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Top altcoins continue to record significant price volatility over the past week, highlighting a mixed sentiment in the market. Further, ADA price has lost over 3% within 24 hours and 13% during the past week, indicating a bearish influence in the crypto space.

The ADA coin price traded in a closed range between $0.5817 and $0.6273 for about a week, following which the bulls lost momentum and the altcoin broke down its support level. After this, the price traded sideways for a short period and displayed another drop of over 20% in valuation during the next six days.

After testing its low of $0.4610, the bulls gained enough momentum to break out of the resistance level, but faced restriction at $0.5438, following which the price traded within the range for a while.

As the market regained momentum, the ADA coin jumped over 25% in valuation. After facing rejection at $0.6273, the ADA price traded in a closed range between $0.5001 and $0.5438 for a brief period.

Recently, the token faced another bearish move, resulting in it breaking down its support level of $0.5001. Currently, the ADA coin price is testing its crucial support level of $0.4610, of which the outcome is unpredictable.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a rise in the bullish influence in the market. Further, the averages show a high possibility of a bullish convergence, suggesting the price will experience massive price action soon.

If the bulls hold the price above the support level of $0.4610, the ADA price will test its resistance level of $0.5001. Maintaining the price at that level will set the stage for the CardanoADA price to attempt to test its upper resistance level of $0.5438.

Conversely, if the market loses momentum, the Cardano price will fall and test its support level of $0.4162 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.3792 in the coming time.

Read more here:
Altcoin Rally Fading Away! Will Bulls Hold The ADA Price Above Its Crucial Level? - Coinpedia Fintech News

Solanas (SOL) price has continued to slide this week, dropping another 4% over the past 24 hours to hit $82.60.

This decline comes amidst ongoing weakness in the broader crypto market, with Bitcoin (BTC) and Ethereum (ETH) also posting losses.

However, while Solana struggles, the new altcoin Bitcoin Minetrix (BTCMTX) has seen enormous success in its presale and is fast approaching the $10 million funding milestone.

Since hitting a high of $126.25 on December 24, the SOL price has declined sharply, now trading 34% below that level.

SOL has closed bearishly in three of the last four weeks and is trending towards another red close this week.

Looking at the technicals, a key catalyst for Solanas downfall appears to be rejecting the $126 zone as resistance.

This zone was tapped back in March 2022 and led to Solana shedding almost 95% of its value in the ten months that followed.

SOL holders hope a similar scenario doesnt play out this time, given the impressive run the token has been on.

The next key level that traders will be watching closely is $78, which acted as a minor resistance region in early December.

Should SOL return to this area, the hope is that it will act as support creating a base to stop the ongoing downtrend.

Despite Solanas recent slide, there hasnt been any major network issue or clear catalyst behind this latest selloff.

Instead, it appears tied to broader weakness across the crypto markets in the wake of spot Bitcoin ETFs being launched in the US almost two weeks ago.

Investors had piled into Bitcoin ahead of these landmark ETF approvals, sending the coins price to $49,000 on January 11.

However, investors began to take profits once the ETFs finally launched, triggering a wave of selling pressure across crypto assets.

Bitcoin has shed 19% from its peak, dragging down altcoins like Solana with it.

Additional pressure on SOL may have also come from investors taking profits after the tokens rise saw it briefly flip Binance Coin (BNB) in the market rankings.

So, while concerning for SOL holders, this latest dip seems driven more by external factors and market conditions rather than anything fundamentally wrong with Solana itself.

While Solana struggles with selling pressure, one crypto project continues to thrive Bitcoin Minetrix (BTCMTX).

Despite the broader crypto market weakness, Bitcoin Minetrix has seen enormous interest during its presale event, raising over $9.1 million so far.

The project is gaining attention for its innovative Stake-to-Mine model that aims to open up Bitcoin mining to a wider audience.

By staking BTCMTX tokens, users can earn mining credits to access cloud mining power and receive BTC rewards.

This eliminates the need for technical expertise and costly mining hardware, which have previously created barriers to entry for everyday investors.

Bitcoin Minetrixs staking protocol has also fueled enthusiasm, with yields exceeding 70% per year for early participants.

As the project approaches its official launch date, Bitcoin Minetrix also recently hit a key milestone, ranking second on the popular ICO analytics site CoinSniper.net.

These factors have already helped the project form a solid community, with hundreds of people joining the official Telegram group daily.

With accessible mining, attractive staking incentives, and continued developmental progress, its no surprise that Bitcoin Minetrix is thriving even as major cryptos like Solana slide.

As the presale event rumbles on, the $10 million milestone seems within Bitcoin Minetrixs reach setting the stage for a highly-anticipated exchange launch later this year.

Visit Bitcoin Minetrix Presale

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The rest is here:
Solana Price Plunges Another 4% But New Altcoin Bitcoin Minetrix Nears $10m Raised - CryptoPotato

An under-the-radar altcoin skyrocketed by nearly 210% between Thursday and Friday this week after the project teased the launch of a new crypto solution.

