- For the first time, Bitcoin exchanges hands at $ 37,000 when the value of the crypto market crosses the $ 1 mark.
- Stellar leads the altcoin rally that is in the Bitcoin spotlight.
- Nano and status rallies remain intact despite overbought conditions.
Enthusiasts in the crypto space are currently celebrating the more than $ 1 trillion market share. Additionally, Bitcoin has updated the new all-time high at $ 37,000 to rise above $ 40,000.
Interestingly, a few select altcoins do exceptionally well in the top 100. For example, Stellar is up over 78% in the past 24 hours. Nano is up 96% while Status is up 100% over the same period.
In particular, the volatility in the market is exceptionally high. Hence, it is difficult to say how the market will react in the coming days. However, the purpose of this article is to examine the massive price movement of these altcoins while trying to demystify their next steps.
Stellar rises to $ 0.4 and leads altcoin rally
Stellar continues to steal Bitcoin’s attention, especially in the top ten. The altcoin started the year with a bang after a technical breakout over a descending parallel channel. The rally has been constant since then, forming in consecutive bullish candlesticks.
The new year high was set at $ 0.42, but XLM has pulled back to switch hands at $ 0.376. The Relative Strength Index is currently overbought and therefore caution must be exercised, especially after such massive price movements.
XLM / USD4 hour chart
Nano’s outbreak cannot be stopped
Nano is rising above the cryptocurrency horizon following massive bullish action in the past 24 hours. Interestingly, despite the overbought conditions, the uptrend is still intact. The RSI is exploring higher levels towards 100 as the price approaches $ 4.
A gold cross pattern formation reinforces the bullish outlook. The pattern arises when a short term moving average crosses a longer term moving average, as shown in the graph. The 100 SMA is well above the 200 SMA.
NANO / USD daily chart
If you close above $ 4 in the day it will take more buy orders, which may create enough volume for profits above $ 5. On the flip side, the bullish fall will be thrown out the window if NANO closes the day below $ 0.4 and possibly pulls back towards the preliminary support at $ 2.5.
The technical status levels appear to be bullishly intact
The status seems poised to move to a higher price level despite having seen more than 100% gains in the last 24 hours. The bullish price movement occurs after a breakout over a descending parallel channel.
On the upside, a new year high was hit at $ 0.088, but SNT has corrected to switch hands at $ 0.076. The token is still in the hands of the bulls due to the moving averages. The 50 SMA is well above the 100 SMA and the 200 SMA. Additionally, a gold cross pattern recently came into the picture after the 100-SMA crossing above the 200-SMA.
SNT / USD daily chart
On the flip side, traders need to be aware of the overbought solutions, with the RSI being deep in the overbought territory. If SNT fails to break the $ 0.09-0.1 hurdle, losses will likely engulf the crypto, forcing SNT to retreat to levels around $ 0.045.