Wednesday Market Watch: First Signs of Recovery in 2022

Last edited: Jan 13, 2022

After a brutal stretch of consistent decline over the first two weeks in 2022, coins made a strong recovery today, with some altcoins up more than 10% and all other coins in the green as well. Let’s take a look at the biggest winners on Wednesday and what to expect for the rest of the week.

ADA: $1.3378 (+12.46% over past 24 hours)

After dropping to its lowest point in 6 months at $1.07 on Jan 10, 2022, ADA made a strong recovery over the last 3 days, climbing all the way to near $1.34, which marks around a 25% increase, including a 12.46% upswing today. ADA has always had strong fundamentals as a blockchain; thus, it is expected for ADA to bounce back after short-term market conditions have improved, as ADA seems to be massively undervalued at $1.07. It will be curious to see whether ADA can continue its recovery, as it aims to push above $1.5 and hope to hit the $2 mark in the next 3-month window.

ADA price chart over the past 24 hours (15-minute intervals)

LUNA: $81.11 (+10.19% over the past 24 hours)

LUNA, the underlying coin of the Terra blockchain, was recently released on for investors to trade. LUNA is off to a good start, as it is up more than 10% today. LUNA is the second largest winner today, with a percentage increase only lower than ADA, and as covered in one of our recent articles on BTCC blog, LUNA has much use case potential outside of developing algorithmic stablecoins to power price-stable global payments systems, and thus things are looking bright for LUNA, both in short-term and long-term.

LUNA price chart over the past 24 hours (15-minute intervals)

ETH: $3,356.33 (+3.81% over the past 24 hours)

Even though ETH is not up much today, the fact that ETH has bounced back from dropping below $3,000 on Jan 10 to $3,356 today marks as a sign for the rest of the market that the short-term bleeding has been temporarily stopped. ETH still needs to make its way to above $3,500, and preferably near $4,000, to completely recover from the first two weeks of losses, but this is a good starting point for ETH and the rest of the crypto market.

ETH price chart over the past 24 hours (15-minute intervals)

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