The retracement in the crypto market continues today with a 3.3% decline, moving the total market cap to $1.64 trillion. Bitcoin has dropped below the $40,000 support level, and most cryptocurrencies have shed their gains, signaling further declines.
The Bitcoin ETF approval may have triggered a sell-off in the market, and analysts believe investors are cashing out on ETFs.
Market volatility is high, and prices can go either way. Moreover, the crypto Fear and Greed Index is neutral at 50, showing indecision among investors.Nevertheless, some altcoins have recorded impressive gains in the last 24 hours due to their strong community support.
More facts about these top gainers and their possible price moves are detailed below.
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Sui (SUI) – The Proof-of-Stake L1 Blockchain
SUI records slight gains today despite market volatility. Its strong community and ecosystem developments continue to support its price gains.One of the factors supporting SUI’s gains is the Design Staking Aggregator that is live on the Sui Network.
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📈 Smart Dashboard: Real-time metrics at a glance.Explore now 🔽 pic.twitter.com/tDJhswBJrE
— Desig | Omnichain Multisig Wallet (@DesigLabs) January 20, 2024
With Design Staking Aggregator, users can access one-click staking, the smart dashboard, and an expert scorecard for analytics.Additionally, Design Labs is hosting a staking tournament on Sui with a 5000 SUI price pool to be distributed among winners.
Furthermore, Sui network has surpassed Cardano to become the number two non-EV< chain based on its TVL. This is quite impressive for the network just eight months after launching its Mainnet.
Another interesting event is SUI’s inaugural global conference in Paris, France, tagged Sui Basecamp.
This event will take place between April 10 and 11 and gather builders, businesses, and communities that support Sui.Unfortunately, despite the positive developments, SUI still faces bearish pressure on the daily chart as sellers dominate the crypto market.
SUI Under Pressure From Sellers: Will It Drop Below $1.02?
SUI has formed two Doji candlesticks on the price chart as the buyers and sellers continue to battle for dominance.After a decline between January 20-21, it found support at $1.02 as it attempts to break above the $1.13 resistance level.
However, there is little pressure from the buyers to overcome the resistance at $1.13.Another indicator to watch is the relative strength index (RSI) indicator in the neutral zone, which displays a value of 53.97.
The RSI sideways movement confirms traders’ indecision in the market.
The daily chart readings show that the Moving Average Convergence/Divergence (MACD) indicator has dropped below its signal line. This is a sell signal confirmed by the red Histogram bars.
SUI will likely trade in a sideways trend in the coming days before resuming its uptrend. However, if the $1.02 support fails to hold, a further decline will occur.
Chiliz (CHZ) – The Home of SportFi
A major player in web3 infrastructure for entertainment and sports, Chiliz, is creating a buzz in the cryptocurrency world as of January 23.
Their primary layer-1 blockchain for sports has achieved a milestone by surpassing 10 million recorded transactions, marking a significant moment in history.
Chiliz Chain, the Layer-1 Sports Blockchain, has passed its first 10 million transactions. 🎉
Have a look at all transactions 👉 https://t.co/S8N2ZvTkbT#ChilizChain ⚡️ $CHZ pic.twitter.com/lKWwoIG9IA
— Chiliz ($CHZ) – The home of SportFi ⚽🏆 (@Chiliz) January 17, 2024
Furthermore, there’s news about a node upgrade on Chiliz Chain nodes, introducing a Spicy Validator Node. In simpler terms, Chiliz is making big strides in the sports and entertainment crypto space.
The blockchain has processed over 10 million transactions, indicating a growing and active user base.
Additionally, the node upgrade, especially with the introduction of a Spicy Validator Node, suggests improvements in the network’s capabilities and security. Considering this notable milestone and upgrade on its infrastructure, Chiliz could attract more attention and confidence from investors.
As a result, the coin has surged by 1.73% to $0.095 as of 8:22 am EST. Additionally, the trading volume in the last 24 hours has shot up by 55.35%, sitting above $158.6 million.
CHZ Rallies Toward Historically Respected Supply Zone – Can It Break Out?
In the chart above, CHZ is forming a green candlestick today, showing an increase and persistent buying pressure for traders in the market. Also, it is consolidating within a zone that has served as a resistance in the past days to months.
Again, the candlestick pattern formation on that chart poses a Bullish Harami signal suggesting that CHZ’s rally could break this resistance zone to the top, restarting new series of higher highs and higher lows.
Based on the candlestick pattern in the last 8 days, CHZ’s rally could form a “W” pattern, hinting at a push into the supply zone and a break out above it.
To support this bullish sentiment, the coin is trading above its 50-day and 200-day Simple Moving Average, which serves as dynamic support levels for the trend. Again, the Relative Strength Index (RSI) is at 54.71, pointing upward to the overbought region (above 70).
