January 2023 Technical Analysis.
- Market Overview
2. Bullish on a few Alts in general. (Altcoin cap index is looking good technically)
3. To name a few coins, $SNX, $APE, $LTC, $LDO, $OCEAN, $ENS, $SOL, $AVAX etc.
2. Bullish on the $ALT market in general and namely few strong printing chart Alts >> $SNX, $APE, $LTC, $LDO, $OCEAN, $ENS, $SOL, $AVAX
3. NOT FINANCIAL ADVICE. NOT ANY ADVICE.
Last month was the most boring month of the year, especially the last 10 days of Christmas. There was no movement at all. 2022 ended I guess one of the worst years of crypto.
A little re-cap of the last month’s TA. We didn’t move as expected in $BTC but have held the 15.5 level support very nicely. All the overwhelmingly negative news in the market wasn’t enough to push the prices down. Infact S&P traded worse and for once, crypto showed resilience.
This is a little signal from the market that local bottoms could be in for sometime and there’s a possibility, we see lower high rallies. This may not necessarily change the market structure of any coin but even lower high rallies in this market means things could pump 20–30% from where they are. Infact quite a few alts already did that and many others could follow the suit. I feel like this by analyzing the Altcoin marketcap chart.
Above is the $Altcoin marketcap chart excluding $BTC and $ETH. It broke the strong support of 340B and traded lower for november and december. December, it started forming the local support again at around 290–300B. It now seems like, it’s headed back to that 340B resistance (earlier support could now turn into resistance).
This means, $Alts in totality could move up 10–12%. The stronger ones could easily move up 30–50% and still remain in the downtrend on a higher time frame (weeks, months).
For traders, this is a good opportunity to swing trade a couple of stronger alts showing bounces on support and making higher highs and higher lows on lower timeframe 4h,1h,daily etc. To name a few, charts of these coins are looking good to punt longs >> $SNX, $APE, $LTC, $LDO, $OCEAN, $ENS, $SOL, $AVAX. There could be even more on smaller exchanges and DEX’s
Memecoins
Memecoins made a comeback with the highly speculated $BONK on $SOL chain. It pumped almost 3000%+ in last two weeks and is now in a brutal sell off. There were rumors SBF was behind punting this one. But it gave $SOL NFT users some relief from their $SOL losses. $SOL pumped almost 40–45% from lows of 8.5 to highs of 13. A major reason could Vitalik tweeting the chain’s importance and launch of $BONK making $SOL NFT users excited.
All this could mean, other meme coins could pop up sometime soon and show similar performances, so follow crypto twitter / discord channels closely to sniff out the new ones’ early. In addition to that, old ones like $SHIB and $DOGE could pump unexpectedly, just cause of the current hot narrative circulating around memecoins.
You could trade the memecoin $BONK early only on $DEXs. DEX “Birdeye” on $SOL chain was the one with max trading volume initially. https://birdeye.so/
Overall in 2023, I doubt we see any major comeback from crypto or TradFi markets in general. Things are down a lot and they won’t magically turn upside unless there is enough pumping of dollars in the markets. Things could be choppy for a long time and there will be a few swing and scalp opportunities here and there.
