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13th January 2024: Weekly Crypto Trends

Bitcoin rallied into April 2022 resistance at 48000, but then reversed sharply to close below recent resistance at 45000. Ethereum, by contrast, rallied very sharply (having recently made new short term ratio lows against Bitcoin). It closed up 11.3%, testing medium term April 2022 resistance at 2750.
It was a volatile week in the Secondary coins, with most coins closing down on the week. Solana, Theta and Thorchain were the worst performers with falls of 8.2%, 9.1% and 12.7% respectively.
The trend scores of Secondary coins are now more mixed, with Solana and Thorchain in medium term uptrends, while The Sandbox, Decentraland, Polygon, Cosmos and BNB are all still in medium term downtrends.
Crypto related equities had a very poor week, with losses of over 20% in Marathon, Microstrategy and Riot. Coinbase fell 15%, breaking support at 150. Microstrategy remains in medium term uptrend and tests short term support at 478.

ETFS finally arrived but Crypto assets generally fell sharply as the news was already priced in to asset prices.

Major Coin Summary
NameCloseDaily Ch %Wk ChWk Ch %RSIST ScoreLT ScoreOverall
Bitcoin42,853.17-7.6%-1309.52-3%48424746
Ethereum2,524.46-3.6%255.8111.3%591779

Bitcoin rallied into April 2022 resistance at 48000, but then reversed sharply to close below recent resistance at 45000. Ethereum, by contrast, rallied very sharply (having recently made new short term ratio lows against Bitcoin). It closed up 11.3%, testing medium term April 2022 resistance at 2750.

Ratio Chart

The Bitcoin/Ethereum ratio falls sharply from recent new short term highs.

Secondary Coin Summary

Weekly change – highest to lowest

NameCloseWk Ch %RSIST ScoreLT ScoreOverall
Polygon (Smart Contract Coin)0.861.4%528-88-64
Cardano (Smart Contract Coin)0.551.1%5775-41-12
Polkadot (Cross Chain Coin)7.571.7%5775-45-15
ChainLink (Cross Chain Coin)14.130.5%4742010
Stellar (Privacy Coin)0.12-0%468-45-32
Decentraland (Gaming Coin)0.460.2%498-88-64
Avalanche (Smart Contract Coin)35.87-1.5%5875018
XRP (Smart Contract Coin)0.57-1.1%40-427-5
The Sandbox (Gaming Coin)0.50-1.7%5542-88-56
Near (Smart Contract Coin)3.45-2.7%6175-41-12
Monero (Privacy Coin)151.80-2.6%40-42-41-41
Cosmos (Smart Contract Coin)9.96-3.4%518-88-64
DogeCoin (Memecoin)0.08-3.3%390-41-31
BNB Chain Native Token (Smart Contract Coin)296.63-6.6%6742-88-56
Fantom (Smart Contract Coin)0.39-7.5%5475-41-12
Solana (Smart Contract Coin)91.72-8.3%60758885
Theta Token (Gaming Coin)1.05-9.1%5075-41-12
THORChain (Smart Contract Coin)4.56-12.7%35424746

It was a volatile week in the Secondary coins, with most coins closing down on the week. Solana, Theta and Thorchain were the worst performers with falls of 8.2%, 9.1% and 12.7% respectively.

Trend score – best to worst

NameCloseWk Ch %RSIST ScoreLT ScoreOverall
Solana (Smart Contract Coin)91.72-8.3%60758885
THORChain (Smart Contract Coin)4.56-12.7%35424746
Avalanche (Smart Contract Coin)35.87-1.5%5875018
ChainLink (Cross Chain Coin)14.130.5%4742010
XRP (Smart Contract Coin)0.57-1.1%40-427-5
Near (Smart Contract Coin)3.45-2.7%6175-41-12
Fantom (Smart Contract Coin)0.39-7.5%5475-41-12
Cardano (Smart Contract Coin)0.551.1%5775-41-12
Theta Token (Gaming Coin)1.05-9.1%5075-41-12
Polkadot (Cross Chain Coin)7.571.7%5775-45-15
DogeCoin (Memecoin)0.08-3.3%390-41-31
Stellar (Privacy Coin)0.12-0%468-45-32
Monero (Privacy Coin)151.80-2.6%40-42-41-41
BNB Chain Native Token (Smart Contract Coin)296.63-6.6%6742-88-56
The Sandbox (Gaming Coin)0.50-1.7%5542-88-56
Cosmos (Smart Contract Coin)9.96-3.4%518-88-64
Polygon (Smart Contract Coin)0.861.4%528-88-64
Decentraland (Gaming Coin)0.460.2%498-88-64

The trend scores of Secondary coins are now more mixed, with Solana and Thorchain in medium term uptrends, while The Sandbox, Decentraland, Polygon, Cosmos and BNB are all still in medium term downtrends.

NameCloseDaily Ch %Wk Ch %RSIST ScoreLT ScoreOverall
Ark Innovation ETF47.38-1.7%-3.1%478-45-32
Block Inc66.48-2%-0.7%528-92-67
Coinbase Global Inc Cl A130.78-7.4%-15.1%4775-415
Hive Blockchain Technologies Ltd3.62-10.8%-12.8%49424746
Marathon Digital Hldgs Inc18.98-15.3%-21.3%5575018
Microstrategy Cl A485.53-9.4%-23.1%44338874
Riot Blockchain Inc11.73-10.4%-20.9%428-41-29
Robinhood Markets Inc Cl A11.02-5.9%-7.3%588-45-32
Tesla Inc218.89-3.7%-7.8%43-42-92-80

Crypto related equities had a very poor week, with losses of over 20% in Marathon, Microstrategy and Riot. Coinbase fell 15%, breaking support at 150. Microstrategy remains in medium term uptrend and tests short term support at 478.