The crypto market shows price volatility as investors shift sentiment from neutral to greed today. Some traders have entered an aggressive accumulation phase in anticipation of the next bull run.
This accumulation phase will likely increase the buying pressure in the market and result in another rally.
Remarkably, Bitcoin has found some stability above $42,000 as the buyers regain control of its price, readying for the next rally. Altcoins again dance in tune with Bitcoin, recovering in the last few days to record impressive gains.
Today’s top gainers are driven by positive investor sentiments and increased enthusiasm in their ecosystems.
Conflux (CFX)—The Home of dApps, E-commerce and Infrastructure
The Conflux (CFX) shows an impressive performance today, gaining 11.6% on its price to trade at $0.24, with an over 35% seven-day increase. Conflux Network unveiled the BSIM card, an impressive development likely supporting CFX’s performance today.
A look at the Conflux BSIM card. 💥
1) A BSIM cold wallet that interacts with a mobile wallet.
2) 70GB of 5G internet.
— Conflux Network Official (@Conflux_Network) January 26, 2024
The BSIM comes with a cold wallet that interacts easily with a mobile wallet and gives users access to 70GB of data for 5G internet services. Users can access 500 minutes of call time across all networks, making it a welcome innovation.
Both teams will collaborate to host significant events for Conflux Builders.
Furthermore, Conflux Network announced support for GoledoFinance to investigate the recent attack on their lending pool. With these developments, CFX is in a bullish phase as the buyers continue accumulating the token, leading to massive gains.
CFX Testing The $0.24 Resistance Level: Will It Break Above?
As the buyers returned, CFX recovered from a slump earlier in the week to form a large green candle on January 25. The Maribozu candle formed on January 26 confirmed that buying pressure has increased.
However, a red candle formed on January 27 showed that the sellers attempted to force a retracement for the asset.
Nevertheless, CFX has rallied above the $0.23 resistance level, flipping it to support. It is currently testing the $0.24 resistance, and a break above this level will send the asset up to $0.25 as the next price target.
The upper wick of today’s candle is touching the upper band of the Donchian Channel (DC), confirming that the bulls are in control of CFX’s price gains.
The Relative Strength Index (RSI) is close to the overbought region with a value of 66.49, suggesting further price increments ahead for CFX. Therefore, based on CFX’s price performance this week, it will likely break above $0.24 in the coming days if the buyers sustain their charge.
Injective (INJ) – Interoperable L1 Blockchain for DeFi Apps
The Injective Protocol (INJ) is a blockchain platform focused on decentralized finance (DeFi), covering areas like spot and derivatives exchanges, prediction markets, etc. Injective native token, INJ facilitates governance, staking, value capture, and developer incentives.
Priced at $37.86 as of 9:16 AM EST, INJ has seen an 18.5% increase from its all-time high of $45.13 on January 9, 2024. Over the last 24 hours, INJ has recorded a 0.73% increase with a trading volume of over $148.79 million.
In a January 29 X post, Injective shared an update on its achievement, which might drive its incredible price journey in the crypto space.
🥷 Ninjas, time for a thrilling recap of the week at @Injective_!
— INJ Hub 🥷 (@Injective_Hub) January 29, 2024
According to the update, 49 million $INJ tokens have been staked on-chain, a remarkable feat for the Injective ecosystem. Not only that, Injective observed several partnerships, including integration with Inspect, as the primary provider of data and analytics to empower over 350,000 users on-chain.
This partnership introduces a unique infrastructure layer to Injective and caters to the extensive needs of the protocol’s users. This development, alongside other notable achievements, as indicated in the X post, could be among the drivers of INJ’s ongoing rally.
INJ Consolidates Around Nearest Support at $36.65 – Where Could A Breakout Occur?
Injective (INJ) has recorded impressive strides in the past few days, and today, January 29, it is on an impulsive move toward the resistance at the $43 level. The coin has formed four consecutive green candle sticks in the last four days.
Given the bullish momentum, INJ will likely touch the $43 resistance before any potential retracement.
Moreover, a breakout will occur above the critical resistance if the buying pressure prevails. Affirmatively, INJ’s 50-day and 200-day SMA is below the coin’s trading price, showing an overall bullish market trend in the short and long term.
Again, the Relative Strength Index (RSI) is at 55.07, pointing upward.
