The cryptocurrency market continues to feel the impact of the SEC’s actions, with a hacked account and mixed messages regarding ETF approvals contributing to uncertainty. Despite this, the market saw a local peak following an ETF listing, assuring investors of the approval only after the listing was confirmed.
As we move past the year’s most critical week, the focus is on upcoming developments in the crypto space. Experienced investors are on the lookout for the right entry points in altcoins, with Solana (SOL) showing a promising rebound from a downtrend on January 14. However, it remains affected by the overall market sentiment.
Solana’s 20-day EMA has flattened at $96, indicating a balance between buyers and sellers as shown by the RSI. A break below the uptrend line could lead to a significant drop to the $67 threshold. Conversely, surpassing the downtrend line could target levels of $117 and $126, with a potential next goal of $150.
Avalanche (AVAX) briefly surpassed the $50 mark before losing momentum due to Bitcoin’s surprise move. Although it dropped to $38, bears have not yet managed to pull it down to $31. A break below $35.68 could lead to a dip to the bottom support, while a rise above $43.5 is required for an upward trend.
Dogecoin (DOGE) has been trading below its 20-day EMA ($0.08) for several days, and while bears target $0.07, they have not succeeded. If DOGE closes below $0.08, it could move to $0.07, but if it reverses, it may head towards $0.1 and $0.11. Optimism in the market may be fueled by the recovery of spot Bitcoin ETFs as of January 16, with the upcoming Fed meeting at the end of the month being crucial for further market support.