The cryptocurrency market has been in motion since we entered the year 2023. Despite initial concerns about regulations and bankruptcies, the market did not care about any negative sentiment and continues to perform well. So, which cryptocurrencies should be watched in the week of January 23? Here are the factors and analyzes to watch, according to analyst Paul L.
First cryptocurrency to watch: Aptos (APT)
Aptos (APT) significantly influences the cryptocurrency market and positions itself as one of the top performers among cryptoassets. With high year-to-date gains and an impressive seven-day bullish streak, APT outperformed established assets like Ethereum (ETH) and Bitcoin. One of the biggest drivers behind APT’s success is the growing support it has received from various crypto projects.
For example, PancakeSwap, the largest decentralized exchange (DEX) on Binance Smart Chain (BSC), announced its integration with Aptos Blockchain after gaining approval from its community. Additionally, Atomic Wallet is among the last organizations to support APT. Another factor contributing to APT’s impressive price rally is the ongoing excitement surrounding the project, which stems from its origins in the Meta Diem Blockchain initiative. This has generated a lot of interest and anticipation for the future potential of Aptos Blockchain. The Aptos network has received substantial funding from venture capitalists.
Currently, the focus is on whether APT can preserve recent gains. In particular, the Aptos team has faced criticism for the lack of real-world use cases, and it will be interesting to watch if the asset can sustain the gains. Additionally, the APT technical analysis is bullish with a summary of one-day indicators and moving averages in line with the “strong buy” sentiment. The oscillators are in line with the “buy” sentiment at 2.
Up next for Gala (GALA)
The game-based Gala (GALA) Blockchain continues to be among the assets leading the 2023 crypto rally fee. The gains were mainly helped by the continuous network development. For example, cryptocoin.com As we reported, Blockchain recently announced a new pay-by-burn update that will burn GALA tokens.
Additionally, Gala has updated its roadmap, announcing several new features that, if implemented successfully, are likely to impact the price of GALA. GALA’s price action over the next week, which has increased significantly in 2023, is key to monitoring whether the asset will continue to attract investors. According to the analyst, the daily Gala technical analysis is in the bullish direction, at “buy”, while the moving averages are at “strong buy” at 13.
Bitcoin, the largest cryptocurrency, breaks significant resistance
Bitcoin is breaking several resistance positions leading the cryptocurrency market in its attempts to exit the 2022 bear phase. Its performance revealed that Bitcoin has gained almost 40 percent since the beginning of the year. One of the critical reasons for Bitcoin’s recent success is its significant capital inflow. Bitcoin registered over $40 billion in capital inflows within a week, which helped boost its price.
However, although Bitcoin is off to a strong start to the year, the focus is on whether it can sustain these gains. Accordingly, while noting that Bitcoin still has the potential to exceed $28,000, they decided that the next week will be crucial for the asset. Bitcoin technical analysis shows that daily indicators on TradingView are pointing to “buy” at the 14 level. On the other hand, the moving averages continue to rise with a “strong buy” at 13.
What does the analysis for the popular meme coin Shiba Inu show?
Shiba Inu (SHIB) has emerged as a pioneer in the resurgence of meme coins and one of the most trending cryptocurrencies on the market. The token has seen a significant rally recently, fueled by network activity such as entering the metaverse. As the Shiba Inu team continues to demonstrate its commitment to recognizing and improving the value of cryptocurrency, in addition to its enhancements in the metaverse, it has witnessed increased SHIB burns. In addition, the community awaits the publication of the basic principles of Shibarium.
Indeed, these factors contributed to SHIB witnessing a significant capital flow as investors who missed the first rapid rise of 2021 sought to get involved. Along this line, with the asset continuing the rally among meme coins, SHIB is worth watching for how the price action will play out next week. Also, the technical analysis of the asset on TradingView recommends a “buy” sentiment at 14, while the moving averages suggest a strong buy.
Last coin on the list: Solana (LEFT)
Solana (SOL) posted triple-digit gains in 2023, outpacing losses in the FTX crash. After falling below $10, Solana gained support from established crypto assets. Notably, the Solana Blockchain continues to make significant progress despite being affected by a reported developer exit. For example, as of January 18, the platform was the second largest Blockchain by NFT sales in a 30-day period.
Also, as of January 21, crypto analytics platform Santiment noted that the price rally was supported by a volume spike. The data showed that traders exhibited FOMO on Solana, which triggered the price increase. Moreover, the technical analysis of the asset is also bullish, pointing to “buy” at 14. The moving averages suggest a “strong buy” at 12.
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