Bitcoin bulls are still struggling to push the price to a new high, but the positive sign is that Bitcoin has not been sharply adjusted in recent days, and that the market value of the higher-rated cryptocurrency has been over a trillion dollars since March 26. …
While many are skeptical about Bitcoin’s next move, a Bloomberg Intelligence report by chief commodity strategist Mike McGlone predicts BTC will rise to $ 80,000 in the second quarter instead of falling to $ 40,000.
Bitcoin consolidation hasn’t stopped altcoins, which have continued to rise in recent weeks. Cointelegraph recently reported that the number of cryptocurrencies requiring a market value of $ 1 billion has doubled in the past two months, reaching the 100 mark.
DeFi Llama also showed that decentralized finance has skyrocketed as DeFi’s total book value reached $ 100 billion on April 6. At the beginning of the year, TVL’s scale was only $ 20.74 billion, which is indicative of the colossal growth in space.
With a focus on altcoins, let’s break down the basics of three tokens that have performed well in recent days.
CELR / USDT
Celer Network’s CELR token was offered by Cointelegraph on March 16 at a price of $ 0.059. Since then, the token has continued its upward trend, reaching a permanent high of $ 0.103 on March 28, which means another 74% gain in a short amount of time.
In recent months, the DeFi room’s focus has been on reviving the appetite. However, Ethereum’s high network fees have limited these benefits to larger players and retail investors with less capital who have missed out on many good investment opportunities.
To address this issue, Celler announced the launch of Layer2.finance on February 18, which they claim has dramatically lowered the cost of accessing DeFi. According to the team, the project is in the final stages of revision and is expected to be launched soon. If it works, Celer can solve one of the biggest problems that could limit the emergence of DeFi.
The CELR has been in correction since it hit $ 0.103 on March 28. The decline has reached the 20-day exponential moving average ($ 0.071), but bulls are struggling to defend this level.
This indicates a weak uptrend and traders are in no hurry to buy on dips. The 20-day flat exponential moving average (EMA) and Relative Strength Index (RSI) below 54 points indicate potential range-limited action in the short term.
If buyers defend support at $ 0.065, the CELR / USDT pair could try to resume bullish action but will likely face stiff resistance at $ 0.087 followed by $ 0.095. However, if the bulls push the price above $ 0.103, the pair could rise to $ 0.122 and then to $ 0.155.
On the other hand, if the bears fall below $ 0.065, the decline could extend to the support of the next 50-day moving average ($ 0.047). Typically, such a deep correction delays the start of the next leg of an uptrend.
CTSI / USDT
Cartesi (CTSI) aims to take the traditional tools used by the developer community and integrate them with decentralized tools. This could attract many developers to decentralization, which is currently being delayed due to the different programming languages used on the blockchain. In addition, the team believes that their technology can increase the processing power of some applications by 10,000%.
Over the past two months, Cartesi has announced partnerships with Injective, Travala, IOTA, Polygon, Elrond, and Avalanche. Over the next several weeks and months, the crypto community will be closely monitoring Cartesi Layer 2 technology to see if it can improve compute performance and implement process-intensive applications without compromising security.
In recent weeks, the CTSI has been showing a bullish trend. It rose from a daily low of $ 0.077 on February 8 to $ 0.896 on April 4, a rise of 1,063% in two months.
However, after a sharp rally in recent days, the CTSI / USDT pair is currently showing gains. The Bears pushed the price below the 38.2% Fibonacci retracement level of $ 0.583, the next support is the 50% retracement level of $ 0.486.
If the pair bounces off the $ 0.486 level it would be a bullish signal as the previous $ 0.466 resistance appears to have become support.