NewsletterCrypto Price Prediction For January 5: TIA, SOL, KAS
Crypto Price Prediction: The crypto market remains volatile as investors remain uncertain about the approval of spot Bitcoin ETFs. On January 3rd, a sudden sell-off hit the market as Matrixport highlights in a recent report about the U.S. Securities and Exchange Commission’s (SEC) potential rejection of spot Bitcoin Exchange-Traded Funds (ETFs).
As per the report, after analyzing interactions between ETF applicants and the staff of the SEC, Matrix on Target hints that these applications are lacking a key element necessary for the SEC’s approval. This deficiency might lead to a postponement in approval, potentially extending until Q2 2024 or later.
The firm predicts that the SEC is likely to decline all current proposals in January. This scenario could trigger a heavy liquidation and may set a decline in Bitcoin’s value by up to 20%, potentially driving the price down to a range between $36,000 and $38,000.
On December 5th, the global cryptocurrency market cap rose to $1.67 trillion, up 1.63%, while the 24-hour trading volume decreased by 34.76% to $78.19 billion.
Despite this indecisiveness, crypto coins like Solana (SOL), Celestia (TIA), and Kaspa(KAS) show a bullish stance today
Celestia (TIA) Price Hints a Breakout Rally Above $20
Amid the December uncertainty in the crypto market, the Celestia coin witnessed heightened volatility evidenced by a huge swing on a sideways trajectory. Connecting these tops and bottoms with the trendline indicates the formation of an expanding channel pattern.
Bucking the market trend, this altcoin has had a significant inflow in the last three days where the price surged from $9.36 to the current trading price of $16.18, registering 72.95%. The TIA token from Celestia continues to be a favorable gauge of the market’s attitude toward modular blockchains.
Anticipating more airdrops, demand for TIA will likely surge as investors aim to acquire and stake it, especially following the airdrops by Saga and Dymension for TIA stakes. Holding TIA on its native platforms can yield an annual return of 15% to 17%, excluding fees, for users.
Amid this rally, the coin price breaches the pattern resistance trendline signaling the uptrend continuation. The post-breakout rally could surge the price above the $20 mark
Healthy Retracement Sets Solana(SOL) Price to Chase $155
The Solana price recently entered a correction phase after reaching a new high at $126.36. Over the following two weeks, its value dropped by nearly 20%, seeking support around the $100 level and the 23.6% Fibonacci retracement level.
Despite significant selling pressure on January 3, the daily chart revealed a long-tailed rejection candle at the $100 mark, indicating active buying interest at this level. This suggests that the overall bullish trend for Solana remains strong, potentially giving investors a pause before another price movement.
Currently, Solana coin is trading around $100, showing an intraday decline of 4.3%. The correction is characterized by a new descending resistance trendline that offers dynamic resistance. In a bullish scenario, breaking above this trendline could indicate a recovery continuation, potentially driving Solana’s price up by 55% to a target of $155.
Kaspa(KAS) Price Eyes Set on Recovery as Prices Stabilize Above Key EMAs
In the daily time frame chart, the Kespa coin price showcases a bullish continuation pattern known as a FLAG. Influenced by this pattern and the broader market correction, the KAS price fell from $0.1542 to $0.112, marking a 27.5% loss.
As long as this pattern persists, the coin may continue its correction trend within the confines of two falling trendlines.
Traders bullish on this coin should watch for a breakout above the upper trendline, which would indicate a continuation of the recovery trend, potentially extending the rise to $0.154 and possibly even $0.23.
The coin’s trading above the 100-and-200-day EMAs suggests that the overall bullish trend remains robust.
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