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Crypto Price Prediction: The bearish trend in the cryptocurrency market has escalated this week, as the total market capitalization suffered a 3.73% decline in the past 24 hours, dropping to $1.55 trillion. Bitcoin, the foremost cryptocurrency, has experienced a 1.47% decrease today, consistently trading below the crucial $40,000 mark.
The crypto market has adopted a bearish posture since the introduction of spot Bitcoin ETFs on January 11th, sparking a downturn across most leading cryptocurrencies. A potential catalyst for this sell-off could be Grayscale’s reduction of their Bitcoin holdings, coinciding with investors divesting from the GBTC ETF. On the seventh day of ETF trading, GBTC experienced an outflow exceeding $640 million.
Additionally, according to a Bloomberg report, the crypto exchange FTX estate possessed 22.28 million shares in the Grayscale Bitcoin Trust, valued at $902 million, prior to January 11. Following the trust’s transformation into a spot ETF, FTX offloaded over two-thirds of these shares within the next three trading days, a move that significantly contributed to the current market correction.
#FTX Shocks Market with $1B #Grayscale ETF Sell-Off & Alameda Drops Bombshell Lawsuit Against Grayscale! 🚨💥💰📉 $GBT
• 🚨 FTX's bankruptcy estate offloaded approximately $1 billion of Grayscale's Bitcoin ETF, shedding light on recent GBTC outflows.
• 📊 Since the conversion… pic.twitter.com/iipXsgXnef— RichQuack (@RichQuack) January 22, 2024
Amidst this market downturn, investors might find opportunities in cryptocurrencies like Ethereum (ETH), XRP, and Manta Network (MANTA), which could potentially offer a stronger recovery.
Is Ethereum (ETH) Price Heading Back to $2000
Amid the current downturn in the crypto market, the Ethereum (ETH) coin has witnessed a significant downfall in the last weeks. From a local top of $2714, the altcoin price tumbled 21.6% to currently trade at the $2231 mark.
A look at the daily time frame chart showed this downfall is part of an expanding channel pattern, a technical setup that often emerges in the midst of market uncertainty. With an intraday loss of 3.6%, the Ethereum price teased a breakdown from the pattern’s lower trendline, concerning further correction underway.
If the coin price gives daily candle closing the dynamic support, the selling pressure will accelerate which may bolster a downfall to $2142 support, followed by $1917.
The ETH price drop below the 20-and-50-day EMA slope reflects a change in market dynamic for the short term.
XRP Price Break Below Yearly Support Hints Prolong Correction
Since early 2023, the XRP coin price has shown a steady recovery, buoyed by an ascending support trendline. This trendline has been a reliable source of support during major market declines, helping to foster a bullish momentum among buyers.
Recently, amidst broader market sell-offs, XRP price has undergone a notable correction, dropping from $0.62 to its current trading price of $0.58. This represents a 19% decrease in just two weeks, suggesting a potential breach below the lower trendline.
Should a daily candle close beneath this dynamic support, it could signify a significant shift in market sentiment, possibly leading to an extended downturn. Following such a breakdown, the price could potentially fall further to support levels around $0.47 and $0.42
However, the daily RSI slope at the oversold region of 19% reflects the seller may struggle to sustain below the breached trendline.
Manta Network (MANTA) Price at Key Support Signals 25% Surge Ahead
Despite the prevailing bearish trends in the cryptocurrency market, MANTA, the native token of the Manta Network—a Layer 2 modular blockchain—has demonstrated notable resilience by consistently holding above the $2.25 level.
Although the Manta Network faced a Distributed Denial of Service (DDoS) attack right after its launch, this incident briefly slowed down network operations, but the MANTA team quickly addressed and resolved the issue, minimizing disruptions.
At around 9AM UTC, Manta Pacific chain experienced an RPC flood and we are resolving. The chain is running fine, blocks are producing, and accessibility is back online soon.
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 18, 2024
A look at the 4-hour time frame chart shows the coin price is maintaining its sustainability at a higher level using an ascending support trendline. The coin price rebounded twice from the dynamic support indicating the investor’s interest in acquiring the MANTA during market pullbacks.
Currently trading at $2.37, if the coin price shows sustainability at a lower trendline, the buyers may lead a 25% surge to hit a higher trendline at $3.
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