In January, the KAVA, Near Protocol (NEAR), Avalanche (AVAX), Axie Infinity (AXS) and Stellar (XLM) projects are expecting important updates that could have a positive impact on the price of their native tokens.
December was a good month for holders of altcoins such as Solana (SOL), Injective (INJ) and ORDI. However, these five coins could attract even more attention in early 2024.
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KAVA reduces inflation to 0
- Price: $0.94
- Market capitalization: $1.006 billion
- Rating: #69
The KAVA team announced that after the mainnet release, token inflation will be 0 and the fixed supply will be 1 billion. Staking rewards will thus come from Kava’s strategic vault.
KAVA price has risen after breaking away from a descending resistance line in October. The breakout triggered a move above the $0.70 horizontal area, leading to a high of $0.95 this week. The weekly RSI confirms the legitimacy of the growth, since at the moment of the breakout the indicator rose above 50.
KAVA is now approaching the next resistance at $1. If the price closes above it, it could rise 60% to the next resistance at $1.50.
Source: TradingView
Despite the bullish outlook, failure to close above $1 could trigger a 25% decline towards the $0.70 support area.
Avalanche launches new wallet
- Price: $40.10
- Market capitalization: $14.695 billion
- Rating: #9
In January, the Avalanche team will launch a new wallet that will simplify portfolio management and staking operations.
AVAX price began to rise rapidly after hitting a low of $8.65. On December 24, it soared to $49.95. During this impressive rally, the asset broke out of the 750-day descending resistance line.
Over the past ten weeks, AVAX has formed nine bullish weekly candles, highlighting the strength of the momentum. If the upward movement continues, the price of the altcoin could rise by 70% to the next resistance at $68.
Source: TradingView
However, the formation of a bearish engulfing candle would mean that the local top has already been reached. In this case, AVAX could fall 15% to the 0.382 Fib level at $34.
Axie Infinity (AXS) Introduces Parts Evolution
- Price: $9.43
- Market capitalization: $1.242 billion
- Rating: #63
Axie Infinity has announced the release of an update for Axie Origins. Starting January 3, users will have access to the Parts Evolution utility, which turns Axie into dynamic NFTs.
The price of AXS has started to rise after falling to a low of $4.05 in October. The following month, the asset bounced off a descending 520-day resistance line, leading to a high of $11.15. However, after this the price fell and formed a long upper wick.
If AXS settles above the $9.50 resistance area, it could rise another 100% to reach the next resistance level at $19.
Source: TradingView
However, a failure could result in a 33% fall to immediate support at $6.50.
Stellar will update the main network
- Price: $0.13
- Market capitalization: $3.716 billion
- Rating: #25
Validators of the Stellar network have agreed to vote on updating the mainnet, which will implement 12 proposals.
The price of XLM has been rising since October. Since then, it has made three unsuccessful attempts to break through the $0.14 resistance, which coincides with the 0.382 Fibonacci retracement level. If the asset manages to settle above it, it could rise 20% to the next resistance at $0.16.
Source: TradingView
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However, another failed breakout would trigger a 15% drop to the nearest support level at $0.11.
Near Protocol will make changes to the blockchain explorer
The Near Protocol team has released updated information about the blockchain explorer. The original tool will be disabled at the end of January – after which users and developers will use the NEAR Block Explorer selector.
NEAR bounced off the descending resistance line, breaking above the $3.20 resistance area. This week, the asset reached a yearly high of $4.62. This area is now expected to serve as support.
If the rally continues, NEAR could soar another 50% and reach the next resistance at $6.
Source: TradingView
Despite the positive outlook, a close below $3.10 will invalidate the breakout. In this case, NEAR could fall 45% to the nearest support at $2.10.
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2023-12-30 09:04:54
#Altcoins #Watch #January
