The strength on the side of Bitcoin (BTC) and Ethereum (ETH) has the potential to light the torch of the altcoin rally.
Cryptocurrency market has been showing quite positive activity lately. In particular, Bitcoin and Ethereum managed to break the resistance points by taking the bulls behind them. The moves of the leading cryptocurrencies have also made strong rises on the altcoin side. Could the bear market, which has been going on for more than a year, be over with the recent ups? Or does this rise stand out as a bull trap?
Why Are Cryptocurrencies Rising?
In recent days, cryptocurrencies have started to revive due to the hibernation of bears. Especially the projects that are called as major managed to break the resistance points strongly. Bitcoin and Ethereum have been the main architects of the current uptrend.
However, crypto investors accustomed to the bear market are not yet sure what the current uptrend means. Behind this rise are the calming market conditions and the US inflation week. The market, which priced in advance that the USA will announce positive data, may be applying the strategy of news and expectation. This happens in the form of buying the news and selling the expectation.
However, cryptocurrencies, which have been on the rise since January 1, started to give bullish signals in the general view. The US data, the loss of the effect of bad scenarios and the BTC move were the prominent factors. On the other hand, bankruptcy and loss of money of many corporates may be signaling the bottom zone.
However, on the other hand, this rise can also be reflected as a bull trap with the classical expression. In this case, the lifeless and volumeless crypto money market tries to convince investors with a rapid rise. Investors who are deceived by the ups and downs stay inside in the face of momentary declines. In the last year when the bear market was intense, bull traps have been observed many times.
Considering both ways, the possibility that cryptocurrencies can revive a little this year is on the table. Another question that comes to mind is “Has the altcoin rally started?” it happened. Altcoins have gained more than 20 percent regardless of the leader BTC.
Altcoin Rally Signals, Here Are the Rising Altcoins
The possibility of a rally expected on the altcoin side has intensified recently. Cryptocurrencies, which turned green and broke the resistance points, started to appetize the bulls. While a possible altcoin rally is on the table, we have compiled the rises that strengthen this possibility for you.
1- Leading Altcoins Ethereum (ETH) Rising
The popular cryptocurrency Ethereum (ETH) has given lifeline to many altcoins by staying above the $1,300 level. Most major cryptocurrencies can also be traded with ETH parity. This also raises cryptocurrencies that have parity in a possible Ethereum rise. The fact that BTC and ETH broke the resistances created a positive atmosphere for all altcoins.
ETH, which spent the day with a rise of 3.8 percent and the week close to 10 percent, has the potential to be the pioneer of a possible altcoin rally. Important updates that are expected to take place on the Ethereum side can make the rise even stronger.
The popular cryptocurrency ETH managed to violently break the resistance at $1,300. This breakout took the price to the day’s high of $1,312. “Will Ethereum rise continue?” Looking at the question, the resistance points in front of the popular cryptocurrency are of great importance.
$1,350, $1,400 and $1,500 stand out as psychological resistance levels. These levels could be the points where the bears will make their final move. However, ETH could exacerbate its rise if it breaks the $1,460 resistance. These resistance points started to soften with the effect of current market conditions. In this year, which is seen as the year of Ethereum, a price level of $ 1,500 has potential.
On the other hand, ETH attracted attention as the support levels started to get stronger. The bulls have started to barricade the lower price points. In case of a possible market change or selling pressure, the closest support level for ETH will be $1,300. A break of this support level could drop ETH price as low as $1,260. If the $1,260 level, which is a solid support, is also broken, there could be a strong decline for ETH. The most conservative support point in the trend change stands out as $ 1,167.
2- Gala Coin On The Rise, Is It The Top Of The Altcoin Rally?
Gala (GALA), which turns to blockchain-based games, has become the most popular crypto project of recent days with its moves towards ecosystem and project developments. Gala made a strong move with its acquisition of a mobile game studio with more than 20 million users. In addition, the popular project signaled that it will provide integration for 15 different mobile games.
The popular project, which had an eventful new year, voted to burn all platform revenues. While the yes vote was dominant in this voting, the market expectation brought the rise for GALA. Gala excited crypto investors with its activity records published on Discord. The project attracted attention by increasing its game portfolio to 53. The possibility of all platform fees being burned and the thriving ecosystem started the bull run for GALA.
