Crypto Investing
18 Jan 2022

Week 3 Crypto Market Update: BTC, ETH, ADA, FTM, and DOGE

Ananda Banerjee

It was quite an eventful week for the crypto market, wasn’t it! While the broader space was buoyed by the strength displayed by some significant crypto players, last week was all about Rio De Janeiro’s pro-crypto stance, talks regarding an open-source mining setup for Bitcoin, and the resurgence of DAOs

And while the market didn’t pull out all the punches, it held up reasonably well compared to the past few weeks.

Conversion Standard- 1$ = $80.38

Fear-Greed Index: Stagnant

The global crypto market hasn’t moved much regarding volatility, dominance, and positive sentiments compared to Week 2. The F&G index seems stuck at 22 (Was at 23 in Week 2), which signifies extreme fear in the market.

And while the market volume has improved significantly, investors are still maintaining a cautionary stance. Quite rightly so!

It would be interesting to see the index value over the coming weeks with the global crypto realm steadily holding onto the key levels without dipping into chaos. And if you carefully analyze the index values over the past week or ten days, to be exact, you will find a sense of stability. 

Apparently, this might be followed by a change in either direction.

Monthly Fear and Greed Index

Source: Alternative Me/ Fear-and-Greed Index

Disclaimer: Insights mentioned here are time-sensitive. Kindly DYOR to stay safe.

Crypto Index: CIX

Outlook: Neutral

Currently trading at $271313.23(₹2,18,08,157.40), the Crypto Index or CIX is sending out mixed signals across different time frames. We picked up the 4-hour chart to check for signs, and it seems that CIX is making a basic ‘Cup-and-Handle’ pattern, marked in black.

Crypto market update

Source: Trading View

Disclaimer: Insights mentioned here are time-sensitive. Kindly DYOR to stay safe.

As per the set pattern insights, the market might correct a bit more before trying to move in a positive direction. Adding to the views is the positive MACD levels. However, we would not be very sure of an up move as the MACD line has recently crossed under the signal line, hinting at some short-term correction.

*MACD- Moving Average Convergence Divergence

The 20-EMA and 50-EMA lines are hugging, but a clear crossing is required to determine the direction of the movement in the next few trading sessions. You might see quick capital erosion if CIX drops lower than the current EMA support lines. For moves on the upside, it needs to breach the 100-EMA (Orange) line for scaling further.

*EMA- Exponential Moving Average

Bitcoin (BTC)

Outlook: Moderately Bearish

Currently trading at $42824.66(₹34,42,193.12), BTC doesn’t look all that weak on the hourly chart. If you look closely, BTC is currently trading lower than the 100-EMA mark. Also, the 20-EMA line is presently moving under the 50-EMA, which brings some bearish sentiments into the mix. Check the everyday BTC to INR rate. 

Bitcoin week 3 market update

Source: Trading View

Disclaimer: Insights mentioned here are time-sensitive. Kindly DYOR to stay safe.

If BTC moves lower from here, there might be some support at $42390.53(₹34,07,350.8) and then at $41835.60(₹33,62,745.53). For an up move from here, immediate resistance might be found at $43439(₹34,91,626.82). Also, the RSI indicator has recently crossed above the signal line and is slowly moving towards the demand zone of 50, which might be minimally optimistic. Buy Bitcoin at the best rate. 

*RSI – Relative Strength Index

Ethereum (ETH)

Outlook: Moderately Bearish

Currently trading at $3276.16(₹2,63,337.74), ETH on the hourly chart is also sending out mixed signals. The RSI seems to be languishing close to 40 (strictly on oversold zone), hinting at a sideways movement for now. As per the chart, the 20-EMA line has moved under the 50-EMA line. 

Crypto market update

Source: Trading View

Disclaimer: Insights mentioned here are time-sensitive. Kindly DYOR to stay safe.

If the 20-EMA line crosses below the 100-EMA (Orange) line, we might see some more correction. In that case, ETH might find support at $3237.98(₹2,60,268.83). For ETH to move up from here, it needs to breach the immediate resistance of $3297.57(₹2,65,058.67) and then the EMA lines. 

Cardano (ADA)

Outlook- Bullish

Currently trading at $1.54(₹123.78), ADA has been making a lot of noise over the past week or so. Also, ADA has moved up by almost 31% over the past week, making it the 4th largest crypto player around, according to the market cap (stablecoins excluded). 

And while the hourly chart hints at short-term bullishness, we brought up the daily chart to present the bigger picture. At present, ADA is slowly coming close to breaching the 100-EMA line, which also coincides with the immediate resistance of $1.59(₹127.80). 

ADA week 3 market update
ADA week 3

Source: Trading View

Disclaimer: Insights mentioned here are time-sensitive. Kindly DYOR to stay safe.

And while the 20-EMA line crossed under the 50-EMA line long back in November 2021, it is slowly turning up as we speak. For ADA to move up from here, the 100-EMA line needs to be breached, and a golden crossover must show up. The RSI, for now, is close to 65, which is still a strong level for ADA. However, if the global metrics pull ADA down, there might be strong support at $1.19(₹95.65). 

Fantom (FTM)

Outlook: Moderately Bullish

Well, FTM is one of the newest crypto assets to show up at CoinSwitch and is trading at $3.2(₹257.22), as we speak. Also, globally speaking, FTM has already raked up gains amounting to 33% over the past week, making investors hot on FTM’s heels.

Week 3 crypto market update

Source: Trading View

Disclaimer: Insights mentioned here are time-sensitive. Kindly DYOR to stay safe.

FTM is currently moving above all the EMA lines as per the hourly chart. The 20-EMA line is comfortably placed above 50-EMA and 100-EMA lines, thereby hinting at short-term solidarity. However, if FTM drops from here, there might be some strong support at $3.14(₹252.39) and then at the 50 and 100-EMA lines.

If FTM manages to move up from here, immediate resistance levels might be found at $3.31(₹266.05) and $3.38(₹271.68) that are placed at 23.6% and 38.2% Fib Extension levels. 

Dogecoin (DOGE)

Outlook: Neutral

DOGE scurried up by almost 13% over the past week, with Tesla opening doors. However, the hype seems to have fizzled out as DOGE is currently trading at $0.171(₹13.74), well below the 20-EMA line. To move up from here, DOGE first needs to breach the 20-EMA resistance line and then the mighty support level at $0.183(₹14.70). Track DOGE price live here.