As a seasoned cryptocurrency analyst with years of experience under my belt, I have seen the market ebb and flow like the tides of the ocean. Each coin presents its unique challenges and opportunities, and today we are diving deep into the world of Ethena (ENA).
Earlier this week, ENA was struggling to break past the 20-day Simple Moving Average (SMA), facing significant resistance at that level. On Wednesday, it dipped below this crucial support, signaling potential bearish sentiment in the market. However, as a wise trader once said, “The market can remain irrational longer than you can remain solvent,” and I find myself reminding myself of this quote more often than I’d like.
Thursday brought even more turbulence for ENA, with a sharp decline that saw the price drop below $1. But as the saying goes, “Every time I think the market has reached its most absurd level, it just confirms my faith in human stupidity.” Friday presented a glimmer of hope with a recovery, but alas, the weekend brought more volatility and uncertainty for ENA traders.
The current week started off on a positive note, with ENA surging back above the 20-day SMA. However, Tuesday saw another dip, followed by a strong rebound on Wednesday. As I write this analysis, ENA is once again trading above the 20-day SMA.
Now, let’s lighten the mood with a little humor: You know what they say, “The market can be a rollercoaster, but remember, the most important thing is to enjoy the ride and hold on tight to your stop losses.” After all, we’re not trading for our health, we’re trading for our wealth!
2025 has seen a robust beginning for the cryptocurrency market, bouncing back from previous setbacks as investor confidence resurfaces. Notably, Bitcoin (BTC) surged past $95,000, peaking at an intraday high of $97,721, before experiencing a minor dip and settling at its current price of $96,712 – a nearly 2% increase over the preceding 24 hours. Ethereum (ETH) has risen by approximately 1.40%, while Ripple (XRP) is up by 3%, aiming to advance towards the $3 mark.
As investor confidence resurges, numerous cryptocurrencies have experienced significant increases in value. Among these are Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Toncoin (TON), Stellar (XLM), Hedera (HBAR), and many others. The overall crypto market capitalization has risen by 1.90% and is now at approximately $3.41 trillion.
Should Crypto Rein In Expectations?
2025 brings high hopes for crypto investors, fueled by Donald Trump’s election win in the U.S. Their aspirations include gaining access to international banking systems and resolving ongoing legal battles between major cryptocurrency firms and the U.S. Securities and Exchange Commission (SEC). The optimism is also driven by speculation about a Bitcoin strategic reserve. However, it’s important to note that the unpredictable nature of geopolitics may lead to unexpected outcomes.
The European Union has tightened regulations on cryptocurrencies by implementing new rules where significant stablecoins used for trading Bitcoin (BTC), Ethereum (ETH), and other digital assets must keep 60% of their reserves in bank accounts. Paolo Ardoino, CEO of Tether Holdings Ltd., expresses concern that this high level of exposure could lead to systemic risks. Failure to comply with the EU’s directive might make USDT, the world’s most prominent stablecoin, unavailable for European investors.
Countries in Asia are likewise developing their unique strategies regarding blockchain technology and cryptocurrencies. China and Russia envision using blockchain as a means to challenge the dominance of the US Dollar and embrace the concept of decentralized finance (DeFi). As numerous elements come into play, the year 2025 might bring a period of volatility for the crypto market.
BTC Could Hit $135,000 In 2025
A Russian analyst, Evgeny Shatov, predicts that Bitcoin (BTC) may reach an impressive $135,000 by 2025. Interestingly, he also suggested that Bitcoin could potentially function as a “super currency” within Moscow’s economy. However, it’s worth noting that Shatov anticipates a potential slowdown in the market once this level is reached, followed by a period of consolidation later in the year.
As a seasoned investor with years of experience in the cryptocurrency market, I have witnessed the volatile nature and rapid growth of Bitcoin. Lately, it seems that Bitcoin is making a steady transition into its distribution zone, hinting at potential consolidation or even a correction. This trend has been accompanied by an increase in altcoin activity on the market, signaling what appears to be the start of “altcoin season.”
Given my experience, I know that such market conditions can lead to a range of scenarios, but based on past patterns and current trends, I believe that the growth of Bitcoin’s price in the first half of this year will likely slow down. However, it is essential to keep a close eye on market developments as the situation may change rapidly, and there could be unexpected twists and turns along the way.
