Cryptocurrencies resumed their uptrend on Thursday as many investors returned from the Christmas and New Year holidays. This rebound in the crypto and stock market in the early days of the year is known as the January Effect.
This January Effect is important because of the potential catalysts that may push crypto prices higher. Donald Trump becomes president on January 20th, possibly signing an executive order on crypto.
Gary Gensler will resign this month and will be replaced by Paul Atkin, who supports cryptocurrencies. FTX distributions worth over $16 billion start, which could help to supercharge the crypto industry since some of this cash will flow to cryptocurrencies. So, let us look at what to expect with DeXe, Ethena (ENA), Stellar Lumens (XLM), Aerodrome Finance (AERO).
DeXe price prediction
The DeXe token price performed well in 2024, moving from a low of $2.6850 in January to over $20 this month. The current rally began after the developers unveiled the next phase of the DeXe protocol.
Some of the top events to watch include the release of the DeXe Protocol on Ethereum, the launch of the DAO Treasury, the introduction of staking, and the launch of DeXe DAO.
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The daily chart shows that the DeXe price has been in a strong uptrend in the past few months. This rally culminated in the token rising above the key resistance level at $18.8170, the highest swing on March 29 and the upper side of the cup and handle pattern,
DEXE has remained above the 50-day and 100-day Exponential Moving Averages (EMA), while momentum indicators point upwards. The token will likely continue rising this year. The next psychological point to watch is $30, both a psychological point and one provided by the C&H pattern.
Ethena price analysis
ENA price has also rebounded in the past few days after bottoming at $0.8472 in December. This rebound happened as the token found substantial support at the 50-day moving average.
Ethena, like other cryptocurrencies, has formed a cup and handle pattern, with last month’s consolidation being part of the handle section.
ENA has now moved slightly above the key resistance at $1, and is slowly approaching the weak, stop & reverse point of the Murrey Math Lines.
Therefore, Ethena price will likely continue rising, with the next price target being the December high of $1.3300, about 28% above the current level.
Ethena has some important fundamentals such as the continued growth of its stablecoins like USDe and USDtb.
AERO crypto price analysis
Aerodrome Finance is one of the fastest-growing players in the crypto industry. It is a leading project in the Decentralized Exchange (DEX) industry that handles billions of dollars in volume weekly. It has become the biggest player in the Base blockchain, the layer-2 network launched by Coinbase.
The daily chart shows that the AERO price peaked at $2.33 in December and then pulled back sharply. This peak was notable because it was also the upper side of the cup and handle pattern. The recent pullback is part of the formation of the handle section.
Aerodrome Fiance price will likely bounce back as buyers target the next important resistance level at $2.33, which is about 53% above the current level. This view will become invalidated when the coin falls below this month’s low of $1.3110.
Stellar price analysis
The Stellar Lumens price peaked at $0.6376 in November as it jumped by almost 500% during the month. It then pulled back in December as cryptocurrency prices retreated. It then formed a falling wedge chart pattern, a popular bullish sign.
Stellar token has formed a moved above the 50-day moving average. The two lines of the MACD indicator have formed a bullish crossover pattern. Also, the Relative Strength Index (RSI) has moved above 50 and points upwards.
Therefore, the coin will likely continue rising as bulls target the next key resistance point at $0.50. A move above that level will point to last year’s high of $0.6375.
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