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Crypto Price Prediction For January 19: SOL, MANA, TIA – Crypto News

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2 years ago

January 19, 2024

Dripp

Crypto Price Prediction: The Bitcoin price dip below triggers a prolonged correction in the crypto market, is a new-the-sell theory on BTC ETF working?

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Crypto Price Prediction: The cryptocurrency market deepens its correction phase as Bitcoin price dips below the $42000 mark on Thursday. With the sell-the-news theory for Bitcoin ETF, the altcoins witnessed highlighted supply pressure. As per the data analytics platform Coinglass, the market witnessed $247.52 million Liquidation of highly leveraged futures contracts betting on higher prices since yesterday.

The ongoing selling pressure could be attributed to market concerns regarding the potential liquidation of Bitcoin assets by Grayscale, in response to its investors offloading shares of the GBTC ETF. Following the introduction of spot Bitcoin ETFs last week, the Grayscale Bitcoin Trust (GBTC) has experienced significant outflows, with a total of $2.2 billion withdrawn in just the past week.

However, prominent crypto investor scottmelker suggested that the theory of Grayscale offloading its Bitcoin holdings isn’t malicious in nature. Rather, it is a typical operational aspect of an ETF. He stated:

Grayscale is not actively “dumping on the market.”

People are selling GBTC which means Grayscale has to sell the equivalent amount of bitcoin.

Amid the extended correction, crypto coins like Solana(SOL), Celestia (TIA), and (MANA) may offer a suitable dip opportunity to pullback traders.

Solana(SOL) Price Nearing A Decisive Breakout

The Solana (SOL) price trajectory is currently exhibiting a bullish flag pattern, confined within two parallel trend lines. This pattern emerges following a 25.3% drop in SOL’s value over the past month, with the price stabilizing near $94.4.

Such formations typically indicate a temporary consolidation phase in a broader upward trend, offering a strategic entry point for investors. The positive outlook for Solana is reinforced by the upcoming release of Solana Mobile’s second smartphone, following the success of the Saga phone.

A recent tweet from Solana Mobile highlighted a significant market demand, with 30,000 preorders for the crypto-centric device within just 30 hours.

Should this positive momentum catalyze a successful breakout from the flag pattern, SOL could experience an upsurge in buyer activity. This scenario potentially sets the stage for a 30% rally, targeting the previous resistance level of around $126.

Decentraland(MANA) Price Eyes $0.7 As Demand Pressure Surge at Market Dip

Amid the market uncertainty surrounding the Bitcoin ETF launch, the Decentraland(MANA) price has been under a correction trend since December End. The coin experienced a notable decline of 22.5% within a month, to hit its current value of $0.47.

However, the coin price has managed to stabilize above 61.8% Fibonacci retracement levels, evident by the long-tail rejection and sideways movement. If the coin manages to breach the immediate resistance of $0.5, the buyers will get a suitable foot to surge its rally past $0.6.

Should the price successfully surpass this barrier, the buyers will get an additional confirmation for uptrend continuation and assist the coin value to hit $0.7.

The MACD and signal line nearing a bullish crossover accentuates the buyers are regaining strength for new recovery.

Celestia (TIA) Price Offer Dip Opportunity Amid Market Correction

The Celestia (TIA) coin has demonstrated a significant recovery in the past two months, marked by an ascending support trendline. This upward movement has consistently been supported by the ascending trendline, indicating strong buyer activity and accumulation during pullbacks, a key factor for maintaining a bullish momentum.

However, with the current correction phase in the broader, the TIA price formed a new top at the $20.39 mark which tumbled its value 10.3% in the last five days. Currently trading at $18.2, the coin price dips another 14-15% to revisit the lower trendline around $15.34.

If history repeats, the Celestia Price should successfully rebound from this support which could bolster a 37% surge to chase the $25 mark.

Furthermore, the 20-day and 50-day Exponential Moving Averages (EMAs) are providing additional support, bolstering the coin’s stability during times of market correction.

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