Bitcoin (BTC) created another milestone today when the price broke through the $ 50,000. Bitcoin is now up about 1,230% from a low of $ 3,803.58 on March 13 of last year to a new all-time high of $ 50,622 today.
This rally has been led by strong institutional demand that shows no signs of stopping. Meanwhile, MicroStrategy said Plans To raise $ 600 million again through the sale of convertible banknotes and the proceeds will be used to purchase Bitcoin.
As institutional investors continue to buy, Glassnode data indicates that long-term Bitcoin investors are using this rally to lock in profits. Bitcoin miners who were also major sellers during the most recent bullish wave in February were halted, indicating that they are likely to expect higher levels in the future.
Bitcoin is driving the current cryptocurrency rally, but altcoins are also seeing their own rally. Let’s study the fundamentals and techniques of 3 symbols that have made a strong bullish run in the past few days.
ICX / US Dollar
The decentralized financing space (DeFi) has been in a tear for the past few months. Therefore, when a project plans to enter the world of DeFi, it is bound to interest traders. The Icon Project (ICX) is expected to soon sink into DeFi with the launch of BalancedDAO.
Another project eagerly awaited is the Open Money Market, which plans to bridge the gap between legacy banking and DeFi, enabling cryptocurrency investors to borrow securities-backed assets against their cryptocurrency holdings.
When the anticipation of upcoming projects increases demand but there is insufficient supply, the price tends to rise. About 58.5% of ICX’s traded supply is shielded in the network and with Binance also adding staking support to ICX, the supply could drop further.
While attractive returns are important, safety of funds is also a major factor at DeFi. Therefore, Icon has applied for K-ISMS certification from the Korea Internet and Security Agency for ICONFi mobile app which will ensure data security and privacy. This is likely to increase investor confidence in the project.
The upcoming release of Icon 2.0 promises to enhance several core features and redesign some of the existing features that are expected to drive interest in and adoption of the protocol. The community will closely monitor the interoperability feature to support and operate DeFi cross-chain solutions.
ICX rose from $ 0.6863 on Feb 1 to $ 1.9331 today, a rise of 181% in just over two weeks. Although the bears pushed the price to a 20-day exponential moving average ($ 1.16) on February 15th, the bulls aggressively bought the decline, triggering a sharp recovery.
However, the bears are not ready to give up without a fight. The ICX / USD pair is once again facing stiff resistance below the $ 2 level. The first support on the downside is the 38.2% Fibonacci retracement at $ 1.4568.
If price bounces off this support, it will indicate that traders will continue to build up on minor dips. The bulls will then attempt to resume the bullish trend by pushing the price above $ 1.9331. If they succeed, the next stage of up to $ 2.50 is possible.
On the contrary, if the bears drop the price below $ 1.4568, the pair may drop to the 20 day moving average. This is an important level to watch because if the price bounces off this level, it will indicate that the uptrend is still intact. But if the level breaks, it signals a possible change in direction.
RVN / USD
But it is not just promotions or partnerships that attract the attention of traders. Certain events can sometimes trigger demand and this appears to have happened with Ravencoin (RVN).
The GameStop saga showed how centralized entities never offer a level playing field to a retailer and that the big players wield their power and get what they want. This intensified the debate and the need for decentralization and Ravenquin was one of the beneficiaries. GameStop share prices topped on January 28 and RVN began its bullish move on January 29.
The protocol allows anyone to mark up their assets, which can be shares in companies, commodities, arts, land titles, energy credits, fun tokens, and more. As the world moves towards digitalization and decentralization, protocols such as Ravencoin may become an attractive alternative to traditional financing.
During strong bullish phases, rumors also drive prices up. Rumors about Coinbase being included on rounds of community forums may be a primary source of pooling.
RVN rose from $ 0.02266 on Feb 1 to an intraday high of $ 0.08863 on Feb 14, a 291% rise in two weeks. The token formed a long-legged doji candlestick pattern on February 15th and created an indoor day candlestick pattern today. Both patterns indicate hesitation among the bears and bears about the next trend move.
If the price rises above current levels and breaks above $ 0.08863, the next stage of the bullish move may begin. The bears will then attempt to halt the uptrend in the $ 0.10 resistance zone to $ 0.104.
However, the Relative Strength Index (RSI) is in deep overbought territory, indicating the potential for a short-term correction or consolidation.
If the price continues to decline, the RVN / USD may fall to the 38.2% Fibonacci retracement level at $ 0.06057, and if this level also breaks, the next support is at the 20-day moving average ($ 0.044). Such a deep dip could delay the start of the next phase of the bullish move.
LSK / USD
In a bull market, traders begin to discount the future and the price in the potential growth. Lisk (LSK) rally also appears to be built on the prospects for some significant growth potential ads.
The team at Lisk is promising a major update with the launch of Lisk Core 3.0.0 in 2021, which is expected to bring a plethora of improvements to security, stability, technical aspects, scalability, and graphic cuts among others.
Besides, the details of the interoperability solutions are expected to be ready by spring after which the implementation can begin. A new developer program has also been planned with lucrative awards that may attract developers to build apps on the platform.
The forecast can trigger a rally only to a certain extent. Next, traders will search for the results, which will then decide the direction of the token.
LSK rose from $ 1.2671 on Feb 1 to an intraday high of $ 4.70 on Feb 14, a 270% gain in two weeks. This rally pushed the RSI deeper into the overbought zone, which could lead to profit taking by traders.
LSK / USD broke below the 38.2% Fibonacci retracement level at $ 3.3886, and the next support is located at the 61.8% retracement level at $ 2.5785. A sharp decline indicates a break in momentum and usually delays the start of the next bullish move.
If the pair bounces off $ 2.25785, it could consolidate in a wide range for a few days before starting the next move. The bulls will have to push the price above $ 4.70 to initiate the next phase of the uptrend, which targets the $ 6.2099 level.
On the other hand, if the price drops below $ 2.5785, the pair may drop to the 20-day moving average ($ 2.28).
Opinions and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risks, you must do your research when making a decision.