Crypto Market Analytics January 27th | Dex-Trade

Crypto Market Analytics January 27th | Dex-Trade

Dramatic Rollback of ETH, Record Growth of APT and Seductive MATIC: Results of the Trading Week and Expert Forecasts

For the first time since the beginning of the year, we experienced a week full of dramatic corrections and fairly quick recovery. It is noteworthy that in this case, the market flagship turned out to be the least vulnerable to such cataclysms, so it is still trading in a weekly range from a low at $22,565 to a high at $23,589. It is also important to consider that it was the US GDP numbers that exceeded expectations that led to a short-term rally in cryptocurrency prices. However, this rally was short-lived due to the still tight labor market and speculation that the Federal Reserve could keep interest rates high for a longer period of time.

Another “deferred” tool for a positive impact on the market could be Tesla’s BTC stock. The company published a report for the 4th quarter of last year, from which it became clear that it has not used bitcoins in any operations for at least 2 months. Despite the fact that the auto giant has already sold 75% of its storage, Tesla representatives announced the decision to no longer sell BTC in the second half of this year. But the actual heroes of the current week are altcoins, so today we will take a closer look at the most promising and interesting coins of the week.


ETH Rollback: Will it Be Possible to Survive Above $1,550?

On January 21, a phase of significant growth of Ethereum above the reference level of $1,600 began. At the same time, the bulls made an attempt to break through and consolidate above the resistance zone around $1,640, but the bears held their position and the actual maximum was formed at $1,639, after which a downward correction began. By the end of the week, bulls were active near the support zone around $1,550. The price remained above the 61.8% Fibonacci retracement level of the recent leg from a swing low at $1,518 to a high at $1,639. At the time of writing, ETH is trading below $1,600 and 100-hourly idle moving average.

The next major resistance continues to be around the $1,640 level. A breakout of this zone may cause a significant increase and a breakout of the $1,700 zone. In this case, the price may rise to the resistance at $1,720. The hourly MACD of the ETH/USD pair is now gaining momentum in the bearish zone. The RSI also fluctuates below 50, however, the graph shows the prospect of an increase in the index, which indicates that buyers are sufficiently motivated. The current support remains at $1,550 and the current resistance is at $1,600.


Record Holder Among Altcoins: APT Soared by 139% in a Week

Despite the correction that lasted from January 23rd to 25th, the price of Aptos (APT) has risen from $13 to almost $18 over the past 2 days, showing a fantastic jump of 139.39%. The maximum was fixed at $20.29, after which a correction began to a support level near $16. However, the bullish momentum was enough for repeated rallies, so the coin overcame the $17 zone by the end of the week and continued to move north. At the moment, the bulls have probably taken a break, so the APT is stuck in a rather narrow local trading range.

Some analysts suggest APT could target $20 if buying pressure gets strong enough. But judging by the RSI on the 4-hour chart, the initiative of the bulls begins to subside and the coin returns from the overbought zone. This may indicate the end of the rally. However, the asset's trend remains neutral-bullish, and the trading dynamics is still quite chaotic. If the price drops below the 50-day moving average, the asset may drop significantly, and the $10 and $8.81 zones will become new support. The scenario of falling below $8 is not yet discussed, since analysts are quite optimistic about APT.


MATIC Is Trying to Gain a Foothold Above $1

This week, the price of MATIC formed a strong base above the $0.90 zone, stabilized and started a new rise above the $0.95 resistance zone. But the main thing is that at the end of the week, the coin moved decisively above the $1 level and the 100x simple moving average (on the 4-hour timeframe). The main achievement of the bulls at the moment can be considered a break above the key contracting triangle with resistance around $1.02 on the MATIC/USD 4-hour chart. The price hit a new yearly high of $1.1298 and is currently consolidating gains.

The weekly growth rate of MATIC was 15.96%, which is notably higher than that of the market flagships. Now the nearest resistance is near the $1.12 level, and the first serious resistance is forming near the $1.15 zone. If there is a breakout of the main resistances, the price may begin to rise to the important psychological level of $1.20. But if the bears contain the bullish attack, the price of the coin will correct around the $1.08 mark and may start a downward movement below the $1 level.