Altcoins
Best Altcoins to Buy on January 6: ETH, ARB, OSMO
Top Altcoin: On January 6, the crypto market saw a slight decline as market participants continued to wait for an official comment from the US SEC for the approval of the Spot Bitcoin ETF. However, on January 5, amendments under article 19b-4 have been filed for Bitcoin ETF spot applications from several leading asset managers, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21 Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck and WisdomTree.
These filings are considered one of the final steps in the SEC approval process. However, completion of S-1 filings is still required before U.S. exchanges can begin listing these investment securities.
Over the past 24 hours, the two major cryptocurrencies Bitcoin and Ethereum posted declines of 0.23% and 1.06%, trading at $44,159 and $2,246, respectively.
While overall market sentiment remains uncertain, these altcoins Arbrium (ARB), Osmosis (OSMO), and Ethereum (ETH) could see a massive inflow if Spot Bitcoin ETF is approved in the coming week.
Ethereum (ETH) price trapped in uncertainty awaits a breakout
Ethereum(ETH)Price| TradingView Chart
Ethereum (ETH), the world’s second-largest cryptocurrency, has been in a sideways trading trend for over a month, oscillating between the key levels of $2,140 and $2,400. Amidst the current market uncertainty, Ethereum Price encountered its third reversal from the $2,400 resistance bar, indicating a high supply zone
Over the past five days, its price has seen a 7.5% decline, bringing it down to around $2,247. However, the coin finds substantial support at the $2,140 level and the 38.2% Fibonacci retracement. This level of correction suggests that buyers still retain significant influence over the asset, which could lead to a more robust rebound.
A successful rebound from this support could lead to a 7% price increase, aiming to challenge the $2,400 level. A break above this resistance could further consolidate the continuation of the uptrend.
Cup and Handle Pattern Drives Arbitrum (ARB) Price to $0.3
Arbitrum(ARB) Price| TradingView Chart
On January 3, the Arbitration document (ARB) The price gave a decisive breakout of the $1.82 neckline resistance of a rounded bottom pattern, however, this breakout was short-lived as the current market downturn plunged the ARB price below, the breaker turns reflecting the previous bull trap attempt.
If the selling pressure persists, ARB price could plunge another 16% to retest and find suitable support at the confluence, coinciding with the $0.147 support and 50% Fibonacci retracement trade. ARB’s potential price correction also provides small data to recover bullish momentum.
This potential correction also provides small data to recover bullish momentum. This potential correction also provides small data to recover bullish momentum. A reversal trend formation at the aforementioned support level would reflect an early sign of continuation of the uptrend.
Under the influence of the rounding bottom trend, ARB price could experience a 60% surge to reach the $2.931 mark. The slope of the 20-day picture continued to serve as dynamic support for ERP price.
Internet Computer Price (ICP) suggests a slight decline before a jump to $20
Internet Computer Price (ICP) | TradingView Chart
Amid Growing Uncertainty in Crypto Market, Recovery Trend Internet Computer Parts entered a new correction after hitting a local high at $1.63. Over the past 3 days, the value of this altcoin has fallen by 28% to $12.06.
However, a look at the bigger picture shows that this pullback is a phase of retesting the strength of the recently broken neckline of the cup and handle pattern. If price shows sustainability above this inverse support, it would indicate a major trend reversal signal, indicating that ARB price is likely to extend its recovery time.
In a favorable scenario, this post-retest study could increase the price of ICP by another 70% to reach the psychological level of $20. The slope of the ADX indicator shows that ICP buyers are leading an expelled rally that may experience occasional pullbacks to maintain a sustainable recovery.