The Coti (COTI) hard fork will go live on December 29, and the Flare airdrop will finally go live on January 9. Chiliz (CHZ) main-net will launch in the first quarter of 2023. Ergo (ERG) continues to reduce its emissions, while annual inflation for Ethereum (ETH) since Merge is at 0.014%, a significant drop from pre-Merge inflation of 3.57%. Crypto analyst Valdrin Tahiri evaluates the top 5 altcoin projects to watch in January.
Chiliz (CHZ) leads altcoin projects to watch
Chiliz is a digital currency used in the sports and entertainment industry. Native token of the Socios platform, which hosts various Football national team fan tokens. While the CHZ price was expected to increase during the 2022 FIFA World Cup, it failed to do so and actually dropped quite a bit.
However, there is positive news from the upcoming Chiliz. Chiliz main-net 2.0 will be released on December 31 or early Q1 2023. This follows phase 5 of the test-net, which was launched at the end of November and brings staking and governance on the Scoville testnet. Chiliz 2.0 will be the successor to Chiliz Cahain, a standalone Blockchain compatible with the Ethereum Virtual Machine (EVM). CHZ will remain the native token of Chiliz Chain 2.0. It will also be used to pay gas/start smart contracts, perform cross-chain operations and secure the network.
The altcoin price has fallen since it broke from an ascending support line on December 8 (red icon). Shortly after, the downside move resulted in a break from the $0.135 horizontal support area. This fell as low as $0.101 in December 2021. If the downside continues, the next closest support area will be $0.090. There are no signs of a bullish reversal yet. However, the daily RSI is very close to its all-time low (white line). As a result, a significant bounce is possible once CHZ price drops to the $0.090 support area. Meanwhile, retracing $0.135 means the trend is up. However, a close below $0.090 indicates that the trend is bearish.
Leading altcoin Ethereum supply becomes almost deflationary
Ethereum is the second largest cryptocurrency by market cap. While no news comes close in January 2023, the supply dynamics since the launch of ETH 2.0 have been impressive. In the 105 days since ETH Merge, the total supply of ETH has increased by only 4,707 ETH, or 0.0039%. This means an annual inflation of 0.014%. This pales in comparison to pre-Merge inflation of 3.58% and BTC inflation of 1.71%.
However, the altcoin is trading below the $1,250 horizontal support area. Therefore, altcoin price action is not yet bullish. This is a crucial area that has been acting as both support and resistance intermittently since June. As a result, the trend is considered bearish as long as the price is trading below that. The area needs to be retraced for the trend to become bullish for sure. Besides, it must then cross the descending resistance line at the $1,400 level.
COTI hard-fork is live
Coti is a financial technology platform that allows organizations to create their own payment systems and stablecoins. The platform supports interoperability between different Blockchains. Native token COTI for the platform. The COTI main-net hard fork went live on December 29. The launch represents COTI’s transition from a single-currency infrastructure to a multi-token network. It will now be possible to issue tokens on the COTI trust-chain, similar to ERC20 tokens on the Ethereum Blockchain. In addition, the Bridge 2.0 wallet application went live simultaneously. The app will allow users to apply for a refund if a swap is not executed for technical reasons.
However, the COTI price action is still bearish. The altcoin price broke the $0.095 region in early November and has fallen significantly since then. Besides, the next support area is at $0.034, down 42% from the current price. For the trend to turn bullish, altcoin price must break out of the current descending resistance line and the $0.095 resistance area.
Flare, an exciting new altcoin
Flare is an exciting addon as it hasn’t been released yet. cryptocoin.comAs you can follow, his snapshot on December 12, 2020 got a lot of hype. At the time, it was announced that users would be rewarded with an FLR token for every XRP token they owned. More than two years later, the airdrop, supported by multiple exchanges including Binance, will finally take place on January 9. The project will give 58.3% of the total 100 billion tokens to the community. 15% of this will be released on January 9, while the rest will go to the beneficiaries gradually over a 36-month period.
Ergo (ERG) reduces emissions
Ergo is a smart contract platform that aims to provide economic freedom to ordinary people through decentralized and accessible financial tools. Simply put, the Ergo platform provides a simple way to execute financial contracts. On January 9, at block height 1,200,000, emissions per block will decrease from 45 to 42. This is part of a gradually decreasing curve that will result in emission of only 3 ERG blocks at mesh height 1,760,000.
The altcoin has been trading very close to the descending resistance line and the ATL level since October 12. However, there is also a large bullish divergence developing on the daily RSI (green line). Such divergences usually precede an uptrend reversal. Also, the divergence is combined with a double bottom, which is considered a bullish pattern. This increases the probability of an eventual break. If ERG price manages to climb above the descending resistance line, a rise towards the $1.55 resistance area is possible. Conversely, another rejection will likely push the price below $1.
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