The post Top Altcoins To Watch This Week: Celestia (TIA), Arbitrum (ARB) And Sei (SEI) Prices Set Trap For Bears appeared first on Coinpedia Fintech News
In the last seven days, the crypto market bounced back from a nearly $600 million crash, sending Bitcoin close to its pre-crash levels at $45K. Additionally, altcoins made notable gains, but they diverged from Bitcoin’s path due to the rising BTC dominance. While major altcoins couldn’t fully capitalize on the market recovery, strong performers like Celestia, Arbitrum, and Sei saw significant price surges this week and are set to continue their momentum in the coming week.
Decrease In Altcoin Dominance As Bitcoin’s Influence Increases
While Bitcoin and various altcoins have both recovered from their crash levels, there’s a notable difference in their dominance trends. Recent data indicates that over the last week, Bitcoin’s dominance experienced a steady increase, reaching 53.6% with minimal downward fluctuation. In contrast, the dominance of altcoins has shown a downward trajectory, hitting a weekly low of 12.1%.
Interestingly, prior to the crash on January 3rd, the altcoin market was nearing a significant phase, often referred to as ‘altcoin season,’ as the index reached a more than one-year high, trading at level 69. It’s important to note that the altcoin season is typically signaled when the metric surpasses level 75. However, since that peak, the index has been on a downward trend, currently trading at 59, thereby weakening the likelihood of a robust bull run in the market ahead of SEC’s decision on spot Bitcoin ETF.
Celestia (TIA) Price Analysis
Celestia has been showing a consolidating uptrend recently, with the price stuck around $14 level. However, the positive sign is that the price has consistently remained above the 50% Fibonacci retracement level of the current price.
The bullish sentiment is further supported by the recent all-time high on 5 January, with both the EMA20 and the Relative Strength Index (RSI) hinting at further surges. However, rejections around $14-$17 might weaken any bullish comeback.
If the price holds above the 20-day EMA, there’s potential for buyers to push the TIA price towards the key resistance level at $17. Surpassing this level could pave the way for a new high for the altcoin in the next week.
Arbitrum (ARB) Price Analysis
Arbitrum price experienced a dip below the 20-day Exponential Moving Average (EMA), yet the bears were unable to secure a close below the critical support. Currently, buyers are strongly defending the ascending support line.
In the coming hours, sellers might attempt to test the support line, and a break below might trigger long-liquidations. However, the buying pressure is strong as the bulls aim for a recovery above the EMA20 trend line. A surge above the 20-day EMA could intensify buying pressure, taking the ARB price above $2.1 next week.
Sei (SEI) Price Analysis
Sei price has been in an ascending channel pattern for over the past few days; however, it faces a rejection at $0.88. With the price trading below EMA20 now and the RSI holding below the midline, sellers are aiming for a retest of the ascending support line.
If bulls hold the price above moving averages, buyers might head toward the $0.88 level. In such a case, we might see a surge toward $1 in the coming week.