: Is The End In Sight?

The ongoing legal drama between Ripple Labs, Ripple (XRP) developers, and the SEC will likely end in 2023. Brad Garlinghouse, head of Ripple Labs, said he hopes for a conclusion in the ongoing saga in the first half of 2023.

The SEC sued Ripple Labs in 2020 for selling XRP tokens to the public, which it says were unregistered securities. The SEC has repeatedly classified XRP as securities, with the Ripple defense team objecting to the idea. Garlinghouse stated that the judgment would take some time, but his confidence in Ripple’s chances of a victory is high.

However, he emphasized that a settlement is unlikely since SEC chairman Gary Gensler has labeled all cryptos as securities. Both parties have completed the final step in their motion for summary judgment and are now anticipating the court’s decision.

Meanwhile, the lead counsel to the defendant in the XRP case, Stuart Alderoty, said the lawsuit’s outcome would define what tokens are securities in the crypto space. He added that the ruling would impact crypto asset regulations in the industry.

Featured Image From Pixabay/ vjkombajn, Charts From Tradingview

Solana is surging above $20 against the US Dollar. SOL price could extend its rally above the $26 and $30 resistance levels in the near term.

  • Sol price started a fresh increase above the $20 and $22 levels against the US Dollar.
  • The price is now trading above $22 and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $23.05 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
  • The pair could rise further if it stays above the $22.00 and $20.00 support levels.

Solana Price Rallies Over 10%

This week, solana price formed a base and started a steady increase above the $20 level. There was a strong increase above the $22 resistance zone, similar to bitcoin and ethereum.

The bulls even managed to pump the price above the $25 resistance. It traded to a new yearly high at $26.54 before there was a minor downside correction. There was a decline below the $24 level. The price declined below the 50% Fib retracement level of the upward wave from the $20.20 swing low to $26.54 high.

Sol price is now trading above $22 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $23.05 on the 4-hours chart of the SOL/USD pair.

The pair is now trading comfortably above the 61.8% Fib retracement level of the upward wave from the $20.20 swing low to $26.54 high. The price is now rising and up over 8%. On the upside, an immediate resistance is near the $25 level.

Source: SOLUSD on TradingView.com

The first major resistance is near the $26.50 level. The next major resistance is near the $28 zone, above which the price might rise towards the $30 barrier. Any more gains might send the price towards the $35 level.

Dips Attractive in SOL?

If SOL fails to clear the $26.50 resistance, it could start a downside correction. An initial support on the downside is near the $24 level.

The first major support is near the $23.00 level and the trend line. The next major support is near the $21.70 level. If there is a downside break below the $21.70 support, the price might test the next key support at $20.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $24, $23 and $20.

Major Resistance Levels – $25, $26.50 and $30.

Ethereum corrected lower sharply and tested $1,500 against the US Dollar. ETH started a fresh increase and is now trading above the $1,600 pivot level.

  • Ethereum is gaining pace above the $1,580 and $1,600 levels.
  • The price is now trading above $1,600 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further if it stays above the $1,600 and $1,580 support levels.

Ethereum Price Restarts Increase

Ethereum price started a sharp downside correction below the $1,600 level. ETH even declined below the $1,550 support zone and the 100 hourly simple moving average.

However, the bulls were active near the $1,520 support zone. A low as formed near $1,518 and the price started a sharp increase, similar to bitcoin. There was a steady increase above the $1,550 and $1,580 resistance levels. The bulls even pushed it above the $1,600 level.

Besides, there was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. Ether price is now trading above $1,600 and the 100 hourly simple moving average.

A high is formed near $1,639 and the price is consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $1,518 swing low to $1,639 high. An immediate resistance is near the $1,640 level. The next major resistance is near the $1,665 level.

Source: ETHUSD on TradingView.com

An upside break above the $1,665 resistance zone could start a fresh rally. In the stated case, the price may perhaps rise towards the $1,720 resistance.

Dips Limited in ETH?

If ethereum fails to clear the $1,640 resistance, it could start another downside correction. An initial support on the downside is near the $1,610 level or the broken trend line.

The next major support is near the $1,580 level or the 50% Fib retracement level of the upward move from the $1,518 swing low to $1,639 high. If there is a break below $1,580, the price might drop towards the $1,550 support. Any more losses might call for a retest of the $1,520 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,580

Major Resistance Level – $1,640

Bitcoin price started a fresh increase from the $22,400 support zone. BTC climbed to a new yearly high and now aims more upsides above $24,000.

