1) Market trend:


The market rebounded after a sharp drop. In the worst case, referring to the last round of big rebound in 2019, not counting the 312 incident, it fell from 14,000 to 7,000.
U.S. stocks fluctuated. The U.S. dollar index broke through the weekly line, hitting a 2-month high, suppressing the prices of risky assets.


2) Market hot spots:


1. L2's manta, blur, tia, and dusk rose. The increase in manta's market value has a catalytic effect on blur's blast.
2. The public chains sui and apt rose. Sui cooperated with Alibaba Cloud and released positive news before the big unlock in May.
3. The platform coin OKB was hit by a pin. Affected by the liquidation of large-scale lending, the market-making liquidity of OKB is insufficient.
4. The public chain ETH weekly line broke, and the decline of altcoins may have just begun.

Potential coin analysis:

Siacoin (SC)

Siacoin’s (SC) recent strong rally has pushed prices to overbought levels, suggesting a pullback could be imminent, according to several technical indicators.

SC is currently trading well above its 20-day MA at $0.010459 and its 50-day MA at $0.008551 and has surged 29.54% so far this week. As the price moves away from these key moving averages, it suggests that SC could see a correction towards these dynamic support levels.

SC’s RSI rose to 84.37, up from 82.67 yesterday. This shows that SC is deeply overbought with an RSI above 70. SC’s RSI has not been this overbought since November 20, 2023, just before the big correction.

While the primary SC trend remains positive, overbought readings suggest a correction could be imminent. Given the current technical backdrop, traders might consider buying on dips rather than new highs.

Tron（TRX）

Looking back at 2023, blockchain’s top cryptocurrency Tron (TRX) had a great year. Despite some setbacks, the TRON token showed resilience and recovered well.

However, recent events are affecting token prices in 2024; notably, an address belonging to Tron founder Justin Sun deposited $50 million into Binance on January 3, according to on-chain data source Lookonchain.

Following the controversy surrounding the move, TRX’s value dropped significantly; on January 10, its price was $0.105, down 1.87% from its previous price of $0.109.

The downturn of TRON is still expected to continue due to price volatility. Therefore, in the next two weeks, TRON price will continue to fall and may reach $0.101. As the future of TRON does not seem optimistic, analysts recommend investors seeking diversity to choose alternatives such as Meme Moguls.

DOGE

In 2013, Dogecoin (DOGE) emerged as a pioneer of memecoins, leaving its mark on the Bitcoin network. About a decade later, driven by the announcement of a spot Bitcoin ETF, the Dogecoin price reached an impressive $0.1058 in December 2023.

On January 10, the price of Dogecoin (DOGE) dropped below $0.08, sparking investor concerns. Market statistical trends suggest that a favorable Bitcoin spot ETF decision could lead to further declines.

Despite these declines, Dogecoin enthusiasts expect the market to recover in the coming days. If this happens, the price of Dogecoin could drop to the $0.1 range.

Arbitrage (ARB)

Arbitrum (ARB) is implementing a $90 million incentive program to encourage development and user adoption of its Layer 2 (L2) network, while enhancing Ethereum’s functionality and attracting new application and smart contract developers.

Arbitrum (ARB)’s incentive program can influence the value of the token in the context of increasing user engagement and enriching the platform. Moreover, uncertainty is increasing as it is unclear whether this upcoming development will lead to sustainable growth or centralized control. The market will be closely watching how this program will affect the price of Arbitrum (ARB).

Apts（APT）

Aptos (APT) is preparing to unlock over 24 million tokens, over 8% of its circulating supply, which will have a significant impact on the market and could affect prices.

The unlocking of a large number of tokens could lead to increased trading activity and price appreciation, or to selling pressure and price declines. How the market reacts to this critical moment will shape the future price trajectory of Aptos (APT).