Author: BTCLFGTEAM
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Apes give up as ApeCoin (APE/USD) now stares at a possible drop below $3
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ApeCoin has lost the battle at the resistance of $4.2
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The cryptocurrency has been hit by the general weak crypto sentiment
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APE could drop to $3 if the bear pressure mounts
ApeCoin (APE/USD) traded at $3.5 as the cryptocurrency came under bear pressure from the $4.2 resistance. Buyers have been defending the $4.2 resistance for some time, giving hopes of a potential breakout and the start of a bull market. Apes seem to have now been defeated as the cryptocurrency looks at a possible decline to $3.
Recent strengths in ApeCoin coincided with the launch of the staking feature earlier this month. Despite witnessing a lot of success, the users of the staking service have been warned of numerous phishing attacks. Horizen Lab, the developer of the staking feature, has told users to only use the official link, ApeStake.io, for the service.
Nonetheless, from the price outlook, APE seems to be getting hit by the overall crypto sentiment. The decline comes despite Ape-coin-linked NFTs continuing to record leading sales volumes. A technical outlook shows APE still trapped in a descending channel.
APE slides from $4.2 resistance as weakness develop
APE initiated a bearish MACD crossover on the daily chart. The indicator has shifted to the negative territory after the latest price decline.
The cryptocurrency now trades below $4.2 resistance after bears took control. APE price has now crashed back to the descending channel. The price is gaining stability at $3.5, but the established support lies at $3.0.
Concluding thoughts
If bulls do not take control of APE at $3.5, the next decline could take the cryptocurrency to $3.0. APE price must overcome resistance at $4.2 and the descending channel to become bullish.
Where to buy APE
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Public
Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
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Solana (SOL/USD) struggles again as price slips below 20-day MA
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SOL trades at $12 with weak momentum
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The cryptocurrency is weighed by weak market fundamentals
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SOL could consolidate further before pushing higher or lower
Solana (SOL/USD) trades with dwindling volumes at $12. For another time, the cryptocurrency faces bear pressure at the now-developed support zone. Bulls have successfully defended the level in the past, and it remains to be seen whether they will for another time. The latest cryptocurrency news has been unforgiving for SOL.
A myriad of factors has been against Solana price this year. Aside from the macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Raydium lost $2.2 million. The exploit on December 16 has been responsible for much of the weakness of SOL currently. The hacks have been many this year, hitting the native token.
But there is some good news you could want to hear about Solana. According to crypto analytics firm Nansen, Solana competed successfully with Ethereum before the FTX saga. Nansen says in the three months to October, the daily transactions on Solana rarely fell below 200 million. The analytics firm pointed out that the active addresses on the network were between 600,000 to 1.1 million during the period.
The activity underlined that Solana was catching up with its proclaimed Ethereum killer status. The collapse of FTX brought a new twist, taking the price significantly lower. SOL investors are still reeling from the aftermath.
SOL trades with weak momentum at the $12 support
From the daily chart, the MACD indicator shows a weak and bearish momentum for SOL. Trading volumes on both the buy and sell sides are weak for the cryptocurrency. SOL is currently held at the $12 support.
What next for SOL?
SOL price could continue consolidating at the $12 support until it gathers more liquidity. Based on the fundamental developments, a break higher or lower could occur. Should bears increase, SOL could fall to or below $10.
Where to buy SOL
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Public
Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
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Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal
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Bitcoin was steady below $17,000 on Tuesday
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A crypto analyst suggests a crossing of price above the 200-day as a bull signal
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Bitcoin still lacks a directional movement, and further decline is possible
Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.
Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up.
But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.
BTC gets rejected at the 50-day MA
On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion.
Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it.
Which way is the BTC price?
From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.
Where to buy BTC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
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Learn about OKT, a Cosmos-based altcoin now defying a bear market
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OKT token rose by double digits last week
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The cryptocurrency has been boosted by new partnerships
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OKT is correcting but remains on an uptrend
OKT, the cryptocurrency native to the OKX Chain, made headlines last week. The cryptocurrency rose by double digits to end the week at $27 after trading at just $17 seven days earlier. OKT has since cooled and traded at $22 as of press time. A spot technical check shows that the token has been on an uptrend for more than a month. What has been boosting the price?
OKX is a Cosmos IBC-linked blockchain. It is EVM-compatible and focuses on true interoperability for high performance. The blockchain dubs itself the next-gen platform for decentralised applications. OKX Chain’s Web3 wallet allows users to manage their portfolio of NFTs and tokens.
OKT’s gains come on the back of positive cryptocurrency news of the OKX Chain. The blockchain announced partnerships with social gaming platform Candy Club, DEX network Lovely Swap, and meme asset Chihuahua Chain. The other firm in the latest wave of collaborations was market analytics firm Nansen. The collaborations increase the utility of OKT since the cryptocurrency will be employed in a number of related use cases. Investors have been taking note and buying the little-known token.
OKT corrects after meeting resistance at $27
A technical outlook shows OKT on a clear uptrend but currently correcting. The moving averages are bullish for the cryptocurrency and provide support. The RSI hit the overbought levels but shows a correction underway. The reading is still above the midpoint.
Will OKT continue rising?
The future price action for OKT will depend on how the key collaborations will continue to drive it. It should be remembered that the broader market sentiment is bearish. So, OKT should be looked at with the bearish sentiment in mind.
For investors looking to buy OKT, the level around $19 should be watched. The formation of bullish signals at the level could attract buyers and push the price higher again.
Where to buy OKT
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