Bitcoin‘s price remained nearly stable today, managing to maintain its calm despite several significant developments. The day’s most notable event was the Coinbase hearing, with the SEC making mistakes reminiscent of the first hearing where GBTC’s defeat became apparent, although it’s too early to celebrate. The judge appeared to be crypto-friendly, and a development that could trigger a general rise in altcoins would not be surprising. So, what are the predictions for Reef, ENS, and BCH?
Reef Coin Analysis
Reef Coin, which saw a 110% increase from its October 20 low, has given back nearly 40% of that gain. We experienced days reminiscent of altcoin bull periods at the end of December. During the holiday week, as BTC consolidated, the appetite for risk towards altcoins increased significantly. Subsequent nonsensical events dampened the ETF excitement, resulting in significant losses for altcoins.
Reef Coin is now waiting to overcome the 0.00169 barrier, which is an important support level. This area had previously been a challenging resistance before the last rise. If successful, it could retest the 0.0019 and 0.0023 dollar peaks. In the opposite scenario, a drop to the 0.0012 dollar support could occur.
ENS Coin Analysis
The Vitalik Buterin effect is quite unique, and it has significantly increased the price even in a not-so-great market environment. Buterin’s open support justifies the optimism regarding the long-term performance of ENS Coin. However, the resistance level at 28.27 dollars, which was significant in April and May of 2022, has not been breached again. Now, the 20 dollar level needs to remain strong as support.
If a new upward movement is to start, it first needs to break through this resistance and aim for the 48 dollar region. In the opposite scenario, a drop to the 14.7 dollar support could occur.
Bitcoin Cash Analysis
EDX Markets was its last chance, but it didn’t work out. Giants with trillion-dollar valuations, probably without doing enough research, listed it because it was a BTC fork, but they abandoned this idea by the middle of last year. BCH and BSV have seen intermediate rallies, but for those who remember the fork era, they are seen as failed attempts that have not delivered over the years.
There is a weakly accepted narrative that people who find BTC expensive in the long run will turn to these alternatives. However, it is uncertain whether BCH will be traded on popular exchanges for much longer. Perhaps that’s why whales consider every opportunity as a chance to sell. On the technical side, closures above 238 dollars are targeting the 270 and 297 dollar resistance levels. In the opposite scenario, the main support is at 220 dollars.