This shows the strength of buyers, suggesting that INJ could become overbought in the next few days if the momentum sustains. However, if sell pressure prevails, INJ could plunge into the oversold region and record further losses, which may continue if it drops below the support level at $36.65.
Flare (FLR) – EVM-Based L1 Blockchain
In the last few days, Flare Network, a platform for blockchain interoperability, sealed a significant partnership with Google Cloud, one of the top cloud computing providers globally.
This collaboration is a big deal for Flare, marking the first time Google Cloud is involved with a decentralized Oracle system.
Flare onboards @GoogleCloud as an infrastructure provider to validate the network and contribute to the Flare Time Series Oracle.
— Flare ☀️ (@FlareNetworks) January 15, 2024
Currently, Google Cloud is taking on a dual role with Flare. First, it supports the network’s security by validating new blocks on the blockchain. Second, it contributes to Flare’s native oracle, the Flare Time Series Oracle (FTSO), providing decentralized price and data feeds.
The FTSO is crucial for Flare’s infrastructure, ensuring accurate data access for decentralized applications (dApps). This partnership propels Flare forward as a leading blockchain platform for decentralized finance (defi) and real-world asset tokenization (RWA).
Leveraging Google Cloud’s expertise, Flare aims to be the preferred platform for building the next generation of apps. For Flare users, this collaboration means more reliable and secure data feeds on the network, empowering developers to create advanced apps with access to a broader range of data sources.
The recent partnership spread excitement across the Flare ecosystem, positively pushing FLR’s price. As of 10:30 AM EST on January 29, FLR is up by 2.90%, trading at $0.022, with a 255.39% increase in 24-hour trading volume.
FLARE Sits Above Its 50-day and 200-day SMA – Can This Bullish Trend Trigger a Breakout?
The candlestick pattern in the chart above shows FLR in a consolidation period. Its horizontal trend hints at indecision between buyers and selling. Thus, a breakout can occur depending on the players ahead in the market.
If the buyers remain persistent, the FLR price will push upward. If not, a dip could occur.
Flare (FLR) ‘s price is above its 50-day and 200-day SMA, which serves as dynamic support levels in the market. The horizontal resistance on the chart is far from FLR’s trading price, indicating the distance it would take before the price stalls in the coming days.
Moreover, the Relative Strength Index (RSI) is at 57.29, in the neutral zone, showing that buyers and sellers are in equilibrium. As such, WOO could likely dip, plunging towards the horizontal support at $0.02100.
This could mean more loss as profit-taking traders may seize the opportunity to profit.
Nevertheless, the overall market trend is bullish, and an uptrend is projected. If buyers continue to push the market, given the affordable level of FLR, it can hit new gains, rallying to the resistance at the $0.02915 level in the coming days.
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
— $SPONGE (@spongeoneth) January 26, 2024
Sponge V2 is officially above the 6 billion milestone as more investors stake their SPONGE tokens. Impressively, the developers have created Sponge V2 to provide another opportunity for investors who missed out on version 1 to enjoy massive returns.
This ecosystem operates with staking, and all version one tokens staked must be un-staked from version 1 pools and re-staked. Regarding utility, version 2 incorporates a Play-to-Earn (P2E) game mode where users can earn additional tokens by participating in exciting games.
Why Buy Sponge V2?
Fear of Missing Out (FOMO) is one of the reasons investors rush to join new projects. Sponge V1 proved that the project has all it takes to succeed and surpass a market cap of $100 million.
— $SPONGE (@spongeoneth) January 27, 2024
With the extra utility added, Sponge V2 will likely break the $100 million market cap record set by version 1. Also, staking adds long-term potential to the project.
If a bull run occurs in 2024, it will bolster SPONGE V2 growth, which will launch right in the heat of the bull run, yielding massive returns for early investors.
The current crypto market outlook suggests a possible price recovery for most cryptocurrencies as Bitcoin regains strong support. Nevertheless, the volatile nature of cryptocurrencies should make investors wary of taking risks without proper consideration and control.
Strong community support and developments are internal factors that support the price gains for the market gainers. While Bitcoin and established altcoins continue to make waves with high uncertainty for future moves, investors can consider alternatives like Sponge V2.
Adopting presale tokens like Sponge V2 could amass notable returns when they launch on top exchanges. The next few days could set the pace for February and a possible uptrend in the crypto market.
However, investors must remain cautious and apply adequate risk management strategies.
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