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Weekly Crypto Market Brief

🎯 Bitcoin continues its Bullish ascendancy.

Bitcoin continued its consolidation over the past week, holding support over the $22.5k price level, before ascending to a new local top at $23.9k per coin. The Crypto Fear & Greed Index reached the 61 level on Monday, January 30, 2023, its highest point since March 2022. Bitcoin’s current price levels have mirrored its August 2022 highs, and show little sign of a slowdown at this point, after printing its fourth successive bullish candle on the weekly chart.

🎯 Decentraland (MANA) has seen a 173% increase in January.

Decentraland (MANA) has been significantly bullish in recent weeks, having broken past the 21 EMA on the weekly chart before retesting it as support in the past two weeks. Since the beginning of January 2023, the famed metaverse token rose from the $0.30 support level to a local high of $0.82, representing a massive 173% price increase. Additionally, it is holding above the 200 daily MA level is another good reflection of its bullish outlook in the market. With MANA currently operating below the $0.78-0.82 resistance zone, investors and traders will pay close attention to whether the token can break this region and head towards the $1 mark.

🎯 Dogecoin (DOGE) seems to be consolidating at the moment.

Dogecoin (DOGE) has, for the most part, managed to successfully stay above the 200 MA on the daily chart, establishing a healthy market structure in the process. After rising from the $0.068 price level and reaching the $0.093 level in the first half of this month, it retested the $0.09 level as resistance and has struggled to break above it since. Dogecoin seems to be consolidating at the moment, and relative uncertainty remains for the premier meme coin’s next move in the current market environment.

🎯 AAVE has been showing a consolidated pattern.

Between November 2022 and early January 2023, AAVE (Aave) consolidated in the $50-67 price zone, mirroring the lows it reached in June 2022, following the cryptocurrency market crash the previous month. On January 2, 2023, it began its ascendancy from the $52 price, reaching a local high of $91 on January 17, 2023, before consolidating over the 200 daily MA. Aave is currently operating at the same price levels from October 2022, and should it manage to successfully hold the $80 level as support, then it is possible that the bulls would assume a dominant position in the upcoming period.

 

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