UMA is an optimistic oracle and dispute arbitration system that aims to serve as a decentralized truth machine.

The 156th-ranked crypto asset by market cap was trading around $2.01 on Thursday and then exploded in price to a high of $6.22 at one point on Friday, a staggering increase of 209.45%.

The token has since partially retraced and is trading at $4.51 at time of writing.

The assets massive gains materialized as UMA teased a new product that would reclaim the tens of millions of dollars lending protocols lose each year to maximum extractable value (MEV).

Neither the project nor its founders provided many details on the upcoming rollout:

Next week, UMA is launching something that will elegantly reclaim >$100 million of free money lost each year to MEV.

MEV is a strategy to milk as much additional profit as possible from the production of a new block (outside of gas fees and block rewards) by messing with the order of transactions, according to Binance Academy.

Explains Binance,

Block producers are best placed to do this as they have the ability to select and order transactions.

However, other network participants (known as searchers) can also pay fees to place transactions should they see an MEV opportunity, such as arbitrage, front-running, or liquidation. MEV is most often found in smart contract-enabled networks where blockchain transactions include more complex information.

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Link:
Under-the-Radar Altcoin Skyrockets by Nearly 210% After Teasing Launch of New Crypto Solution on Social Media - The Daily Hodl

The rejection has caused altcoins to fall below moving average lines, potentially leading to further selling pressure. We will talk about a few different cryptocurrencies.

The SATS (1000SATS) price has fallen below the moving average lines. In recent price activity, the altcoin has been in an uptrend, reaching a high of $0.0009430 on December 15, 2023. The price of the cryptocurrency fluctuated and tested the barrier at $0.0009400 three times but was rejected. Buyers failed to keep the price above the resistance level of $0.0009000. The altcoin is trading at $0.0003987 after falling below the moving average lines. The decline could slow down as the market reaches an oversold condition. The worst performing altcoin is SATS. Below are some striking characteristics:

Current price: $0.0003958

Market capitalization: $831.13M

Trading volume: $61.75M

7day gain/loss: 32.64%

ORDI (ORDI) has fallen below the moving average lines after a recent rise. The cryptocurrency has been in an uptrend since October 18, 2023. On January 2, 2024, ORDI rose to a high of $91.88. Doji candlesticks appeared, which stopped the rise. These candles indicate the disinterest of buyers and sellers in the direction of the market. Today, the altcoin has fallen below the moving average lines and are trading at $53.89 at the time of writing. The decline has slowed since its initial plunge to a low of $51 on January 23, 2024. According to these parameters, ORDI ranks second among cryptocurrencies.

Current price: $53.70

Market capitalization: $1,127,786,796

Trading volume: $209,791,513

7daygain/loss: 26.73%

The price of Sei (SEI) is in an uptrend but has fallen within the moving average lines. In the previous trend, the altcoin was in an uptrend with a series of higher highs and higher lows. On January 3, SEI rose to a high of $0.88 but encountered resistance. Buyers were unable to sustain the positive momentum above the $0.90 level. The altcoin has fallen below the 21-day SMA but remains above the 50-day SMA. SEI/USD is now at $0.61. The cryptocurrency will perform once the moving average lines are broken. SEI's performance has been rated as the third worst. It has the following characteristics:

Current price:$0.6177

Market capitalization: $6,176,967,498

Trading volume: $315,062,139

7Day gain/loss: 23.25

WOO (WOO) is on an upswing, recovering from the previous decline. The upward correction has reached a plateau at $0.50. The price of the cryptocurrency consolidated below the recent high before falling below the moving average lines. On January 23, 2024, WOO fell to a low of $0.32 before recovering. The extended candlestick tail at the current support level signals significant buying at lower price levels. In the negative case, the altcoin will fall to $0.30 before recovering to the upside. WOO is now the fourth worst performing cryptocurrency. It has the following characteristics:

Current price:$0.3409

Market capitalization: $760,352,985

Trading volume: $17,271,271

7day gain/loss: 21.61%

NEAR Protocol (NEAR) has reversed its previous downtrend. The altcoin's uptrend has ended as it has risen to a high of $4.50. The cryptocurrency value has fallen below the moving average lines and reached a low of $2.45. The altcoin fell back above the support level of $2.60 and resumed consolidation. The previous breakout level now serves as current support. The uptrend will continue if the current support level is maintained. If the current support is broken, NEAR could fall to $2.00. For the reasons listed below, NEAR is the fifth worst performing coin.

Current price: $2.65

Market capitalization: $2,645,289,528

Trading volume: $166,907,026

7day gain/loss: 19.46

Disclaimer.This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

Link:
Weekly Cryptocurrency Market Analysis: Altcoins Fall Into A Bearish Trend Zone, Which May Lead To Selling Pressure - CoinIdol