1.KAVA INFLATION FALLS TO 0
KAVA is a cryptocurrency with a current price of $0.94 and a market capitalization of $1.006 trillion, ranking 69th in the cryptocurrency market. The KAVA development team has announced that starting from January 1st, after the release of KAVA Mainnet 15, the inflation rate of this token will decrease to 0, meaning the token’s supply will be fixed at 1 billion tokens.
The price of KAVA has been on the rise since breaking out of a downtrend in October and reached a high of $0.95 in the past week. To assess the market situation, the Relative Strength Index (RSI), a market momentum measuring tool, is often used. When the RSI crosses above 50 and trends upwards, it indicates that the buying side is in control of the market, while RSI below 50 suggests the opposite.
KAVA’s weekly RSI has crossed above the 50 level (green), indicating a breakout and upward momentum in the price. Currently, KAVA is approaching the resistance level at $1, and if it closes above this level, it could potentially rise by another 60% to the next resistance at $1.50.
However, it’s important to note that if KAVA fails to close above $1, a price decline may occur, and the price could drop by 25% to the support zone at $0.70. This highlights that the market situation is always changing, and investing in cryptocurrencies carries risks.
2.Avalanche Launches New Wallet
**Price: $40.10 USD**
**Market Cap: $14.695 trillion USD**
**Rank: 9**
Avalanche Wallet, a popular cryptocurrency wallet, will cease its operations on January 23rd to transition to the Core Wallet, with the aim of simplifying portfolio management and staking. This won’t affect delegators and validators in operation since the same root phrase will work for the Core Wallet.
**AVAX’s price has experienced a strong uptrend** since October, starting at a low of $8.65 USD and reaching an impressive peak of $49.95 USD on December 24th. During this period, AVAX successfully broke through a long-lasting descending resistance trendline of 750 days, a significant milestone that propelled the price upward strongly.
In the past ten weeks, AVAX’s price has created nine consecutive weekly bullish candles, indicating the strength of the uptrend. However, in the recent week, we have seen a bearish candle known as an engulfing candlestick.
**While a downtrend may follow this engulfing candle,** if the upward momentum continues, AVAX could potentially rise by 70% to reach the next resistance level at $68 USD.
However, it’s important to note that the creation of a bearish engulfing candle may signal a local top, and AVAX’s price could decrease by 15% to a potential support level at $34 USD in that case. Price predictions for cryptocurrencies always come with risks and fluctuations.
3.AXIE INFINITY (AXS) INTRODUCES THE EVOLUTION OF PARTS
**Price: $9.43 USD**
**Market Cap: $1.242 trillion USD**
**Rank: 63**
Axie Infinity has just announced a significant upgrade to Axie Origins. Starting from January 3rd, the “Part Evolution Utility” will become active, transforming Axies into dynamic NFTs with the ability to improve over time.
**The price of the AXS token has had an impressive price journey.** After dropping to a low of $4.05 USD in October, the price surged in the following month and broke through a descending resistance trendline lasting for 520 days. This pushed the price to a recent high of $11.15 USD this week.
However, recently, the price of AXS has retraced after touching the resistance zone at $9.50 USD and forming a long-legged doji candle (indicated by the red icon). It’s important to note that there are still two days left until the end of the trading week.
**If the AXS price closes the week above the $9.50 USD resistance,** it could be expected to see further price appreciation, potentially reaching a new resistance level at $19 USD, which is double the current price.
However, if AXS fails to close the week above $9.50 USD, **the price could drop sharply by up to 33%**, potentially pushing it down to the nearest support level at $6.50 USD. Price predictions for cryptocurrencies always come with risks and fluctuations.
4.STELLAR ANNOUNCES MAINNET UPGRADE
**Price: $0.13 USD**
**Market Cap: $3.716 trillion USD**
**Rank: 25**
Stellar network validators have agreed to vote on January 30th to decide on the Mainnet upgrade to Protocol 20. This will entail the deployment of 12 new core upgrade proposals and activate the capabilities of Soroban, providing a further foundation for implementing smart contracts on the Stellar Network.
**XLM’s price has seen growth since October** when it broke through the descending resistance trendline. However, during this period, the price has tested and failed three times (indicated by the red chart) at the Fib 0.382 retracement level of the previous downtrend at $0.14 USD.
As resistance levels often weaken with each touch, **the possibility of a breakout is relatively high.** This could suggest a potential 20% price increase to the next resistance level at $0.16 USD.
However, as with any price predictions, **risk should be considered.** If XLM fails to break through the resistance, the price could drop by 15% and move towards the nearest support level at $0.11 USD. Evaluating the value of cryptocurrencies always comes with volatility and uncertainty.
5.NEAR IS ANOTHER NOTABLE ALTERNATIVE CURRENCY IN JANUARY
**Price: $3.83 USD**
**Market Cap: $3.852 trillion USD**
**Rank: 23**
The NEAR Protocol team has recently released a significant update regarding NEAR Block Explorers. While NEAR Block Explorer was initially essential for the blockchain, there are now more robust alternatives available. To provide flexibility for users and developers, the NEAR Block Explorer Selector was introduced in October, and the original Explorer will cease operation on January 31st. This allows the community to choose their preferred explorer.
**NEAR’s price has seen significant growth since breaking out of the descending resistance trendline in October.** This uptrend resulted in a crucial breakout above the $3.20 USD resistance level, with the price reaching a new yearly high of $4.62 USD this week. Currently, this zone is expected to provide support for the price.
If the breakout continues, **NEAR could potentially rise by another 50% and reach the next resistance level at $6 USD.** However, as with any price predictions, closing below $3.10 USD may render the breakout less effective, potentially causing a 45% drop to the nearest support level at $2.10 USD. It’s essential to always consider the volatility and risks inherent in the cryptocurrency market.