6 Jan 2022

Bitcoin , Solana and Gala games analysis from the last week of the year.

Market Analysis from the last week of the most influent markets in the cryptocurrency world.

BTC/BUSD Market

Bitcoin has started off the year still showing some uncertainty and continuing its lateral movement. In the previous week, BTC price made an upwards move and touched the 20EMA and upper resistance, a move that was short-lived and would see BTC closing the week close to the lower support and 50EMA.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
It is still unclear what direction BTC is heading towards, but until one of these levels is breached we will not know what 2022 has in store for us.

If the lower level, the 50EMA, doesn't hold, it is likely that bitcoin will head downwards towards the $40k support level. This Could be a good opportunity to buy bitcoin at cheaper prices.

If the current level holds and bitcoin is able to rise above the $51k resistance level, it is likely that we will see a push into new ATH levels by mid-2022, and we could even reach the target of $100k.

Although both of these scenarios still remain in play, it could also be possible that bitcoin continues with a lateralisation move and continues to bounce between these two EMA levels for the first few months of 2022. This would be a great scenario for some altcoins that could gain momentum and push for higher prices.

Relevant News

In other news, the 3rd of January, Bitcoin 'celebrated' its 13th birthday. Since its launch bitcoin has seen major changes, and continued development thanks to all of the investors and developers that have believed in the cryptocurrency throughout the years.

Just like every year the question of who created bitcoin has resurfaced around it's anniversary. Recent reports suggest that Elen Musk himself suspects that the creator of bitcoin is Nick Szabo. In 1998 the computer scientist Szabo created BitGold, which many saw as the precursor of Bitcoin. Some similarities were found between the whitepaper of bitcoin and some of Szabo's publications, including linguistic similarities and the use of LateX, an open-source document platform.
Szabo has denied the claim in 2014 stating: "I'm afraid you got it wrong doxing me as Satoshi, but I'm used to it.". It still remains unclear whether he is the actual creator or whether he just wants to keep anonymous, but as another year has gone past, some of bitcoin mysteries still remain unsolved.

SOL/BUSD Market

Solana crypto (SOL) has been one of the best performing cryptos of 2021, similarly to other projects like ANKR crypto, seeing an exponential rise throughout the year, starting at around $1.60 and reaching an all time high of over $250 just 11months later.
SOL/BUSD weekly candles chart with supports and resistance
SOL/BUSD weekly candles chart with supports and resistance
What has made Solana so popular is that it's similar to Ethereum, in that it allows for smart contract creations as well as the creations of apps and other use cases such as NFTs; with the key difference being superior transaction speed and lower costs.

After reaching ATHs in late November, the price of Solana USD has been slowly declining, likely retracing towards its moving averages. We can notice how the price has approached the weekly 20EMA several times but has always closed above it. It is now testing this level again.

What makes this level ($173-165) so important is that it was a historic resistance back in September and October. Ideal price action would suggest prices retracing towards previous resistances turned into supports, and if this level can hold, it is likely to see a bounce and upwards momentum. If Solana's price can stay above the $167 level, it is likely to push for the ATH towards mid-2022.

Solana price prediction 2022 would suggest two scenarios, either price doesn't hold the current support and breaks towards the 50EMA, with major support around $135; or the level holds and we see a bounce and price heading towards $250 by mid-2022.

About Solana

What made Solana so popular through 2021 was its ability to create NFTs, but with a significantly lower cost than Ethereum. On Ethereum it's estimated that just to create an NFT, the transaction costs and collateral are in the hundreds of dollars, the same cannot be said for Solana NFT. Two of the recent NFT projects launched on Solana were Bunny warriors NFT and Myuta NFT.
Myuta is a collection of two tribes of Myutarangers on Solana's network, each with 4,444 unique characters available on their own metaverse planet. The project also has its own coin, Myuta Coin. By staking, Myuta users will have access to purchasing Victoria VR land worth $50K. Once the project has fully launched, the team has pledged to give 1/3 of its revenue to community members as well as to allow for green mining to get a positive RoI on their NTF investment.

Bunny Warriors is another Solana NFT collection that features 6,666 unique bunnies. It was quite popular on its release and sold out in less than 5 minutes. According to their website, investors are able to collect these NFT and will even be able to see them battle in the metaverse. At launch these bunnies cost 0.66SOL each, and now the cheapest one can be purchased for 4.97SOL.

GALA/BUSD Market

Gala is another crypto that saw massive gain throughout 2021, reaching an astonishing ATH price of $0.84 in November 2021, this was nearly 42x from it's launch price of $0.02 back in early September.
GALA/BUSD daily candles chart with supports and resistance
GALA/BUSD daily candles chart with supports and resistance
The coin has since seen a steady decline, losing nearly half of its value.

The issue with cryptos that rise so fastly is that they don't create strong resistance and support levels. In its rise in late November, Gala only saw two major resistance levels, at $0.23 and at $0.37, both quickly overtaken to see the coin top $0.84. Similarly, the coin is struggling to find support levels and has been steadily declining with little correlation to its moving average levels. The price has touched the 20EMA several times in December, going over and under this level without showing much of a correlation. As this level hasn't seemed to have held, the lower 50EMA level has also been breached, and it's likely that the support level of $0.37 is going to be tested.
Gala coin price prediction suggests that there could be three scenarios: the first is that the price bounces and holds over the $0.42 support level, the second is that the price keeps on falling and finds support on the $0.37 level, both these scenarios would then require for the levels to hold before a bounce can be seen. The third and last scenario is that these levels don't hold and price starts going downwards towards the $0.23 level.

About GALA

GALA is an Ethereum token that has gained popularity for its use case in play to earn crypto games. GALA powers the whole ecosystem of Gala Games and can be used as a medium of exchange between Gala Games crypto participants. Similar to the Sandbox and Decentraland, GALA is known as a metaverse crypto due to its use cases in the metaverse. Gala games compete directly with other prominent names in the metaverse, such as Axie infinity.
One of the main games that have gained popularity in the Gala ecosystem is the Town Star gala games. In this game, similarly to games like SimCity, players can build their own city, adding buildings, farming, and their own characters, into their own interactive city. Players can then compete for prizes every week and unlock and collect TownCoin play-to-earn rewards.

Gala also offers Gala Gold, an exclusive membership club on discord where users can meet with other crypto game fans, discuss new games, and have early access to news and insight into the crypto gaming industry. The price is currently set at $50 for a lifetime membership.
BTC/BUSD, SOL/BUSD, and GALA/BUSD are available for trading on yanda.io dApp, together with hundreds of different market pairs.

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Author: Matteo Poole
info@yanda.io