Bitcoin, Terra, Monero Lead the $148 Billion Crypto Market Rally
Key Insights:
- Bitcoin breached both critical resistances of $40k and $42k in one day.
- Amongst the rallying altcoins, Terra and Monero are each up by 24%
- The broader market continues to remain in extreme fear still.
After a week of bearishness and consistent price falls, the crypto market observed a significant rally today. The rise could have been triggered by the news of the US Treasury Department’s before-time published statement concerning digital asset policy.
As revealed in the statement, an upcoming executive order from President Joe Biden would support responsible innovation in the field of digital assets.
Crypto Market on a Rise
Today, the king coin cleared some major obstacles that investors were hopeful for when it rallied by 10.84%. Bitcoin was trading at $38,031 yesterday and is now trading at $42,155. In these 24 hours, BTC breached $40k and $42k, which have been vital support and resistance levels.
Although the Parabolic SAR’s white dots indicate a downtrend, they will soon change their position to move underneath the candle and indicate an uptrend.
This is backed by the rising bullishness of the MACD indicator, which is preparing for a bullish crossover.
Leading the overall rally is the altcoin LUNA, the token of Terra – the biggest DeFi chain after Ethereum.
Up by 26.13% in the last 24 hours, the coin is trading at $98.3. LUNA recently marked its all-time high of $99.65 in December, which it is now inching closer to.
Should the rally continue for LUNA, the coin could very possibly register a new all-time high as well as breach $100 in the next 24 hours.
Neck and neck with LUNA stand Monero (XMR), which has risen by 24.1% since yesterday. Although it is currently trading at $196.16, it closed above $200 yesterday.
Unlike other coins in the market, which are also rallying today, XMR is down by 3.53%. However, It was still keeping ahead of most of the market thanks to its explosive rise yesterday.
The Hurdles
While the market is up by 8.95%, whether or not it can sustain it is the question. Some indicators point towards rising bullishness, but RSI has just recovered to the neutral zone.
Add to that the persisting fear in the market, and it seems like there is a possibility of this rally being just another spike.
This is because the market observed similar instances in the past on February 4 and 28, when the market rallied by invalidating the rise in the next few days.
Ergo, it’s best to wait and watch for some solid recovery signals before jumping in to invest.
Found this interesting? Then check our main news page where you can find all articles related to Crypto, Crime, Darknet, Security and much more!
