Bitcoin (BTC) expanded the bailout plan on Tuesday and regained more than $ 1 trillion in market value.
While many traders panicked during Bitcoin’s recent plunge below $ 47,000, fund manager Dan Tapero said he saw a rare signal to buy a streak TD below the low. This signal was last seen in March 2020, when Bitcoin was priced around $ 3,600. Tapiero believes Bitcoin is still target to reach $ 100,000 this year.
However, according to data from CoinMarketCap, even after the recent rally of more than $ 55,000, Bitcoin’s market dominance remained at 49.5%. This shows that cryptocurrency investors are focusing on altcoins and making more and more new steady highs.
Daily view of cryptocurrency market data. Source: Coin360
The Altcoin season isn’t fully driven by retail investors. A recent report by Crypto Investment Adviser Two Prime Digital Assets highlights that an eight-fold rise in Ether (ETH) options has unlocked interest from $ 50 million to $ 4 billion over the course of the year, suggesting that corporate wealth managers Long wallets need to be protected. … against high volatility events. Even the ether futures market has increased by 20, boosting institutional investor participation.
To focus on altcoins, let’s explore the fundamentals and technical aspects of three tokens that have performed well in recent days.
Waves / USDT
Many cryptocurrency enthusiasts are interested in investing in digital assets but lack the required commercial experience. Therefore, they lose more opportunities or end up leaving money on the table. Others are employed full time and therefore cannot trade. A well-designed algorithmic trading product may be suitable for such investors, but it does come with its own risks.
On April 15th, Waves launched a new algorithmic trading investment product called “Lambo Investments”. Protocol exchange platform announced that it will abandon Lamborghini Huracan to the informal investor in a product that could attract traders.
Besides decentralized finance (DeFi) and algorithmic trading, Waves has also had great success in the non-exchangeable tokens (NFT) sector. While the overall NFT gambit has calmed down, individual investors continue to pay attention to it. The first Waves Duck NFT, named “Perfection”, was sold for $ 1 million in neutrinos (USDN) – an algorithmic stack coin linked to the US dollar and backed by the original Waves token, WAVES – at Sign Art on April 12th.
To further accelerate growth, the founder and CEO of Wave recently revealed ambitious plans to reach $ 10 billion in total recorded value by October and average 10 million daily transactions by February 2022. Traders will likely be watching developments closely. Which can determine the level of investor interest in the project.
Waves surged from an intraday low of $ 11.09 on April 23 to a steady $ 21.09 on April 27, representing a 90% gain in five days. However, the long week of the April 27 candlestick indicates a profit demand at higher levels.
Daily chart WAVES / USDT. Source: TradingView
WAVES / USDT may return some of the gains and drop in the $ 16-17 region. If the bulls manage to turn this area into support, then this indicates that sentiment is still positive and traders are accumulating their positions on dips.
The 20-day exponential moving average (EMA) at $ 14.64 is starting to rise, and the Relative Strength Index (RSI) is in positive territory, indicating that the path of least resistance is bullish.
A strong bounce from support zone could lead to a fresh test of $ 21.09. If the buyers are able to raise the price above this resistance, the pair can resume the uptrend and reach $ 25.
This uptrend becomes invalid if the bears cut the price below the 20 day moving average. Such a move could push the price down to the 50-day simple moving average (SMA) of $ 12.65.
INJ / USDT
Injective Protocol recently announced that it had received $ 10 million in funding from several investors, including Pantera Capital and billionaire Mark Cuban, for the DeFi protocol, which is said to have the best centralized and decentralized exchanges. Injective’s goal is to create a decentralized competitor for Robinhood.
On the development side, on April 15, the protocol announced that it had achieved “Trezor’s support for the EIP-712 signature standard,” which would give Trezor users access to Ethereum-based apps.