If buyers uphold their strength throughout today and in the next few days, CHZ could break above the critical supply zone. However, failure to break out could trigger a dip or reversal to the downside.
At this point, it’s advisable to adopt adequate risk management strategies along with strategic trade setups to make the most of the potential movements.
Sponge V2 ($SPONGEV2) – The Return Of The Community-Focused Token
#SpongeV2 is heating up 🔥
We’re not stopping until we find all the damp 🧽💦💦$SPONGE #CryptoCurrencies #100x #Bullish #Uniswap #Coinbase pic.twitter.com/2VItrw9epZ
— $SPONGE (@spongeoneth) January 23, 2024
Sponge V2 is the rebranded version of the original $SPONGE that enjoyed massive success and interest from the crypto community.This project creates a fun and utility-driven ecosystem for its community with the opportunity to earn exciting rewards.
Staking is the bedrock of Sponge V2, which brought massive success when version 1 was launched in 2023. Also, SPONGE was a major driver of the market rally during the memecoin season of 2023, posting impressive gains.
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Sponge V2 continues with the staking model to reward its holders and preserve the long-term value of the tokens.Remarkably, the rewards are distributed at an APY of 300%, and over 40% of the total supply is dedicated to staking rewards.
After the official launch of SPONGEV2, the first token, $SPONGE, will no longer be supported. So, the Stake-to-Bridge model ensures that $SPONGE holders convert their tokens through staking and earn rewards.
Sponge V2 Play-to-Earn Game Adds Utility To The Ecosystem
Most memecoins struggle to find real-world utility and application. However, the Sponge V2 developers have added a Play-to-Earn (P2E) game that adds fun and engages the community. There will be a free and paid version of the new Sponge P2E game.
For the paid version, users can make use of the SPONGEV2 tokens to purchase game credits. So, the Sponge V2 launch is set to become another hot crypto topic in 2024, with the success enjoyed by version 1 and its race to a $100 million market cap.
If you’re interested in the opportunities available, SPONGEV2 tokens can be easily purchased from the official website.
Bitcoin Minetrix (BTCMTX) – The Mining Solution for Exciting Rewards
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The Bitcoin Minetrix presale has successfully gathered over $9.1 million, showcasing strong support and interest from investors in the Bitcoin cloud mining project.
With the presale approaching its end, there’s a limited time for investors to seize the opportunity to buy $BTCMTX tokens at the current appealing price of $0.013.
The excitement in the market is evident as the presale progresses, and real-time data reveals a substantial surge in investments, reaching a total of $9,112,738.This conclusive stage is anticipated to enhance the token’s value further, presenting early investors with a potentially profitable chance.
The possibilities of price increases add to the appeal, creating opportunities for investors to capitalize on potential gains.
Bitcoin Minetrix is Garnering Momentum – Can It Continue After Presale?
Bitcoin Minetrix stands out in the thriving Bitcoin-related crypto market, especially with the Bitcoin spot ETFs.What sets it apart is its innovative approach to Bitcoin mining, aiming to democratize access to block rewards and address the growing centralization in the mining industry.
We're approaching the conclusion of Stage 21, with only 3 days remaining! ⏳
Have you ever faced any regulatory hurdles or challenges related to #Bitcoin mining? pic.twitter.com/56zuTkdUo4
— Bitcoinminetrix (@bitcoinminetrix) January 23, 2024
Amid the backdrop of an all-time high Bitcoin Hash Rate, Bitcoin Minetrix provides a decentralized solution to counteract the increasing centralization challenge.
It introduces an innovative cloud mining approach, allowing retail investors to participate in Bitcoin mining rewards profitably, even in the face of high network difficulty levels.
The platform’s stake-to-mine feature, set to launch soon, enables investors to stake their $BTCMTX tokens and benefit from a current 140% APY. So, users can earn additional tokens from the stake-to-mine feature.
These earnings are used to acquire mining credits, which can be exchanged for BTC cloud mining credits.
So, $ BTCMTX has massive potential due to its innovative mining model. Moreover, BTCMTX’s low presale price allows investors to earn a profit when it lists on exchanges and rises in value.
Notably, BTCMTX will likely benefit from the upcoming Bitcoin Halving in April 2024, where mining rewards will be reduced and difficulty will increase.
Conclusion
The rally in December 2023 made investors accumulate cryptocurrencies, leading to an uptrend in the market.Unfortunately, the crypto market has retraced in the past week as more investors close long positions hoping to grab profits.
If Bitcoin rises above $40,000 in the coming days, then the rally will likely resume for the altcoins. Notwithstanding, crypto investors must apply proper risk management and research to avoid severe losses.