Additionally, he pointed out that Bitcoin’s influence measure is close to 57%, showing a rise of nearly 7% compared to the start of this year.
It seems that this phase has concluded, and we’re heading into an era where altcoins are on the rise. This shift is reflected in the declining index, which is expected to drop further given the surge in the number of altcoins and their total market capitalization. For a point of reference, the index hovered around 90% back in 2017. In contrast, during 2021, it dropped from 60% to 40%. As a result, the market is slowly transitioning towards an altcoin-dominant trend.
Moscow’s Crypto Pivot
2025 seems poised for a persistent crypto shift in Russia, as I, a researcher, observe from columnist Olga Samofalova’s perspective. She posits that Russia has identified Bitcoin as a potential super currency, necessitated by cross-border payment restrictions imposed by the United States and other Western countries through sanctions. In light of the digital ruble discussion, Samofalova highlights its traceability similarities with non-cash currencies. However, she emphasizes that Bitcoin transactions remain untraceable, offering Russia a means to circumvent such financial constraints.
In contrast, Bitcoin functions independently as a truly decentralized currency. Unlike traditional currencies tied to institutions like the Russian Central Bank or the Federal Reserve in the US, Bitcoin is not subject to their policies or interference. Instead, it’s ‘mined’ using a predetermined algorithm and without any central bank involvement. As such, imposing sanctions on Bitcoin is virtually impossible due to its decentralized nature. In terms of bypassing sanctions, no other currency comes close to Bitcoin.
January To See Major Token Unlock
As reported by Tokenomist, the crypto market is expected to see around $7 billion worth of token releases in January. These token releases gradually make their way into the market, helping to avoid mass sell-offs from early investors and team members. Despite this gradual approach, these releases can still have a significant effect on prices. In January, both cliff unlocks (large one-time releases) and steady releases will occur. Linear unlocks distribute tokens throughout the month, while cliff unlocks release all tokens at once.
Starting from the first week of the month, a total of $1 billion in unlocks is expected, followed by additional unlocks amounting to $3.7 billion between January 13th and 19th. The market has already witnessed the release of $270 million worth of SUI tokens on January 1st. Moreover, ZetaChain unveiled 54 million ZETA tokens valued at $42 million for growth initiatives and advisory purposes. Significant unlocks scheduled in January also include Kaspas (182.23 million), Ethena (12 million), Optimism (31.34 million), Solana ($14 million worth of daily tokens), Worldcoin ($12.4 million worth of daily tokens), Celestia ($5.1 million worth of daily tokens), Avalanche ($4.02 million worth of daily tokens), and Polkadot ($2.94 million worth of daily tokens).
Bitcoin (BTC) Price Analysis
2024 has seen a strong beginning for crypto markets, with Bitcoin (BTC) soaring past $95,000 following a notable drop towards the end of last year. After encountering a sturdy base at around $92,000, BTC enthusiasts are targeting the $100,000 milestone once more. If this support level remains intact and Bitcoin maintains its current momentum, it will challenge the $100,000 level again. A convincing breakthrough above this level could lead the asset back to its previous peak in December and possibly propel it towards a new high of $110,000.
On Thursday, Bitcoin (BTC) saw a significant decrease of nearly 4%, causing its price to dip to $95,691. Attempts were made by buyers to recover on Friday, but they were unsuccessful due to the sellers taking control. As a result, BTC fell below both the 50-day Simple Moving Average (SMA) and $95,000, reaching $94,827. The coin recovered slightly on Saturday with a rise of 0.89%, but it still couldn’t surpass the 50-day SMA, resulting in a fall back into negative territory, and a drop of almost 2% to $93,477 on Sunday.
As a crypto investor, I found myself grappling with sellers on Monday as Bitcoin kicked off the week with a 0.91% dip, closing at $92,625. Optimism resurfaced on Tuesday when Bitcoin spiked to an intraday peak of $96,159, but it faltered near the 50-day Simple Moving Average due to strong selling pressure, causing a minor retreat to $93,383 – a 0.82% gain for the day. Bullish spirits persisted on Wednesday as Bitcoin edged up by more than 1%, closing at $94,373. Thursday brought about increased buying activity, propelling Bitcoin by 2.60% to $96,823; however, it failed to surpass the 50-day SMA due to waning momentum. Currently, I’m watching as Bitcoin dips nearly 1%, trading around $95,998 in this session.
