Monat: Januar 2023

• The Ghanaian cedi is the second worst-performing among Sub-Saharan Africa’s top 15 currencies, depreciating by 12.7% in just the first 17 days of the new year.
• This follows the Ghanaian cedi ending 2022 as one of the world’s worst-performing currencies, with a 38.86% depreciation.
• The Ghanaian government is hoping to ease pressure on the cedi through the gold-for-oil scheme and a $3 billion loan from the International Monetary Fund.

The Ghanaian cedi is facing a difficult start to the new year, with the currency depreciating by 12.7% in just the first 17 days of the year, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. This follows the Ghanaian cedi ending 2022 as one of the world’s worst-performing currencies, with a 38.86% depreciation.

The latest Bank of Ghana data shows that while one U.S. dollar bought 13.10 units of the cedi on the parallel market, today one greenback buys around 10.36 units of the local currency. This sudden slump indicates that the currency’s resurgence that started in late 2022 has dissipated.

The Ghanaian government is hoping to ease the pressure on the cedi through the recently launched gold-for-oil scheme and a $3 billion loan from the International Monetary Fund (IMF). The IMF loan package will help Ghana to stabilize its economy and the gold-for-oil scheme will also help to ease the burden on the nation’s currency.

Aside from the IMF loan package and gold-for-oil scheme, the Ghanaian government is also looking to introduce fiscal and monetary policies to help stabilize the cedi. However, it remains to be seen if these policies will be enough to curb the current devaluation of the cedi and stop the currency from further depreciation in the coming months.

• Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news.
• Polygon (MATIC) climbed higher in today’s session, following a collision with a key price floor. MATIC/USD raced to a peak of $1.04 earlier in the day.
• Both tokens have seen their respective RSI levels remain away from their respective floors, with AVAX’s RSI currently tracking at 71.11, and MATIC’s RSI at 63.27.

Today marked an exciting day for crypto traders, as both Avalanche (AVAX) and Polygon (MATIC) soared to new heights on the charts. AVAX, the native token of the Avalanche network, rose to a multi-month high on Tuesday, after reports that the number of Bitcoin on its network had risen to 5,493. This news saw the token surge by nearly 5%, with prices reaching an intraday peak of $18.86. This marked the third consecutive session of gains for Avalanche, as the token broke out of a ceiling at the $18.50 mark. The 14-day relative strength index (RSI) also neared a resistance level of its own at 72.00, with the index now tracking at 71.11, with earlier gains fading, resulting in AVAX currently trading at $18.22.

Meanwhile, Polygon also moved higher on Tuesday, hitting a one-week high. MATIC/USD raced to a peak of $1.04 earlier in the day, less than a day after hitting a low of $0.9849. This move saw polygon reach its highest level since last week Monday, when price was last close to a resistance of $1.05. However, momentum was not strong enough to force a breakout, with prices now trading at $1.00, which is also its long-term support point. The RSI for polygon seems to be a fair distance away from its floor at 61.00, and is currently tracking at 63.27, with a ceiling of 77.00.

Overall, both tokens have seen their respective RSI levels remain away from their respective floors, indicating that there is still room for further gains in the near-term. With that said, traders remain cautious as to whether today’s gains can be sustained, and will be closely monitoring the charts for further developments.