Cryptocurrencies to watch for the week of January 16, 2023

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The crypto market continues to see significant upside, with Bitcoin (BTC) leading the way after months of sideways trading. The rally is the result of a combination of positive macro news and a possible easing of regulatory concerns in China. However, despite the continued surge in the market, it is important to note that the crypto space is still operating in the shadow of the massive bull run that occurred in 2021.

Although most cryptocurrencies trade in the green zone, specific assets are worth watching due to their potential, the narrative they convey, and their potential to influence the general cryptocurrency market. Finbold has therefore reviewed the cryptocurrencies to watch for the week of January 16, 2023.

GALA (GALA)

The GALA (GALA) token benefited from the general rally in the crypto market and the growing interest in blockchain games. Indeed, GALA has maintained bullish price momentum that has moved independently during periods of broad market consolidation.

Notably, GALA’s rally was also helped by increased whale activity, with data from crypto analytics platform Santiment indicating that the trades helped push the token past resistance at $0.048. Additionally, GALA has also seen an influx of investors accumulating the asset with notable network partnerships.

GALA is one of the main entities for a mini-altcoin rally as investors allocate more capital to non-fungible token (NFT) games and the metaverse space. At one point, GALA gained 100% in seven days to top the top 100 cryptocurrencies by market capitalization. Therefore, GALA is a cryptocurrency to watch for the next price action following a major futures sell-off.

At press time, GALA was trading at $0.05 with a daily correction of over 3%. On the weekly chart, GALA is up over 90%.

Seven-Day GALA Prize Chart. Source: Finbold

From a technical analysis perspective, the daily GALA gauges on TradingView are bullish. A summary of the gauges is for ‘buy’ at 13 while ‘moving averages’ are at 12.

GALA technical analysis. Source: TradingViewFetch.ai (FET)

Fetch.ai (FET) is a cross-chain protocol based on the Cosmos (ATOM) software development kit (SDK) and artificial intelligence (AI) blockchain environment. Users can create networks of autonomous economic agents within a single registry via the protocol. Notably, FET recorded increased interest aligning with general market sentiment.

However, FET received a boost of network potential with the continued buzz around AI-related concepts following the initial success of ChatGPT. Indeed, interest saw FET gain more than 20% in 24 hours as the market rallied.

Elsewhere, the buzz around FET is partly due to the impact of network activity where the token became the top earner in the Cosmos (ATOM) inter-blockchain communications (IBC) networks as of January 13.

The focus now is on FET’s ability to manage its momentum and continue to rally over the coming week. In this line, the possibility of rallying will depend in part on the development activity of the network.

At press time, FET was trading at $0.23, having corrected almost 6% in the past 24 hours.

Seven-day FET price chart. Source: Finbold

Meanwhile, the sentiment around the FET is offering mixed signals, with the 1-day gauges in the “buy” zone at 15, while the oscillators are for “sell” at 4. Elsewhere, the moving averages suggest a “ strong buy” at 13 .

FET technical analysis. Source: TradingViewBitcoin (BTC)

After appearing to stagnate below the $17,000 level for several weeks, Bitcoin (BTC) embarked on a winning streak that resulted in the first cryptocurrency to briefly recover the $21,000 level. As reported by Finbold, the ongoing BTC rally is among the longest since the pandemic period of 2020.

Bitcoin’s rally was helped by broader optimism and an encouraging economic outlook. The first signs of a recovery emerged after encouraging signs in the US labor market and positive Consumer Price Index (CPI) data. The result raised hopes of a slowdown in inflation, allowing the Federal Reserve to ease its aggressive interest rate hikes. Notably, the steady rally helped Bitcoin put behind the effects of the collapse of crypto exchange FTX.

Although Bitcoin has seen long-term consolidation, new data according to a Finbold report indicated that, based on BTC holdings as of January 13, this could be equated to 0.5% of the world’s population.

Overall, Bitcoin remains an asset to watch as it will be interesting to watch if investors can continue to pump money into the crypto. Indeed, buying and selling pressure will be crucial to Bitcoin’s ability to sustain gains above $20,0000.

Additionally, the market will be watching Bitcoin’s next price move as the asset still faces several headwinds. For example, the industry is witnessing massive layoffs, legal issues related to Gemini and Genesis, and the possible creation of a crypto-focused House subcommittee in the United States.

At press time, Bitcoin was trading at $20,697 with daily losses of around 1.3%. On the weekly chart, BTC is up over 22%.

Seven-day Bitcoin price chart. Source: Finbold

Elsewhere, Bitcoin’s technical analysis is mostly bullish. A summary of the daily gauges on TradingView lines up with the “buy” sentiment at 14, while the moving averages relate to the “strong buy” gauge at 12. Oscillators are bearish, recommending “sell” at 4.

Bitcoin technical analysis. Source: TradingView Shiba Inu (SHIB)

The Shiba Inu (SHIB) coin has shown an impressive performance in recent days. At one point, the dog-themed asset reclaimed the top spot among cryptocurrencies. While the meme coin is benefiting from the general market recovery, the gains have been aided by continued network development and partnerships that aim to provide SHIB with more utility.

For example, social network Twitter recently enabled a feature allowing SHIB users to track the prices of crypto assets alongside Bitcoin, Ethereum (ETH), and Dogecoin (DOGE). Meanwhile, the Shiboshi Club and Bugatti Group recently revealed a collaboration for a mint NFT collection.

Additionally, the SHIB community is still awaiting the release of the Shibarium layer-2 solution. Overall, SHIB remains an asset to watch if it can lead the coins even to a new rally alongside any impact if investors start to take profits.

At press time, Shiba Inu was trading at $0.000009985 with daily losses of around 0.3%, while on the weekly chart, SHIB is up over 18%.

Seven-day SHIB price chart. Source: Finbold

From a technical analysis perspective, a summary of the SHIB gauges is for a “buy” at 12, while the moving averages line up for a “strong buy” at 11. The oscillators are for a “sell” at 3.

Technical analysis SHIB. Source: TradingViewAvalanche (AVAX)

The layer 1 blockchain has seen bulls attempt to take over in an effort to lift the asset to prior highs. After weeks of correction, AVAX opened the year with a bang, taking inspiration from the general sentiments of the sector.

Amid the ongoing rally, the Avalanche ecosystem has recently accelerated partnerships with established entities. Part of the network’s development has seen Avalanche partner with Amazon Web Services. As part of the agreement, AWS will use the Avalanche Network to develop enterprise blockchain solutions for businesses and governments.

Indeed, the partnership will increase the utility of Avalanche among companies which, in turn, could boost the demand for AVAX tokens. Additionally, as reported by Finbold, BLRD, a subsidiary of Japanese gaming giant GREE, has partnered with Avalanche to launch its first Web3 game in 2023.

AVAX is worth watching for the following week based on its ability to sustain gains and the implications of network partnerships.

Currently, AVAX is trading at $16.33, having gained nearly 40% in the past seven days. However, the token is facing a correction on the daily chart of more than 4%.

Seven-day AVAX price chart. Source: Finbold

Additionally, daily sentiments for AVAX offer mixed signals. The gauges summary means “buy” at 12, with moving averages recommending “strong buy” at 11. Only oscillators are for “sell” at 3.

AVAX technical analysis. Source: Trading View

In conclusion, as the cryptocurrency market attempts to sustain the ongoing rally, the highlighted assets are worth watching as they will likely dictate the trajectory of various digital assets. However, the market still faces headwinds as the effects of macro factors persist.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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