If Bitcoin sellers maintain control, the price might dip down to around $92,000 (a potential support level). Should it recover from there, it may challenge the $100,000 mark again. In case the upward momentum continues, we could witness another attempt at reaching its all-time high.
Ethereum (ETH) Price Analysis
Since its unsuccessful attempt to surpass the 50-day Simple Moving Average (SMA) on Wednesday, Ethereum (ETH) has been confined to a limited price range. Consequently, ETH experienced a significant decrease of nearly 5% on Thursday, landing at $3,333. On Friday, buyers made an effort to recuperate, pushing ETH to reach an intraday peak of $3,436 before losing steam. As a result, the price dipped slightly to $3,331. However, ETH managed to rebound on Saturday, increasing by 2.14% and surpassing $3,400 to settle at $3,402. Yet, it experienced another decline on Sunday, dropping by 1.46% and settling at $3,352.
On Monday, I observed substantial fluctuations in ETH’s price action as both buyers and sellers vied for control. The price peaked at an intraday high of $3,433 and plummeted to an intraday low of $3,298 before settling at $3,358. However, the buying pressure waned on Tuesday, despite ETH reaching an intraday high of $3,448, resulting in a 0.74% decline and a closing price of $3,333. Fortunately, ETH regained some ground on Wednesday, climbing by 0.68% to $3,356. The bullish sentiment grew stronger on Thursday as ETH climbed by 2.83%, reaching an intraday high of $3,505 before ending the day at $3,451. Currently, with the 20 and 50-day Simple Moving Averages acting as resistance, ETH is once again in the red during this session, down nearly 1% and trading around $3,450.
Solana (SOL) Price Analysis
On Thursday, Solana (SOL) broke through the $200 mark due to growing optimism among traders, who are now looking towards a potential price point of $220. Prior to this week, SOL had been bearish, dipping to $184 on Friday. However, it bounced back strongly over the weekend, gaining more than 6% and reaching $195 on Saturday. On Sunday, sellers re-entered the market, causing SOL to drop nearly 3% and settle at $189. The cryptocurrency saw significant volatility on Monday as both buyers and sellers competed for control, with SOL falling to an intra-day low of $185 before rising to a high of $196, settling eventually at $191, marking a 0.72% increase.
On Tuesday, SOL briefly touched a new high of $199 before attempting to break the $200 barrier. However, this effort was unsuccessful due to a loss of momentum, giving way for sellers to step in. Consequently, SOL dipped by 1.1%, closing at $189. On Wednesday, buyers re-entered the market, causing SOL to rise by 2.62% and finish at $194. The bullish sentiment grew significantly on Thursday as SOL surpassed $200 and the 20-day Simple Moving Average (SMA), resulting in a gain of 7.26%, closing at $208. Currently, the session is seeing a minor fluctuation as both buyers and sellers vie for control over SOL’s direction.
If sellers maintain dominance, the price of SOL might fall below $200. Conversely, if buyers regain strength and push prices above $210, SOL may revisit the resistance at $220. Overcoming this barrier could propel the price toward $250.
Chainlink (LINK) Price Analysis
Last week, Chainlink (LINK) struggled to break above its 20-day Simple Moving Average, losing steam after reaching $25.42 on Tuesday. This setback led to sellers taking control, causing a nearly 4% drop in price to $24.42 on Wednesday. The selling pressure intensified on Thursday as LINK plummeted by over 7%, closing at $22.66. On Friday, there was an attempt at recovery with LINK reaching an intraday high of $23.64. However, the momentum faded after this point, resulting in a nearly 5% drop to $21.54. The price saw a slight increase on Saturday, rising by just over 2% to $21.97, but it then fell by 4.70% on Sunday, ending the week at $20.94.
