Bulls dominate the broader cryptocurrency market as investor optimism remains pinned on cryptocurrency-friendly policy measures, increased adoption of these digital assets, and central banks’ strategic reserves. Continuing. Still, the crypto majors have largely stalled in the absence of an immediate catalyst.
Amid the backlash, meme coins, especially AI projects, represent immense growth and an opportunity that cannot be ignored. One such example is the unique social experiment “iDEGEN”. Even before it hits public shelves, it could compete with the likes of Fartcoin and AI16z.
Bitcoin under pressure from bets on lower interest rate cuts
Bitcoin price rebounded on Tuesday after testing the key support zone at $90,000 in the previous session. At the time of writing, the cryptocurrency’s all-time high was $96,485, finding support along the 50-day EMA while hovering around the near-term 20-day EMA.
Although bulls remain in control, rising U.S. Treasury yields are prompting a sell-off of risky assets such as cryptocurrencies. On Monday, the benchmark 10-year Treasury yield rose to 4.80%, a level last recorded in October 2023.
Better-than-expected U.S. jobs data released late last week further suggested the Fed will ease interest rate cuts in 2025. Notably, riskier assets like cryptocurrencies thrive in a low interest rate environment.
In the short term, the $93,010 to $97,500 range will be of interest. Above that level, the bulls are likely to face resistance at $98,500. Conversely, a pullback above the range’s support zone could send BTC/USD down to $92,225.
bitcoin price chart
Bitcoin price chart |Source: TradingView
iDEGEN marks a new phase for AI meme coins
As artificial intelligence revolutionizes the crypto market, iDEGEN usher in a new era of AI meme coins. In fact, some analysts consider it the “equivalent of Bitcoin” based on its virality and potential.
Unlike other projects, we started with a clean slate without restrictions or guardrails. By relying on degens to learn, adopt, and formulate tweets, iDEGEN has evolved into a viral sensation, and its growth has exceeded its creators’ imaginations.
This movement is so aggressive that banning X will not suppress it. This project has the signs of a cryptocurrency evolving from just a joke to a multi-billion dollar asset based on its virality and active community.
This immense potential is why more and more savvy investors are collecting $IDGN tokens, with just a few weeks left until February 27th’s listing. Since its launch on November 26, 2024, the project has already raised more than $16 million.
Early adopters are already reaping significant benefits at the current price of $0.01. Compared to the initial price of $0.00011, $IDGN holders have earned 8,991%. At this pace, iDEGEN shows no signs of slowing down. Click here for more information about iDEGEN
Ethereum records leakage increases rapidly due to change in investor sentiment
ETH price chart |Source: TradingView
After a Bitcoin-led decline that saw Ethereum price briefly below the key zone of $3,000 on Monday, the altcoin has rebounded and is trading at $3,191 at the time of writing. A look at the daily chart highlights the formation of a bearish death cross, where the short-term 20-day EMA drops below the medium-term 50-day EMA and crosses downward.
Additionally, Ethereum price continues to be under pressure from the recent spike in outflows. According to SoSoValue, the ETH Spot ETF recorded daily net outflows of $39.43 million on January 13th. Topping the list is Grayscale Ethereum Trust EFT (ETHE), with daily net outflows of $14.49 million and cumulative net outflows of $3.7 billion. At the same time, the minitrust (ETH) had a daily net outflow of $37.84 million.
In the short term, Ethereum price is likely to remain around $3,150 as bulls look to defend the $3,000 support level. Even if it rebounds further, it will likely face significant resistance at $3,320.
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