January 2023 Top 5 Altcoins to Watch


Top 5 altcoins to watch out for in January 2023: The Coti (COTI) hard fork launched on December 29, while the Flare airdrop will finally launch on January 9. Chiliz (CHZ) mainnet will be launched in the first quarter of 2023.

Ergo (ERG) continues to reduce its emissions while the Ethereal (ETH) annual inflation since the fusion is at 0.014%, a considerable decrease from its pre-merger inflation of 3.57%.

Chiliz (CHZ) leads altcoins to watch

  • Price: $0.10
  • Market capitalization: $636,517 million
  • Rank: #52

Chiliz is a digital currency used in the sports and entertainment industry. It is the native token of the Socios platform, home to various fan tokens of the national soccer team. While the price of CHZ was expected to increase during the 2022 FIFA World Cup, it did not and actually decreased considerably.

However, there is positive news coming from Chiliz. the chiliz mainnet 2.0 will be released on December 31 or the beginning of the first quarter of 2023. This follows testnet phase 5which was released at the end of November and introduced participation and governance on the Scoville testnet. Chiliz 2.0 will be the successor to the Chiliz chain, an autonomous blockchain that is compatible with the Ethereum Virtual Machine (EVM). CHZ will remain the native token of Chiliz Chain 2.0and will be used to pay for gas/invoke smart contracts, perform cross-chain operations, and secure the network.

The CHZ price has fallen since it broke out of a rising support line on December 8 (red icon). Shortly after, the move lower triggered a breakout of the $0.135 horizontal support area. This led to a low of $0.101 in December 2021.

If the move lower continues, the next closest support area would be at $0.090. While there are no signs of a bullish reversal yet, the daily RSI it is very close to a record low (white line). As a result, a significant bounce may follow. once the price of CHZ drops to the $0.090 support area.

A recapture of the $0.135 area would mean the trend is up, while a close below $0.090 would indicate the trend is down.

CHZ/USDT daily chart. Fountain: TradingView

Ethereum Supply Nearly Turned Deflationary

  • Price: $1,200
  • Market Cap: $146.900 billion
  • Rank: 2

Ethereum is the second largest cryptocurrency based on its market capitalization, behind only Bitcoin. Therefore, it is the largest altcoin. While there is no imminent news in January 2023the supply dynamics since the launch of ETH 2.0 is impressive.

In the 105 days from the ETH mergerthe total ETH the offer has increased for just 4,707 ETH, or a percentage increase of 0.0039%. This is equivalent to an annual inflation of 0.014%. This pales in comparison to pre-merger inflation of 3.58% and BTC inflation of 1.71%.

However, ETH’s price movement is not yet bullish because the altcoin is trading below the $1,250 horizontal support area. This is a crucial area that has acted intermittently as support and resistance since June.

As a result, the trend is considered down as long as the price trades below it. It would require a recovery from the area and then the descending resistance line at $1,400 for the trend to be decisively bullish.

ETH Resistance Line
ETH/USDT daily chart. Fountain: TradingView

COTI Fork starts up

  • Price: $0.058
  • Market capitalization: $64,554 million
  • Rank: #264

coti is a financial technology platform that allows organizations to build their own payment systems and stablecoins. The platform supports interoperability between different blockchains. The platform’s native token is COTI.

The COTI Mainnet Hard Fork wmeI dont live on December 29. The launch represents COTI’s transition from a single-coin infrastructure to a multi-token network. It will now be possible to issue tokens at the top of the COTI chain of trust, in a way similar to ERC20 tokens on the Ethereum blockchain. In addition, the Bridge 2.0 wallet The app was launched simultaneously. The application will allow users request a refund if an exchange is not executed for technical reasons.

However, COTI price action remains bearish. COTI price broke from the $0.095 area in early November and has declined sharply ever since. Also, the next support area is at $0.034, a 42% drop from the current price.

COTI price has to break out of the current descending resistance line and the $0.095 resistance area for the trend to be up.

COTI price drop
COTI/USDT daily chart. Fountain: TradingView

Flare is a new and exciting altcoin

Flare is an exciting addition as it hasn’t been released yet. His snapshot from December 12, 2020 received a lot of publicity. At that time, it was announced that users will be rewarded with one FLR token for each XRP tab they have. After more than two years, the airdrop will finally be released on January 9, with the support of numerous exchanges, including Binance.

Of the total 100 billion tokens, 58.3% will be given to the community. 15% of that It will be performed on January 9, while the rest will be received gradually over a period of 36 months.

Ergo (ERG) reduces emissions

  • Price: $1.21
  • Market capitalization: $71,419 million
  • Rank : #22

Ergo is a smart contract platform that aims to bring economic freedom to everyday people through decentralized and accessible financial tools. In short, the ergonomic platform offers an easy way to implement financial contracts. On January 9 at block 1,200,000, emissions per block will drop from 45 to 42. This is part of a gradual decline curve that will lead to block emissions from only 3 ERGs at the height of the 1,760,000 network ERG price has been falling below a descending resistance line since October 12 and is trading very close to an all-time low. However, a massive bullish divergence has also developed on the daily RSI (green line). Such divergences often precede uptrend reversals.

Furthermore, the divergence is combined with a double bottom, considered a bullish pattern. This increases the potential for an eventual breakout.

If ERG price manages to break above the descending resistance line, it could rally towards the $1.55 resistance area.

Conversely, another rejection would likely drive the price below $1.

ERG Price Resistance
ERG/USDT daily chart. Fountain: TradingView

Disclaimer

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