A green hope bodes well for a redemption expected by many traders in the year that has just begun.
After closing 2022 with a loss, which was the second-worst year ever, there is a focus on statistics that show an upward reaction this new year.
For Bitcoin, it was the first time in its history that it closed four consecutive quarters with a balance in the red.
Among the most buoyant rises in these early days of January, it is Sandbox (SAND) that topped the podium among the best with a weekly 30% stretch, reacting to the deep loss recorded last year.
SAND, the native token of the Sandbox metaverse, closed 2022 with a 93% loss, almost totally undoing the gains netted in 2021. The token’s value fell from $5.8 to $0.37 in just 12 months.
A start of the year marked by low volatility, back to the lowest levels in the last 5 years, except for Dogecoin (DOGE), which in recent days stood out for price hikes. In the last few hours, DOGE prices have recovered $0.078 the levels of 25 December.
On this first day of the week, Zilliqa (ZIL) and Solana (SOL) both soar more than 30% in the last 24 hours, augmenting the gains made last week, thus rising more than 50% in just 7 days.
After more than 20 days, BTC prices are back above $17,200 recording a gain of 4.3% since the beginning of the year.
The technical structure of BTC indicates the first upward weekly cycle since mid-December that is accompanying the rise of the last few hours in line with the beginning of the new and current weekly cycle that will accompany us for the entire week.
Important to follow the price trend in the coming days for confirmations of the sustainability of the current uptrend.
If the rise were to push prices above $17,500 in the next few hours, the first signs of trend reversal from bearish to bullish in the medium term would begin to arrive.
A return of prices below $16,500 is dangerous.
After some faltering in the second part of December with ETH prices lagging in correlation with those of BTC, in these early days of January, Ethereum rises above $1,320, approaching the highs of the last two months recorded in mid-December at $1,352.
A double-digit percentage weekly gain also boosts trading with volumes rising to the highest levels in the past month.
For ETH, the breakthrough of the December highs at $1,350 will provide a clear turning signal in the medium term that could encourage the return of new medium- to long-term buying among investors who have remained at the window over the past period.
Conversely, a drop below $1,200, opening year levels, becomes dangerous, provoking the return of bearish speculation.