The crypto market experienced mixed volatility during the early trading hours in the Asian market on Thursday with Bitcoin price trading around $22.6, down approximately 2.35 percent in the past 24 hours.
According to the latest market data, the total crypto liquidation in the past 24 hours stands at approximately $144.81 million. Having begun a possible falling channel on the four-hour time frame, Bitcoin is likely to retest $21k as the weekend approaches.
Edward Moya, the chief market analyst for foreign exchange market maker Oanda, thinks Bitcoin is in the early stages of multi-week consolidation before the next bull market begins.
“Bitcoin’s strong start to the year appears to be over for now. After hitting some key technical resistance just above the $24,000 level, Bitcoin is entering consolidation modes,” Moya noted.
Similarly, the second largest digital asset by market capitalization, Ethereum (ETH), has lost the January rising momentum and is likely to correct it in the coming weeks. Furthermore, the weekly ETH/USD RSI shows a falling divergence as the price stretches upwards.
AGIX and LDO Register Gains
While increased profit-taking has reduced the crypto rising momentum that began in January, some projects have registered increased on-chain activity due to high demand. Among them are Lido DAO (LDO) and SingularityNET (AGIX).
According to our latest crypto price oracles, SingularityNET (AGIX ) has rallied by more than 630 percent in the past 30 days.
Notably, SingularityNET is the first platform that makes it easy for developers to sell their AI tools and libraries and enables buyers to test any AI service provided on the marketplace to see if it meets their needs before making payment.
This comes as big tech corporations like Alphabet Inc. and Microsoft Inc. announced their AI-backed search engine helpers. According to Sundar Pichai, CEO of Google and Alphabet, the experimental conversational AI dubbed Bard will help increase users’ productivity and creativity.