  • Bitcoin started a fresh increase after forming a base near the $22,400 support zone.
  • The price is trading above $23,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it stays above the $23,000 support zone.

Bitcoin Price Restarts Increase

Bitcoin price saw a downside correction below the $23,000 level. However, BTC remained well bid near the $22,400 support zone. A low was formed near $22,341 and the price started a fresh increase.

There was a clear move above the $23,000 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair. The pair surged to a new yearly high at $23,829 and is currently correcting gains.

There was a move below the 50% Fib retracement level of the recent increase from the $22,341 swing low to $23,829 high. However, the bulls appeared near the $23,200 support zone.

Bitcoin price is now trading above $23,000 and the 100 hourly simple moving average. It is also above the 61.8% Fib retracement level of the recent increase from the $22,341 swing low to $23,829 high. An immediate resistance is near the $23,400 level.

Source: BTCUSD on TradingView.com

The next major resistance is near the $23,850 zone, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $24,200 level. The next resistance could be near the $24,500 level. Any more gains might send btc price towards the $25,000 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,400 resistance, it could continue to move down. An immediate support on the downside is near the $23,000 zone.

The next major support is near the $22,850 zone. A downside break below the $22,850 level might send the price towards the $22,500 level. Any more losses might send the price to $22,350 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $23,000, followed by $22,850.

Major Resistance Levels – $23,400, $23,850 and $24,200.

Polkadot’s DOT started a fresh increase from the $5.60 support against the US Dollar. It correcting gains, but indicators suggest high chances of a fresh increase.

  • DOT is holding the ground above the $6.00 and $5.80 levels against the US dollar.
  • The price is trading nicely above the $6.00 support and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $6.05 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair could start a strong rally once it clears the $6.40 and $6.50 resistance levels.

Polkadot’s DOT Eyes Fresh Rally

After forming a base above the $5.60 zone, DOT price started a fresh increase. It climbed above the $5.80 and $6.00 levels to move back into a positive zone.

The bulls were able to push the price above the $6.50 level and 100 simple moving average (4-hours). The price traded as high as $6.82 and recently started a downside correction, similar to bitcoin and ethereum. There was a move below the $6.50 level.

Dot price dipped below the 50% Fib retracement level of the upward move from the $5.59 swing low to $6.82 high. However, the bulls are protecting the $6.15 support zone.

There is also a major bullish trend line forming with support near $6.05 on the 4-hours chart of the DOT/USD pair. The bulls are also protecting the 61.8% Fib retracement level of the upward move from the $5.59 swing low to $6.82 high.

It is also above the $6.00 support and the 100 simple moving average (4-hours). An immediate resistance is near the $6.40 level. The main resistance is still near the $6.65 and $6.80 levels.

Source: DOTUSD on TradingView.com

A successful break above $6.65 and a close above $6.80 could start a strong rally. In the stated case, the price could easily rise 10%-15% in the near term.

Dips Limited?

If DOT price fails to continue higher above $6.65 or $6.80, there could be more losses. The first key support is near the $6.05 and $6.00 levels.

The next major support is near the $5.80 level and the 100 simple moving average (4-hours). Any more losses may perhaps open the doors for a move towards the $5.50 support zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now just below the 50 level.

Major Support Levels – $6.05, $6.00 and $5.80.

Major Resistance Levels – $6.40, $6.65 and $6.80.

Ethereum started a downside correction below $1,600 against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,480 support.

  • Ethereum is showing a few bearish signs below the $1,600 and $1,580 levels.
  • The price is now trading below $1,600 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover if it stays above the $1,500 and $1,480 support levels.

Ethereum Price Trims Gains

Ethereum price failed to clear the $1,650 resistance zone. ETH corrected lower below the $1,620 and $1,600 level, similar to bitcoin. The decline gained pace below the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,680 high.

The price declined over 6% in a day and traded below the $1,550 support zone. A low is formed near $1,518 and the price is now consolidating losses.

Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,555 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low.

The next major resistance is near the $1,660 level. It is close to the 50% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low. There is also a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An upside break above the $1,620 resistance zone could start a fresh rally. In the stated case, the price may perhaps rise towards the $1,680 resistance.

More Losses in ETH?

If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,520 level or the recent low.

The next major support is near the $1,480 level. If there is a break below $1,480, the price might drop towards the $1,420 support. Any more losses might call for a test of the $1,350 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,480

Major Resistance Level – $1,600

2023-01-28 05:01