Having experienced a strong rise on January 6, GALA still continues this trend. The cryptocurrency, which opened at 0.01806 levels on January 6, spends the day at $ 0.038. Realizing an increase of 126 percent in three days, GALA reduced this rate to 110 percent with the correction it experienced in the last days.
This rise created by the news and ecosystem developments led to the breaking of resistance points one after another. However, the popular cryptocurrency has yet to make a full correction.
“Will the rise continue?” Looking at the question, the $0.04068 level for GALA is observed to be a strong resistance point. If GALA manages to break this resistance point, it could surge towards the $0.049 level. However, this level seems quite difficult to break as it is close to the $0.050 resistance. Continuing without correction, GALA could complete the rally if it breaks the $0.050 level.
On the other hand, GALA may need to make corrections. At this point, the $0.03438 support level is of great importance. If this support point is broken, GALA can switch to a trend reversal. In this case, the $0.03291 support stands out to maintain the trend. A possible bear pressure and selling move may lead to the breaking of the support points. This puts the $0.025 level on the table in terms of GALA.
3- Cardano (ADA) Rises 30% in One Week!
Popular cryptocurrency project Cardano (ADA) has attracted attention with an increase of about 30 percent in a week. ADA has managed to get on the radar of cryptocurrency investors with three major developments ahead of it.
The evolution and growth of the Cardano ecosystem has been a standout factor. Stablecoin projects, Hydra update and Oracle integrations came to the fore. These developments also contributed to the rise of the ADA price. On the other hand, the general cryptocurrency boom turned into a minor rally for ADA.
The popular cryptocurrency managed to throw a pin up to the $0.3460 level during the day. However, the selling pressure that came quickly caused the price to retreat close to 10 percent. ADA, which has been in a bull run since January 4, started to pass the resistance points easily.
“Will Cardano continue to rise?” Looking at the question, it comes to the fore that the ADA price has experienced a significant correction. Returning from $0.3460, the cryptocurrency made this point a resistance zone. The popular cryptocurrency may have to break the $0.3450 resistance and stay above it to continue its rise. If this point is broken, the next resistance point for ADA stands out as 0.3725. The project, which receives the bullish support, can manage to throw a needle around 0.4 if it exceeds this resistance point.
On the other hand, ADA could exacerbate the correction as the bulls pull out. At this point, the middle support at $0.3122 stands out for ADA. This support point can shape the decision point between correction and bearish. If the support at $0.3122 is broken, there could be a strong decline for ADA. The effect of this decline could visit the $0.2977 level for a trend change.
If the popular cryptocurrency fails to gain strength from the support points, the $0.2668 level becomes a conspicuous critical level.
4- Zilliqa (ZIL) Is On The Rise, What’s Happening?
The once popular cryptocurrency Zilliqa (ZIL) has managed to rise again. The popular cryptocurrency, which focuses on its ecosystem, has experienced a strong rise by highlighting its activity.
ZIL is moving with green candles through Ignite DAO’s contributions to the ecosystem, prominence in social metrics and many ecosystem studies. ZIL has soared nearly 50 percent in the past week, raising bulls’ expectations.
Zilliqa is focused on smart contracts and DAO developments. The crypto money project, which started the year fast, also attracted attention by experiencing an increase in price.
“Will ZIL continue to rise?” Looking at the question, it is striking that the price has increased by 43 percent in the last 24 hours. This rise creates a pessimistic atmosphere for the altcoin. Breaking the resistance points one after another, ZIL is moving towards the resistance level at $0.02657. This resistance point presents a very challenging picture for ZIL.
If ZIL breaks the $0.02657 resistance, it could rise sharply. This rise could continue as far as the $0.02915 resistance. If the bulls continue to run, the strongest resistance level is $0.03286. It seems very unlikely that this point will be broken in a short time.
ZIL, on the other hand, brings with it the possibility of entering a possible fix. If the popular cryptocurrency exacerbates the correction, it could pay a visit to the $0.02334 support point. If this support is broken, the next support for ZIL could be the $0.02181 level.
If the correction turns into a bearish trend and selling pressure, prominent support points for ZIL will be the $0.01906 and $0.01740 levels.