Bitcoin rose to a new high of $43,416 on January 14 as buy-in indications overshadowed the recent “death cross” on its daily chart. The “death cross” is a bearish signal that occurs when the daily moving average (MA) 50 goes below the daily moving average (MA) 200.
According to cryptoanalyst Lark Davis, there are now nine death crosses in BTC’s history. Four of these signaled the bottom while four foreshadowed sell-offs ranging from 30 percent to 65 percent. Bitcoin last printed a death cross in June 2021, just days before hitting bottom lows of $28,800. In the next month, Bitcoin recovered momentum, culminating in the printing of a golden cross in mid-September.
Moving average crossovers are considered lagging indicators as the market is frequently oversold and due for a comeback at the time the crossover is confirmed, as it was in June 2021 and late March 2020. At press time, Bitcoin trades up at $43,322 after dipping to intraday lows of $41,752.
Across the altcoin market, some tokens were seen posting a rebound. Tokens such as Dogecoin (DOGE, +44.15%), FTX Token (FTT, +8.16%), Kava (KAVA, +13.37%), Propy (PRO, +44.15%) are up in the last 24 hours as per CoinMarketCap data.
Litecoin is steadily increasing in value, indicating that it is on the rise. Whale addresses holding 10,000 to 1 million Litecoin (LTC) tokens have accumulated 5% of the total supply in the last 15 weeks, or nearly four months, according to Santiment data.
This is the longest whale accumulation streak since 2017, according to the on-chain analytics firm, Robbie Coleman, the creative director of the Litecoin Foundation, revealed that Mimblewimble (MW) is “now in the final code review.” The project’s chief developer, David Burkett, hinted about a January release earlier this year. As of press time, Litecoin is trading at $145, up 6%.
The SCRT token of the Secret Network has risen in value, probably as a result of Quentin Tarantino’s well-publicized NFT drop on the network. SCRT is presently trading at $8.32, up 32% in the last 24 hours. Quentin Tarantino’s Pulp Fiction NFT drop is planned to begin on January 17 on the network.
The value of ROSE, Oasis Network’s native token, soared after positive news about a DEX launch. ROSE has gained 14.2 percent in the last 24 hours and was last seen trading above $0.57.
Since its inception on January 11, YuzuSwap, the first decentralized exchange on the Oasis Network, has witnessed tremendous adoption. YuzuSwap achieved a total value locked, or TVL, of $100 million in its first 24 hours of operation, while trading volumes reached $323 million in that timeframe.
YuzuSwap debuted on the same day that Binance Labs, the cryptocurrency exchange’s venture capital arm, announced its investment in Oasis Network’s $200 million developer fund.
Propy (PRO), a cryptocurrency that operates on the Ethereum platform rallied following a Coinbase listing announcement on Jan. 12, ”Inbound transfers for INV, LQTY, NCT, AND PRO are available in the regions where trading is supported. Traders cannot place orders, and no orders will be filled. Trading will begin on or after 9 AM PT on Thursday, January 13, if liquidity conditions are met”.
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