Altcoins
Best Altcoins to Buy on January 17: ETH, TIA, SUI
Bitcoin’s performance after BTC ETF approval last week was a disappointment. Most speculators expected the price to rise above $50,000, but they only got a sharp drop below $42,000. Although the largest cryptocurrency surged to $42,563 during U.S. business hours on Wednesday, the market slump is still in full force. For some investors, turn to best altcoins like Ethereum (ETH), Celestia (TIA), and SUI could fuel optimism and reinforce gains in the first quarter.
Ethereum Tops Best Altcoins to Buy in Duncan Upgrade
Ethereum recorded a commendable rally after the BTC ETF green light, reaching $2,700. Investors are believed to have turned to the largest smart contracts token amid expectations for an ETF in the coming months.
Despite the impressive rally, Ethereum Price fell below $2,500 to $2,465 before seeing a brief rise to $2,600 on Tuesday. Trading at $2,540 at the time of writing, Ether is oscillating within the confines of a descending channel, sending signals of a possible breakout of the bull flag.
A bearish technical structure as established by the current Neural Relative Strength Index (RSI) of 50 could force sellers to increase activity targeting a liquidity sweep to $2,502. This region refers to the confluence support created by the channel’s middle boundary and the exponential moving average (EMA) of 50 (in red).
A larger breakout is expected due to the formation of a bullish flag pattern on the four-hour chart. However, ETH could remain suppressed by overhead pressure until the price breaks above the flag resistance.
Traders would be interested in long positions on ETH slightly above the breakout point. Such a move would be accompanied by a sharp increase in trading volume to support the highly likely move to $2,700.
The launch of the Ethereum Dencun upgrade on the Goerli testnet could keep the price of ETH high. However, its impact could be overshadowed by the general market slump, given that the upgrade was not completed on schedule, said Chinese crypto journalist Wu Blockchain via X.
On the positive side, QCP Capital highlighted that Ethereum has the potential “to continue to outperform BTC in the medium term as the narrative turns towards potential ETH Spot ETF approvals.”
Recommended: Ethereum Dencun Upgrade Unlocks “Proto-Danksharding” on Goerli Testnet
When buying The Dip In Celestia (TIA), here’s what you need to know
The path of least resistance for Celestia is downward based on short-term price analysis, as shown on the four-hour chart. TIA’s uptrend has lost momentum below $20, significantly increasing the risk of a trend reversal.
The declines are bound to continue during the US session, with the TIA holding below the 20 EMA (blue) and struggling to hold on to the support provided by the ascending trendline.
TIA Price Chart | Commercial view
The RSI’s neutral position below the midline at 47 is a sign that bulls need a reality check. With the decline towards the oversold region, overhead pressure will push Celestia lower.
There is a possibility of a bounce from the 50 EMA (red) at $17.5, but the Fibonacci retracement level suggests that AIT could fall to the 0.618 ratio around $13.8 before considering another rise.
If accepted above the ascending trendline and the 20 EMA, an immediate rebound could ensue, building investor confidence to serve as a springboard above $20.
Sui Price returns to the green, how high can he go?
Next price is seeing a modest 0.25% increase on Wednesday after a sharp rebound from higher support at $1.2. The token that powers one of the pioneering layer 1 blockchains, known for supporting ownership of digital assets in a fast, private and secure environment, is poised to face growing resistance at the 20 EMA, 1 .3 and $1.4.
Although in the neutral zone (below the midline), the RSI shows signs of renewed strength and supports the building momentum behind SUI.
However, bulls should look beyond the Moving Average Convergence Divergence (MACD) indicator sell signal and refrain from closing long positions or shorting the token.
SUI Price Chart | Commercial view
A successful retest of the 20 EMA and subsequent seller congestion at $1.3 would make Sui more attractive and increase investors’ risk appetite. Further movement above $1.4 could trigger FOMO and send SUI rocketing to an all-time high of $1.72.