▫️#BTC (4-hour chart). Bitcoin continued its upward trend without the expected pullback. The asset managed to consolidate above the 4H Exponential Moving Average (EMA) 200, ensuring a renewed assault on the resistance level of $42,700. Bitcoin also surpassed this level; however, trading volumes during the price increase are starting to decrease, increasing the chances of testing this level as a support. After that, I expect an upward impulse towards $44,000.
An important resistance level is here, so I anticipate a retracement from this zone with a descent to the 4H EMA – $42,250. Then, Bitcoin consolidation in the range of $42,000 – $44,000 is likely before breaking its upper boundary. Once this happens, the next target for the upward movement will be $44,500.
▫️#ETH. Ether has surpassed the local resistance around $2,300 and is trading above it at the time of writing. Consolidation above this level will lead the instrument to $2,370.
▫️Developers of the dYdX Chain blockchain, built on Cosmos, have implemented support for liquid staking of the native #DYDX network token (1 (https://twitter.com/dydx_ops_subdao/status/1752031880822550699?ref_src=twsrc%5Etfw)).
The upgrade includes the integration of Inter Chain accounts, providing support for liquid staking protocols. Now, derivatives based on staked #DYDX can be used in DeFi applications. The Stride project plans to launch a service for liquid staking derivatives of #DYDX in the near future. Persistence and Quicksilver are also ready to offer their services.
The dYdX platform, founded in 2020, is one of the largest decentralized exchanges for trading cryptocurrency derivatives. According to the platform itself, the total trading volume exceeded $1 trillion by the end of August (2 (https://dydx.exchange/blog/1trillion-trading-volume)). In March 2023, the dYdX team announced the launch of the testnet for its network.
I believe that the addition of liquid staking could attract more #DYDX token holders, as they can receive additional rewards for participating in staking. This will contribute to an increase in demand for the coin. Currently, the asset is closely approaching the resistance level of $2.85. Overcoming this zone will direct the price towards the next seller block at $3.25.
▫️Altcoins: The announcement of plans for the new listing of Solidus Ai Tech (#AITECH) on a centralized exchange caused a 32% increase in #AITECH (to #USDT).
With the release of the second version of the Guacamole platform (#GUAC), the price of #GUAC increased by 25% (to #USDT).
The news of the upcoming launch of its own launchpad by the Sidus project (#SIDUS) led to a 20% increase in #SIDUS (to #USDT).
▫️US stock indices finished Monday’s trading with gains due to the strengthening of consumer goods, technology, and consumer services sectors. Investors will closely watch the upcoming meeting of the US Federal Reserve on Wednesday. It is expected that interest rates will remain at the level of 5.25%-5.50%.
Another important event this week will be the release of employment data in the US for January. A slight decrease in job growth outside the agricultural sector is predicted. At the closing on the New York Stock Exchange, Dow Jones rose by 0.59%, the S&P 500 index grew by 0.76%, and the NASDAQ Composite index increased by 1.12%.
▫️The total market value of digital assets increased by 2.3% over the past 24 hours, and the dominance of the main cryptocurrency increased by 0.3%. In the near future, I expect a resumption of Bitcoin’s growth after descending to the surpassed resistance level of $42,700.