#During a bull market, negative news is quickly assimilated and collateral damage is usually limited. Therefore, even as the XRP price aggressively dumped due to uncertainty regarding the outcome of the US #Securities and #Exchange #Commission lawsuit,, other altcoins have been largely unaffected.
#Furthermore, as the strong rally in #Bitcoin (BTC) takes a breather, several altcoins have broken through their resistance levels and are attempting to resume their uptrend.. #Let’s take a look at some tokens that have risen sharply in recent days and analyze their charts to determine if the rally could extend further.
DAY / USD
#Zilliqa (ZIL) has risen sharply in 2020. #Part of the rally could be attributed to the boom in decentralized finance that dominated much of the year.
#After launching its decentralized exchange, #ZilSwap, on #October 5 and the non-custodial stake on #October 14, the token rallied considerably.. These new features allowed the community to participate directly in the smart contract, whereas previously they had to do so through an external intermediary.
#To date, the community has staked about 30.49% of the total pending supply and the low eligibility threshold of 10 ZIL it may have attracted more participation from token holders.
#During the coronavirus pandemic, most people stayed indoors and spent their time on social media. Therefore, the timing of the launch of #Zilliqa’s #SocialPay could not have been better. The platform launched in #May and rewards users for sharing #Zilliqa updates and announcements on #Twitter.
#All of these fundamental developments may be the reason for the increase in the number of wallet addresses and monthly transactions in 2020. #But can the token continue its superior performance in 2021? #Let’s study your charts to find out.
The altcoin has been in a strong uptrend and rallied from an intraday low of $ 0.0296388 on #Dec 12 to an intraday high of $ 0.0996 on #Dec 27, a 236% rally in about two weeks.. These vertical rallies are generally not sustainable in the long term. #Periodic corrections or consolidations are needed that can cool the up move and increase the longevity of the trend.
The ZIL / USD pair has formed successive candlestick patterns on #December 28 and today. #This suggests a contraction in volatility as the bulls and bears decide on the next directional move.
#If the inner day resolves to the upside, the uptrend could resume. #Conversely, if the inside day candle is followed by a strong downward movement, the bears may have gained the upper hand and a deeper correction would be expected.
#So, if the bears sink the price below the 38.2% #Fib retracement level to $ 0.0728748, a drop to the 50% retracement level at $ 0.0646194 and then to the 20-day exponential moving average ($ 0.0570) is possible.
A strong rebound from this support in the sense that the positive sentiment remains intact as traders are accumulating on the dips. Then the bulls will attempt to resume the uptrend and if they can push the price above $ 0.0996, a rally to $ 0.14 is possible.
#On the other hand, if the price slides below the 20-day EMA, it will suggest that a short-term top could exist as the bulls are unwilling to buy on the dips.
LUNA / USD
#Terra #Protocol’s LUNA appears to have benefited from increased adoption of its existing products and the proposed launch of new ones. #Its payments app, #Chai, recorded more than 2.8 million transactions in #November with payment volumes exceeding $ 90 million.
#To capitalize on strong demand for US stocks, commodities, and ETFs, #Terra launched the #Mirror #Protocol on #December 4, allowing the creation and trading of synthetic assets.. #This could continue to attract traders as long as the assets remain in a strong trend.
#Terra is also trying to address the category of product referral marketing that primarily benefits the direct referrer. The protocol plans to officially launch #BuzLink, a marketing tool in #February 2021, which will reward the entire referral chain after the sale is made.
LUNA has risen from an intraday low of $ 0.45 on #December 24 to an intraday high of $ 0.70 today, a gain of 55% in a week. The rising moving averages and the relative strength index (RSI) near the overbought zone suggest that the bulls have the upper hand.
The LUNA / USD pair broke above the overhead resistance of $ 0.57 on #December 28, completing a bottom rounding pattern. #This bullish setup has a target of $ 0.86.
#However, the #Doji candlestick pattern with a long wick today shows that traders are taking profits at higher levels. #This could drag the price down to the breakout level at $ 0.57.
#If the pair bounces off this level or even the 20-day EMA ($ 0.51), it will suggest that the bulls are in control. A break above $ 0.70 could resume the uptrend.
#Contrary to this assumption, if the bears sink and hold the price below $ 0.57 and the 20-day EMA, it will suggest that the recent breakout was a bull trap.. The trend may favor the bears if the pair dips below $ 0.45.
The coronavirus pandemic has made individuals and businesses even more aware of the power of digital technology. #VeChain (VET) developed the E-HCert application in collaboration with the #Mediterranean #Hospital of #Cyprus to store COVID-19 test records. #After its successful implementation, #Aretaeio #Hospital also joined the #VeChain ecosystem to integrate its laboratory testing services, making the data easily accessible for patients to use as needed.
The #VeChainThor blockchain also recently received a 5-star rated #Blockchain #Service #Certificate from TÜV #Saarland, a #European certification body.. #This could increase confidence in your ecosystem and also improve investor confidence in the VET token. #In a further boost, #Grant #Thornton #Cyprus was revealed as one of the #VeChainThor #Authority #Masternodes. These developments could open up new possibilities for the future.
VET has rallied from an intraday low at $ 0.011724 on #December 23 to an intraday high at $ 0.02120375 today, a gain of 80% in no time.. The bears are likely to aggressively defend the $ 0.02210 level as it has been acting as a strong resistance for the past few months.
#However, if the VET / USD pair does not break below $ 0.018, the bulls will make one more attempt to carry the price above $ 0.02210. #If successful, the pair will complete a rounded bottom pattern that has a target target of $ 0.0353.
The 20-day EMA ($ 0.0165) has started to appear and the RSI is above 60, suggesting that the bulls have the upper hand.. #Even a consolidation between $ 0.018 and $ 0.0221 will be a positive sign and will increase the possibility of a breakout of the overhead resistance.
#Contrary to this assumption, if the price rejects $ 0.02210 again, it could attract profit reserve from short-term traders and that may cause the price to drop below the moving averages again. #Such a move could suggest that the pair could consolidate in a wide range for a few days.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of #Cointelegraph. #Each investment and trade movement involves a risk, you must carry out your own research when making a decision.
#Don’t stop reading:
[ source link ]
##Zilliqa ##Terra #LUNA ##VeChain #rally #good #news #strong #fundamentals