The cryptocurrency market continues to progress in the green zone, especially the leading crypto Bitcoin (BTC). Analysts share altcoin projects that they think are giving bull signals.
Altcoin projects giving a bullish signal
“SHIB descending channel rise confirmed”
Crypto analyst Captain Faibik tweeted that the Shiba Inu (SHIB) has broken up from its descending channel. Moreover, he replied, “Come on Bulls, Send to Mars” in response to the bulls to push the SHIB higher. The analyst predicted that SHIB has the potential to rise 280.94% and reach $0.00002579.
Bull momentum rises in 1inch Network
1inch Network reveals that bulls have taken control of the market as prices cross the $0.4511 level. The market is expected to continue this upward trend in the short term as buyers increase their positions at higher levels. If the $0.4511 level is maintained and buyers can break the $58.00 resistance and reach new highs in the near term, a sustained bullish trend can be expected.
One-day 1INCH price analysis confirms the bullish trend for the altcoin as the price has increased significantly. The market broke the $0.4541 resistance and it is now trading above that level. Prices are trading in an ascending triangle pattern, which is a bullish pattern.
All in all, the altcoin price analysis reveals that the bulls have taken control of the market and will continue to push prices higher in the short term. Technical indicators are also in favor of the bulls. Therefore, we can expect prices to continue to rise in the near term and the next target is the $0.4511 level.
“Atom is worth the risk for future rewards”
Crypto analyst Income Sharks tweeted that at the current level of ATOM it is worth taking the risk. The analyst says that while ATOM’s bottoms are a bit overextended, other short-term scalps have tight stances that seem like a good enough risk to reward setups.
Income Sharks predicts that ATOM will skyrocket at the current levels it has reached. This bullish momentum will continue further as it breaks the key resistance level at $10.4. This indicates that ATOM will go to the moon.
Polygon (MATIC) price may soon be on its feet
Crypto analyst Valdrin Tahiri states that the price of Polygon (MATIC) has confirmed a long-term key level of $0.77 as support. The trend is considered bullish as long as it trades above it.
cryptocoin.comAs you followed on January 7, Polygon reportedly received a $3 million grant to migrate from Solana to Polygon Blockchain. The grant will reportedly be used to expand the team and start an incubator. On the same day, Mastercard announced that it has partnered with MATIC Network to provide a platform for new music artists. The partnership will begin with the Mastercard Artist Accelerator Program, which will begin in the spring of 2023. Finally, there will be a Polygon hard fork on January 17 that will improve the user and developer experience. Hard Fork will attempt to overcome excessive gas spikes and address chain realignments.
Will the Near Protocol (NEAR) exceed $2?
NEAR is performing well in the market today and is trading at $1.81. Crypto analyst Jammy Hunts points out the following technical levels. Support levels are $1,378, $1,468, and $1,647, while resistance levels are $1,917, $2.01, and $2.19. The altcoin will test the first level of resistance and likely surpass it based on current performance.
NEAR is currently trading above the 50-day Simple Moving Average (SMA); therefore, more positive price action is expected in the short term. It is still below the 200-day SMA, which indicates a possible long-term reversal for the crypto asset. The price chart shows that the token has emerged from a sideways trend and is likely to continue its upward trend. The Relative Strength Index (RSI) is currently in overbought territory at 70.51. This is a buy signal as the move is likely to continue. The Moving Average Convergence/Divergence (MACD) is above the signal line but still looks uncertain. It also proves that the rally will only continue in the short term. The altcoin will likely reach the first level of resistance at $1,905 and provide profits for long traders.
Chainlink (LINK) signals bullish
This spike in LINK activity first started about two months ago, according to data from on-chain analytics firm Santiment. The relevant indicator here is ‘daily active addresses’, which tells us the total number of addresses involved in a transaction on any given day. When the value of this indicator is high, it means that a large number of daily users are currently interacting on the Blockchain in some way. Such a trend indicates that the market is currently active.
On the other hand, low values of the metric mean that many unique users are not trading at this time. Such a trend could be a sign that general interest in cryptocurrency is currently low. Below is a chart showing the trend in Chainlink daily active addresses over the past few years.
As the chart above shows, Chainlink daily active addresses were at fairly low levels for most of 2022. This is because investors did not find the coin all that interesting during the bear market consolidation. However, in the last few months there has been a very marked increase in unique users who transact on the network daily. In fact, these values of the indicator are similar to the values seen in 2021, when the bull run continued.
Generally, high network efficiency is an upside for the price in the long run, as the increased utility of Blockchain creates a more sustainable ground for the future. LINK has rallied in the past weeks, which may indicate that this high activity from owners over the past two months may already be paying off for the coin. It is also true that while large numbers of users are important to initiate such price movements, they are needed to sustain them during such rallies. If Chainlink daily active addresses remain at current highs, it could mean that the current rally could maintain its momentum for a while.
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