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Cryptocurrencies remained on edge in the first week of 2023.
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The hawkish Fed minutes led to more concerns about the industry.
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Tron, VIDT, and Huobi Token will likely dive during the weekend.
Cryptocurrency prices remained on edge in the first week of the year. Bitcoin remained in a consolidation phase below $17,000. Ethereum remained stuck at $1,200 while the total market cap of all cryptocurrencies remained below $900 billion. Here is the crypto price predictions for some of the top trending coins like Tron, Huobi Token, and VIDT.
Tron
Tron is a second-generation blockchain project that was started by Justin Sun. It is a blockchain operating system that handles billions of transactions on a daily basis. The network is also associated with other blockchain projects like Sun, JustLend, and JustStables. Also, it has an association with Huobi, BitTorrent Chain, and USDD.
TRX price crashed hard as concerns of its exposure to Huobi continued. There are concerns that Huobi could go out of business. As a result, Tron dropped to the lowest level since November 23. It has moved below all moving averages while oscillators like the MACD and the Relative Strength Index (RSI) drifted downwards. Therefore, the outlook of TRX during the weekend is bearish, with the next key support level to watch being at $0.04.
How to buy Tron
Huobi Token
Huobi Token (HT) came under pressure after the company announced a new round of layoffs. As we wrote in this article, there are concerns about the company’s liquidity. After the collapse of FTX, there are questions about crypto exchanges and their respective tokens. Huobi has not published its reserve data and its results.
As a result, it has seen outflows in the past few days. Data compiled by DeFi Llama showed that users have withdrawn over $114 million in the past month and $90 million in the past 24 hours. Therefore, the Hubi Token price will likely continue falling during the weekend.
How to buy Huobi Token
VIDT Datalink
VIDT Datalink is a blockchain project in the data storage industry. It was started by a group of artists in 2019 and then it transitioned into a decentralized autonomous organization (DAO). It is mostly used in data storage of NFTs and other valuable items.
VIDT price crashed to an all-time low in 2022 as concerns about its role in the blockchain industry emerged. It also dropped as demand for NFTs declined. This week, however, VIDT price rose to a high of $0.030, the highest point since December 19.
On the hourly chart, it has moved above its moving averages while the MACD moved above the neutral point. With volume being low, I suspect that the VIDT price will plunge during the weekend.
