▫️#BTC (4-hour chart). Buyer activation at $41,390 canceled the scenario of a deep Bitcoin retracement. The instrument managed to break through the upper boundary of the descending channel, which could be the beginning of a local uptrend. At $42,700, sellers took the initiative, leading to a Bitcoin pullback. In the near future, I expect a test around the price of the 4-hour Exponential Moving Average (EMA) 50 in the $41,400 range.
The Balance Volume line has settled above EMA 21, which is a positive signal for bulls. Therefore, after the descent to $41,400, the next Bitcoin growth wave is likely. Once the price surpasses the $42,700 resistance level, the path to the two subsequent seller blocks—$44,000 and $45,500—will open. The cancellation of the considered scenario would be the price falling below EMA 50 ($41,400).
▫️#ETH. The attempt to develop an upward movement was halted by selling pressure around $2,300. After a pullback to $2,265, I expect a renewed attack on this resistance level.
▫️The Total Value Locked (TVL) in the Sui network (#SUI) set a new record at $411.68 million. According to DeFi Llama, this indicator has grown more than 30 times since August 2023.
Sui is a first-layer blockchain with parallel transaction processing. The platform is developed by Mysten Labs. The project creators present it as a high-throughput network with fast and cost-effective transactions, as well as a user-friendly interface for Web3.
Similar to the Aptos blockchain, Sui uses Diem technologies, a blockchain platform that Meta did not realize. A modified version of the Move language, created for Diem, was used in the development of the Sui code.
Among the projects based on Sui, the leaders in TVL are the lending protocols Scallop Lend and NAVI, as well as the decentralized exchange Cetus. The total value of locked assets in these projects is $80.7 million, $78 million, and $58.5 million, respectively.
TVL is an indicator of participants’ interest and trust in the decentralized financial ecosystem. An increase in this indicator indicates growing activity, project diversity, and an expanding network ecosystem, which also reflects on its capitalization. From a technical analysis perspective, the #SUI asset is attempting to establish itself above the $1.4 level, previously a resistance zone for the price. Stabilizing above it will direct the coin towards $2.
▫️Alts: Against the backdrop of the Whales Market (#WHALES) OTC platform setting a new trading volume record, the #WHALES value increased by 75% (against #USDT).
The announcement of the official website launch of Saita Realty (#SRLTY) on January 29 caused a 25% increase in #SRLTY (against #USDT).
The release of an update for the ApeX (#APEX) derivatives platform, including support for OKX and Particle Wallet, led to an 18% increase in #APEX (against #USDT).
▫️The overall market capitalization of digital assets increased by 1.4% in the past 24 hours, and the dominance of the main cryptocurrency rose by 0.15%. In the short term, the main scenario is Bitcoin consolidation below the $42,700 resistance level, accompanied by a BTC dominance rollback. This will create conditions for the local growth of altcoins.