The big news of the day today potentially impacting crypto prices in the near term is that US regulatory agencies issued their first ever warning to banks about cryptocurrencies, releasing a joint statement on the risks that cryptocurrencies pose to financial institutions.
“The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” reads the statement from the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
The statement mentions risks such as fraud, volatility, contagion, and problems related to consumer protection, noting that these risks must be managed or controlled to prevent them from impacting the financial system as a whole.
While they indicated that banks are not forbidden from offering services to any particular group of customers, the agencies cautioned that issuing or holding crypto assets is probably not in line with safe banking practices.
New year, new opportunities: could Bitcoin recover in 2023?
Despite the news, entering the new year, Bitcoin is off to a steady start and is up by 1.13% for the day and 1.42% for the week, trading at $16,844 as of writing. Bitcoin’s price is once again retesting the range high of $16,900 in confluence with its FIB 0.5 level resistance.
Checking the leading indicators RSI and MACD, we can observe that MACD has a recently formed bullish crossover caused by four consecutive days of green candle closes. While RSI is looking to break the significant level of RSI 50, trading above the crucial level as of writing, it’s critical for BTC to close above this level to indicate a change of trend for the leading cryptocurrency.
If successful, the next potential resistance is the FIB 0.382 area at $17,270, which also served as the range-high resistance for the first half of December.
Heading into this new year of trading, investors are hopeful for a strong start and are closely monitoring any sudden changes or trends that arise. Despite any short-term market fluctuations, there are certain cryptocurrencies that are worth considering as investments or trades based on their strong fundamentals and/or promising technicals. Five such cryptocurrencies to buy today to diversify your portfolio as we venture into 2023 include FGHT, SOL, D2T, ATOM, and CCHG.
Fight Out (FGHT)
Fight Out is an in-development move-to-earn (M2E) platform and gym chain. The sophisticated technology will include an app connected to smart technologies in the gyms, and creates tailored, personalized workout routines to ensure optimal performance while providing users with ongoing feedback. The app also incentivizes a user’s commitment to fitness by rewarding them with REPS tokens for reaching set goals, which can be used to buy merchandise and digital assets in the metaverse-like Fight Out community focused app.
Fight Out stands out from other M2E platforms with its ability to monitor all kinds of physical activity, not only steps. To further expand Fight Out’s reach, the project plans to open physical gyms in select cities around the world. These gyms will be equipped with state-of-the art Web3 infrastructure such as digital fitness profile mirrors and advanced sensors tracking workouts. World famous boxers and athletes have partnered up with Fight Out as well to offer masterclass workouts that can only be experienced at these gym locations.
By connecting a user’s performance to their personalized avatar in real-time, users can observe and review their progress on strength conditioning, cardiovascular endurance, as well as other areas of physical wellness–all while being immersed in an interactive virtual community to inspire them to reach their goals. Fight Out allows users to compete socially, collaborate on common goals, and challenge one another to achieve their own personal aspirations. When someone accomplishes a fitness goal in real, their character will level up–setting them up to win battles with other players’ characters and the chance to win rewards.
In Q4 2023, Fight Out is set to launch its first physical gym location. The gym will offer a wide range of amenities like studios for rent, health bars, and co-working areas.
Investors have taken great interest in Fight Out’s pioneering move-to-earn (M2E) app and fitness chain, having invested $2.63 million thus far; which will likely bring even more attention in the coming first few weeks of 2023.
The Fight Out project has some impressive names attached to it, such as LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs who are coming together to offer financial and operational assistance. With the team’s creative features targeted at revolutionizing fitness tracking plus a fantastic presale bonus of up to 50%, this is undoubtedly a solid project with a high chance of success.
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Solana (SOL)
Solana continued its strong bullish momentum yesterday closing with a 18.53% gain, effectively breaking out from the psychological resistance of $13. Earlier today, the cryptocurrency retested the price levels around the daily 50-day Exponential Moving Average and above $14 but was met almost immediately with selling pressure.
Observing the RSI levels in the 4-hour chart reveals that the cryptocurrency is in oversold territory so prices may be due for a retracement and may consolidate above the previous resistance level between $12.74 to $13, which may now act as support. With SOL price action possibly looking exhausted, traders are advised to wait for a retest and confirmation of the support level before entering a position.
Dash 2 Trade (D2T)
Dash 2 Trade is set to be a game-changer in the crypto trading sphere upon its release at the start of 2023. It stands out from other services on the market due to its expansive suite of features, backed by an encouraging community that ensures users remain fully aware and in control of their investments.
Dash 2 Trade’s platform is designed to assist novice traders in making informed decisions while enabling experienced investors the chance to hone their strategies and take part in automated trading with exchange APIs. It also seeks to give investors the opportunity to get into projects early for maximum gains, with its token presale scoring system giving investors insight into some of the most promising tokens as well as the biggest scams. This is especially important in light of rising demand for such tools after the FTX fiasco last year.
The Dash 2 Trade platform is poised to gain a significant market share of cryptocurrency trading assistance platforms with its cutting-edge analytics, real-time sentiment monitoring features, and automated trading tools. Interestingly, the platform has also already created a large following due to the parent company’s existing international membership of 70,000 traders from Learn 2 Trade, which will no doubt help it spread quickly with an instant network effect.
With the presale currently sold out and accepting additional investors for a limited time, investors still have a shot at getting some last minute tokens before the upcoming exchange listings. The additional over-funding round will see 36,000,000 more tokens go on sale at $0.0556 each, with a goal of raising an extra $2,001,600 for additional exchange listings and faster product rollouts.
The team also exceeded their development goals ahead of schedule and has just launched the beta of the presale section of its trading dashboard today, creating additional demand for the D2T token.The success of this presale has enabled the team to raise an impressive $13.5 million in funding and counting, giving them the resources they need to continue optimizing the platform.
It has also recently been announced that the D2T token has lined up its forth exchange listing at Gate.io. Platforms already announced include Changelly Pro, LBank and BitMart.
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Cosmos (ATOM)
ATOM has experienced a resurgence for the past 3 weeks and is currently up over 15% as of writing. Its run started after the price bounced from its $8.50 support with this week contributing the majority of the 3-week move with an 8.35% gain.
ATOM’s price is trading at $10.16, up by 0.39% for the day presently and it’s trading above the 20-day and 50-day EMAs. The MACD has also just broken the zero line in a bullish crossover position with RSI trading at the 64.48 level–a clear indication that the bulls are in control and the cryptocurrency has strong positive momentum.
As the price approaches the previous resistance levels of $10.493 to $10.647 in confluence with the 100-day Exponential Moving Average, traders must be aware that a rejection in this significant area may be a good time for profit-taking. If the price successfully breaks above the resistance and continues its bullish momentum, the next significant level is between $11.23 to $11.33 for an additional 5% to 6% move.
C+Charge (CCHG)
Investors can capitalize on the demand for carbon credits and EVs while also being part of the solution to climate change with C+Charge’s public presale. This peer-to-peer payment and EV charger information system will give users direct access to carbon credits and simplify electric vehicle charging, making it more accessible and transparent for EV drivers.
To combat the difficulties of inadequate charging points, complex pricing models, and lack of information in the electric vehicle industry, C+Charge Network is utilizing blockchain technology and EV charger network knowledge to bridge gaps between autonomous charge points and EVs. This will allow for a more efficient EV charging system that will enable EV drivers to access zero-emission travel without hassle.
Now is the time to take advantage of C+Charge’s discounted presale prices and purchase tokens before they begin rising through each of the upcoming three stages until they reach their final cost of $0.02350 USDT per token.
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