Bitcoin is off to a good start this week following its latest price increases. It reclaimed trading above $102k, with the bulls clamoring for more.
The global cryptocurrency market cap is rising in relation to the apex coin as the bullish sentiment spreads. Crypto and equities correlation reduced significantly due to the ongoing trend. Nonetheless, the S&P 500 may see more surges in the coming days.
The crypto industry is worth $3.60 trillion, signifying a 3% increase from the previous day. Altcoins like WLD and SAND are some of the biggest gainers in the last 24 hours. Worldcoin tested the $2.80 barrier but retraced. It trades at $2.68, signifying a more than 11% increase.
The Sandbox experienced a similar surge, hitting a high of $0.74. However, the bulls failed to sustain the uptrend above $0.70, now trading at $0.69.
Several factors contribute to the growing bullish sentiment across the market. One such is the inauguration of the 47th President of the United States. Scheduled for January 20, the crypto market may see notable uptrends in the days leading to it.
Although a number of altcoins are on the rise, a notable number have yet to join the bullish trend.
Top Five Cryptocurrencies
BTC/USD
Bitcoin is up by over 3% since the day started. The relative strength index rose slightly as buying pressure pushed prices higher.
Onchain indicators point to a significant shift in traders’ sentiment. The asset sees more substantial buying pressure during the current day than it previously did. The Coinbase premium is positive as US investors resume an aggressive buying trend. Although not green, the Korea Premium shows lesser selling pressure from South Korea.
Exchange reserves are declining as buying continues. It dropped by 0.41% in the last 24 hours and almost 2% in the previous seven days. The taker buy-sell ratio is above 1 at the time of writing. The reading is a sign of bullish dominance.
Other indicators on the one-day chart suggest the continuation of the upward trend. A few hours ago, the moving average convergence divergence completed its full interception as the histogram flipped green. The bullish crossing between the 12-day EMA and 26-day EMA hints at the BTC/USD pair attaining new levels.
BTC may decisively break the $102k barrier, opening the way for the asset to retest the $105k level in the coming days. The RSI shows room for further price increases.
XRP/USD
XRP hit a brick wall in its bid to reclaim lost levels. On Wednesday, it had one of its biggest surges: It opened trading at $2 and surged to a high of $2.34. The third-largest cryptocurrency gained over 11% during this high, which continued the next day.
However, its momentum gradually reduced over the next two days. The altcoin currently grapples with almost equal pressure from the buyers and sellers amidst the 7% increase in trading volume.
Nonetheless, MACD points to the asset breaking out in the coming days. The metric shows the 12-day EMA and 26-day EMA trending closely following the bullish interception. Their latest trend mimics current price trends. The asset may see more price increases following this interception as the positive sentiment spreads across the crypto market.
The relative strength index trend is flat in response to the ongoing market trends. However, its flat movement reinforces expectations of a bullish breakout. The altcoin may break above $2.60 in the next six days.
HBAR/USD
Hedera resumes its upward movement following several weeks of less volatility. It had one of its biggest surges on Wednesday, surging from $0.26 to a high of $0.30. Closing with over a 9% gain, it continued upwards on Friday, peaking at $0.32 and gaining 7%.
Since then, it has struggled to break above its seven-day high. A few hours ago, the asset attempted to flip the barrier but failed to do so. Nonetheless, it trades at $0.31, close to the 23% Fibonacci retracement level. A decisive flip of the $0.33 high may send the HBAR/USD pair as high as $0.35.
Indicators like MACD and RSI print positive signals. The moving average convergence divergence completed its full interception a few hours ago, as the histogram shows smaller red bars. The bullish crossing between the 12-day EMA and 26-day EMA hints at an impending breakout.
The relative strength index is at 57. Its current trend suggests an almost equal push from the buyers and sellers. However, it also indicates a possible shift in dominance.
ENA/USD
Ethena sees a small pullback after a massive uptrend. The surge started on Wednesday, with the asset gaining almost 6%. It broke above its seven-day high the next day as it regained its $1 and closed with gains exceeding 7%.
Friday’s increase marked the highest surge last week as it opened trading at $1.03 and broke above $1.24. The altcoin gained a whopping 17% but grapples with notable selling pressure at the time of writing. It dropped from $1.28 to $1.17.
Currently down by over 6%, the relative strength index flashes warnings. It was at 65 during the previous intraday session but is at 58 at the time of writing. MACD shows slight reaction to the ongoing trend as the 12-day EMA slows its ascent.
The ENA/USD pair risks dipping below $1.10 if the downtrend continues. The decline may end around the 23% fib level at $1.06. On the other hand, it may break above $1.40 in the coming days.
AXS/USD
Axie Infinity has been recovering over the last seven days. It broke above its seven-day EMA on Friday, surging from $6.72 to $7.14.
RSI maintains its upward trajectory following the over 3% increase it had a few hours ago. The asset faced notable rejections at $7.50 and trades at $7.26 at the time of writing.
The moving average convergence divergence completed its full interception a few days ago as the histogram flipped green. The bullish crossing between the 12-day EMA and 26-day EMA hints at the AXS/USD pair continuing its uptrend.
AXS may return above $8 but risk a slip below $7.
