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The first half of the month was full of ups and downs, and the rest of January is expected to end the same way. Amid the chaos, altcoins are expected to rely on external developments to make gains.
BeInCrypto analyzed three such altcoins that had significant developments in the third week of January.
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Pancake swap
The price of CAKE is trading near $2.01 at the time of writing, where it remains above the $1.99 support level. Recent sessions have shown increased volatility, creating bullish technical signals. Market uncertainty and volume volatility continue to influence the short-term price trend, keeping traders cautious about Pancake Swap’s near-term prospects.
Technical indicators reinforce downside risks for CAKE. The Money Flow Index fell below the neutral level of 50.0, indicating increasing selling pressure from investors. This change in momentum suggests that the price of CAKE could retest the low support near $1.94 if bearish conditions persist in the… The widest altcoin market.
Fundamental developments can compensate for technical weakness. PancakeSwap suggested reducing the maximum supply of CAKE From 450 million to 400 million codes. The planned reduction has strong community support and may increase scarcity. Positive sentiment around the proposal may help CAKE recover towards $2.05 and extend gains to $2.13.
Stellar (XLM)
XLM is trading near $0.215 after briefly falling to an intraday low of $0.202. The altcoin has declined By 12% in the last 24 hours as the general weakness of the market increases. Technical indicators point to an ongoing correction phase, with declining momentum increasing downside risks in Stellar’s price action.
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The correction came after a breakout of a descending triangle pattern in the chart. This formation indicates a possible decline of 14% from the breaking level. If the selling pressure continues and XLM loses the $0.210 support, the price could fall towards $0.201 and extend losses towards the $0.188 target.
Stellar may find support from the next developments of the network. Launch plan X-Ray protocol update on the main network this week. It provides a foundation for compliance-focused privacy using zero-knowledge encryption. The developer’s positive sentiment around the update may reflect a downside momentum and push XLM towards $0.230.
Tezos (XTZ)
The price of XTZ is down 9.7% in the last 48 hours and is trading near $0.559 at the time of writing. The altcoin remains above The support level is $0.555, which has held for almost two weeks. The continued volatility indicates that Tezos is in a short-term and weak correction phase.
Downside risks increase with the Chaikin money flow showing capital flow dominating XTZ. Sustained flows often precede sudden declines. If the selling pressure continues and $0.555 fails, the price of Tezos could fall towards $0.517, representing a deeper pullback in the current market structure.
The next update may come For Tezos Tallinn Possible this week, which aims to increase speed, efficiency and security. Network updates often affect investor sentiment and chain activity. If bullish interest emerges, XTZ may defend $0.555, then rebound towards $0.626, resuming consolidation within its specified trading range.