Initially in this week, LINK remained under sellers’ control, declining by 1.74% and dipping beneath its 50-day moving average to reach $20.57 on Monday. The price continued to slide on Tuesday, falling below its support level and settling at $19.99. However, a recovery occurred on Wednesday, causing LINK to surge by 8.55% and regain the $20 mark, moving past its 50-day moving average to close at $21.70. Buyers maintained control on Thursday, pushing LINK up by 1.64% to reach $22.05. As of now, in the current session, sellers are attempting to force LINK below the 20-day moving average and the $20 support level, causing it to drop by 1.30%.
Algorand (ALGO) Price Analysis
Last week, Algorand (ALGO) showed a downtrend as it struggled to surpass $0.40 on Tuesday. This failure led sellers to take control, causing the price to decrease by approximately 4% to $0.380 on Wednesday. The sellers maintained their dominance on Thursday, causing ALGO to plummet about 9%, ending the day at $0.346. Buyers made an effort to recover on Friday, pushing ALGO up to a high of $0.346, but they lost steam and the price dropped nearly 4% to $0.333. The price rose by 3.15% on Saturday, reaching $0.344. However, it slid again on Sunday, falling by over 5% and dropping below its 50-day moving average, settling at $0.325.
This week’s trading for ALGO started off with significant fluctuations as sellers aimed to push it downwards while buyers tried to regain lost positions. However, the buyers eventually took charge, causing a nearly 1% increase in price to $0.328. On Tuesday, ALGO continued to rise despite more volatility, gaining 1.70% and closing at $0.333. The optimistic outlook grew stronger on Wednesday, with a nearly 13% surge that took it above both the 20 and 50-day moving averages, ending the day at $0.377. On Thursday, buyers maintained control, causing another almost 4% increase to reach $0.391. Currently, ALGO is up over 4% and trading around $0.410 in this session.
Internet Computer (ICP) Price Analysis
On Thursday, Internet Computer (ICP) fell below its 50-day Simple Moving Average, following a nearly 8% decrease that left it at $10.30. Sellers continued their dominance on Friday, preventing any recovery and causing the price to dip further by 1% to $10.19. However, ICP rebounded on Saturday with a nearly 5% increase, reaching $10.67. The upward trend was short-lived as it fell back into negative territory on Sunday, shedding almost 5% and settling at $10.14. On Monday, ICP experienced considerable volatility as both buyers and sellers vied for control. Ultimately, the sellers prevailed, pushing ICP down by 1.28% to $10.01.
On Tuesday, ICP dipped below $10, dropping by 1.40%, but it bounced back on Wednesday with a surge of more than 6% to regain $10 and finish at $10.48. Buyers remained in charge on Thursday as ICP climbed by 1.81% to reach $10.67, slightly below its 20-day moving average. Currently, in this session, ICP has surpassed the 20-day SMA and the $11 mark, rising nearly 5% to trade around $11.16. If buyers maintain control, we might see ICP challenge the resistance at $11.50 and potentially exceed its 50-day moving average.
Ethena (ENA) Price Analysis
ENA, or Ethena, has been finding it tough to break through its 20-day Simple Moving Average (SMA), as it encounters significant resistance at this point. On Wednesday, ENA slipped beneath its 20-day SMA, following a decrease of 2.84%, which left it at $1.02. The selling pressure escalated significantly on Thursday, causing ENA to fall by 9.50% and drop below $1 to $0.927. Buyers made an effort to recover the losses on Friday, pushing the price up to a daily high of $0.993. However, their efforts petered out once they reached this level, resulting in a decrease of 2.34% to close at $0.906. The price saw a strong rebound over the weekend, rising by more than 4% to reach $0.946 on Saturday. Yet, ENA turned bearish again on Sunday, registering a slight drop that ended the weekend at $0.944.
This week started off with ENA reaching a peak of $1.02 during the day, but then fell to $0.953. On Tuesday, it dipped by more than 5% and hit $0.905. However, optimistic feelings about ENA resurfaced on Wednesday, causing it to increase by nearly 6% and rise to $0.958. ENA kept climbing higher on Thursday, jumping approximately 8% to regain $1 and close at $1.03. Currently, ENA is up almost 1%, trading above its 20-day moving average at $1.04.
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2025-01-03 16:12