#BTC (Daily Timeframe)**: Bitcoin buyers were unable to maintain its position above the upper boundary of the ascending channel, leading the asset to return within the formation’s limits. Notably, the previous attempt to break above the channel occurred on lower trading volumes, indicating a weakening of buyer momentum and increasing the chances of a near-term correction. It’s crucial to monitor the price reaction to the $50,600 trading level, where buying activity previously intensified, resulting in a price bounce.
A drop below this mark could signal the start of a local downturn. The first potential reversal zone is the 0.236 Fibonacci correction level at $49,450, followed by the January price peak of $49,000. A subsequent return above the $50,600 trading level would confirm buyer strength, potentially setting the stage for a new assault on the $53,000 resistance level.
#ETH: Over the past 24 hours, the asset has increased by 2.3% against bitcoin. Following a retracement to the $3,010 mark, the next growth impulse updated the annual high around $3,140. A test of the $3,040 trading level by the price is likely.
Starknet’s Second-Layer Solution (#STRK), leveraging ZK-SNARK technology, has climbed to fourth place among L2 networks in terms of funds locked in platform protocols (1).
According to L2Beat data, Starknet’s TVL (Total Value Locked) has reached $1.33 billion to date, surpassing projects like Base, Metis, and zkSync Era. The segment leaders remain Arbitrum One, OP Mainnet, and Manta Pacific. The total funds locked across all second-layer networks have hit $29.17 billion, marking a 10% increase over the last week.
It’s worth noting that TVL is a key indicator in the decentralized finance world, representing the total value of assets, including stablecoins and cryptocurrencies, locked in a DeFi protocol’s smart contracts. TVL assesses network liquidity and is crucial for the deployment of decentralized applications within a specific blockchain ecosystem. With a relatively high fully diluted valuation (FDV) of $19.3 billion, surpassing that of the OP Mainnet L2 network, Starknet ecosystem projects could offer interesting investment opportunities, as the network’s TVL could provide the necessary liquidity for their development and growth.
▫️Altcoins: In light of the Ultra platform’s roadmap update (#UOS), including the launch of Project Citadel, the value of #UOS has risen by 35% (against #USDT).
The announcement of the upcoming second version of the Ordiswap platform (#ORDS) led to a 29% increase in #ORDS (against #USDT).
The listing of Reality Metaverse (#RMV) on the MEXC exchange resulted in an 18% appreciation of #RMV (against #USDT).
▫️Overall Market: The total market value of digital assets has risen by 0.6% over the past day, while the dominance of the leading cryptocurrency has further declined by 0.5%. As long as buyers maintain Bitcoin above the $50,600 trading level, the cryptocurrency market is expected to continue its growth. A consolidation below this mark could signal a local correction.