Market trend:

BTC weekly line broke, altcoins fell across the board, and the trend was similar to that in June 2019

- Grayscale continues to dump stocks every day

- BTC weekly support level is 35000, monthly support level is 27000

- ok long-short ratio 2.4 new high

Market hot spots:

L2's Manta is online, with a total market value of 2.3 billion US dollars and a pledge yield of 200%

The public chain CFX is rising, and it needs to transform into BTC L2

RWA's Ondo coin issuance has soared. Ondo can help crypto institutions (need KYC) obtain a 5% US Treasury yield, similar to MKR

Sol's ecological meme wif and myro have soared. Wif is Sol's meme dog, and BN has launched contracts

XI

Xai (XAI) has seen a significant price increase due to a recent airdrop and listing on major exchanges including BNB. The airdrop rewarded early Xai (XAI) NFT collectibles holders and validator node operators. Xai (XAI) runs on a decentralized blockchain and is designed to improve the gaming experience and eliminate the complexity associated with crypto wallets.

Xai (XAI) is currently fluctuating between $0.96 and $1.24. The 10-day moving average is $1.02, and the 100-day moving average is $1.05. Support levels are $0.52 and $0.80, while resistance levels are $1.38 and $1.67. The airdrop and BNB listing have brought positive market sentiment to Xai (XAI) - its focus on the gaming sector and unique features may drive further growth. But Xai (XAI) still has to maintain its momentum in the competitive gaming-centric cryptocurrency space.

BE

Sei Network (SEI): Sei Network has a strong bullish narrative that could allow it to outperform most older altcoins in the 2021 bull run. The project went live in August 2023 and has generated over 9816.92% profit for early investors, with a current market cap of around $2 billion.

Interestingly, many of the crypto influencers who previously promoted SOL, FTM, LUNA, and MATIC are now supporting Sei Network. Therefore, investing in SEI when it pulls back or falls back to the 200-day moving average support may be a wise decision.

However, when SEI falls below its 20-day moving average, it is important to take profits and close out your positions before market makers sell off.

DYDX

The project is a permanent exchange on the Ethereum layer 2 blockchain with the potential to increase scalability and accommodate unlimited users on its blockchain. It ensures fast and secure withdrawals and deposits while providing the highest level of anonymity.

The DYDX token is currently trading at around $2.8. In the last run, the price hit a new high of $27.78 and is expected to reach the same level in the next run as well, making it a potential 10x investment in the future.

BLUR

Ethereum-based NFT marketplace Blur (BLUR) recently unlocked nearly 50 million tokens, worth approximately $32.55 million. Despite such a significant token unlock, the price of Blur (BLUR) continues to rise, demonstrating resilience in the face of potential selling pressure.

Blur (BLUR) price has risen by more than 14%, maintaining gains despite a large number of token unlocks. This performance shows that the market is confident in the platform and its future potential. Historically, token unlock events are followed by price increases, which shows that the market reacts positively to these events.

The future of Blur (BLUR) appears promising, with the token showing the ability to withstand potential selling pressure from unlocking events. Continued growth in the NFT market and positive market sentiment could further push the price of Blur (BLUR) higher.

JTO

Jito (JTO) has recently experienced a strong recovery, with its price hitting new highs. This surge is attributed to the performance of Solana and its ecosystem, as Jito aims to emulate the success of Lido DAO in the Solana space. Jito (JTO) offers liquidity staking, a flexible and decentralized staking method favored by cryptocurrency investors.

Jito (JTO) has seen a significant price increase, with a market cap of over $305 million. The token’s price has risen by over 90% from its lowest point this year, indicating strong market interest and confidence in Jito’s potential. Jito’s (JTO) future performance depends largely on the growth of Solana and its ecosystem. As Solana continues to gain momentum, Jito’s (JTO) price could rise further.

in conclusion

In January 2024, the crypto market showed strong growth, led by Bitcoin and Ethereum, and the launch of a spot Bitcoin ETF marked a major milestone. This development attracted institutional investors and expanded the acceptance of cryptocurrencies. While Bitcoin and Ethereum are the main focus of new capital inflows, the growth of these major cryptocurrencies is expected to eventually extend to altcoins, especially those that are trending below their potential.

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