Top 5 Altcoins to Watch in January 2023

Top 5 Altcoins to Watch in January 2023: The Coti (COTI) hard fork went live on December 29, while the Flair airdrop will finally go live on January 9. Chili’s ,CHZ) Mainnet will launch in Q1 2023.

Ergo (ERG) continues to reduce its emissions while Ethereum (ETH) yearly inflation since Fusion at 0.014%, a significant decrease from its pre-merge inflation of 3.57%.

Chili’s (CHZ) Motivates Altcoins To Watch

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

Chili is a digital currency used in the games and entertainment industry. It is the native token of the Socios platform, which is home to various football national team fan tokens. While the price of CHZ was expected to increase during the 2022 FIFA World Cup, it failed to do so and in fact significantly reduced,

Still, the incoming chilis news is positive. the chilis Mainnet 2.0 will be launched 31 December or at the beginning of the first quarter of 2023. it is like this Phase 5 of Testnetwhich was released and introduced in late November Staking and Governance on the Scoville testnet. Chiliz 2.0 will be the successor to the Chiliz chain, a self-sovereign blockchain compatible with the Ethereum Virtual Machine (EVM). CHZ will still be the native token Chili’s Chain 2.0And gas will be used to pay/enforce smart contracts, perform cross-chain operations, and secure the network.

CHZ price has declined since it broke above an ascending support line on 8 December (red icon). Shortly afterwards, the downside movement caused a break above the $0.135 horizontal support area. Due to this, it came down to a low of $0.101 on December 2021.

If the downside momentum continues, the next closest support area will be at $0.090. While there are no bullish reversal signals yet, the daily RSI Very close to the all-time low (white line). As a result, a significant surge may follow. Once CHZ price declined towards the $0.090 support area.

A retest of the $0.135 area would mean that the trend is bullish, while a close below $0.090 would mean that the trend is bearish.

Chiliz price rising support altcoin
CHZ/USDT Daily Chart. source: trading view

Ethereum supply nearly deflationary

  • Price: $1,200
  • Market Cap: $146,900 billion
  • Rank: 264

Ethereum is the second largest cryptocurrency based on its market cap, behind only Bitcoin, Hence, it is the largest altcoin. While there is no imminent news coming in Jan 2023The supply dynamics have been impressive since the launch of ETH 2.0.

in 105 days since eth mergeTotal ETH supply has increased A percentage increase of only 4,707 ETH, or 0.0039%. This equates to an annual inflation of 0.014%. This is low compared to 3.58% pre-merge inflation and 1.71% for BTC.

However, ETH price action is not yet bullish as the altcoin is trading below the $1,250 horizontal support area. This is a key area that has acted as both support and resistance intermittently since June.

As a result, the trend is considered bearish as long as the price is trading below it. Reclaiming the area and then the descending resistance line at $1,400 would be needed to accelerate the trend decisively.

ETH resistance line
ETH/USDT Daily Chart. source: trading view

Category fork goes live

  • Price: $0.058
  • Market Cap: $64.554 million
  • Rank: #264

Koti Is a financial technology platform that allows organizations to create their own payment systems and stable coins. The platform supports interoperability between different blockchains. The native token for the platform is COTI.

COTI mainnet hard fork wInot live On 29 December. Projection represents COTI’s transition from a single-currency infrastructure to a multi-token network. It will now be possible to issue tokens on top of the COTI Trustchain, a fashion similar to ERC20 Tokens on the Ethereum blockchain. Additionally, Bridge 2.0 purse app was released simultaneously. The app will allow users apply for refund If the exchange is not possible due to technical reasons.

However, the COTI price action remains bearish. COTI price broke the $0.095 area in early November and declined significantly since then. Moreover, the next support area is at $0.034, which is a 42% downside move from the current price.

COTI price needs to break the current descending resistance line and $0.095 resistance area for a bullish move out of the trend area.

COTI price drop
COTI/USDT Daily Chart. source: trading view

Glow There’s An Exciting New Altcoin

Flare is an exciting addition because it hasn’t been released yet. Its snapshot on December 12, 2020 received a lot of publicity. At that time, it was announced that users would be rewarded with one FLR token for each XRP Tokens they hold. After more than two years, the airdrop will finally be released on January 9th, supported by multiple exchanges, Including Binance.

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

Reduces Ergo (ERG) emissions

  • Price: $1.21
  • Market Cap: $71.419 million
  • Rank : #22

Ergo is a smart contract platform that aims to provide economic freedom to the masses through decentralized and accessible financial instruments. Simply put, ergo platform Provides a simple way to enforce financial contracts. At block height 1,200,000 on January 9, emissions per block will drop from 45 to 42. it’s part of the gradual decline curve that will lead to block emissions ERG price just 3 ERG at network height 1,760,000 has been falling below a descending resistance line since October 12 and is trading very close to all-time lows. However, a massive bullish divergence has also developed in the daily RSI (green line). Such divergence often precedes a reversal of a bullish trend.

Furthermore, the divergence is coupled with a double bottom, which is considered a bullish pattern. This increases the chances of eventual breakout.

If ERG price manages to climb above the descending resistance line, it could continue to move higher towards the $1.55 resistance area.

Conversely, another rejection is likely to be priced below $1.

ERG value resistance
ERG/USDT Daily Chart. source: trading view

disclaimer

BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.


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