Bitcoin’s (BTC) beach-related action since it crashed at the $ 61,000 level has baffled analysts. Some predict that a sharper correction could be developing while others remain firm in their belief that the uptrend will resume shortly.
According to data from Ecoinometrics, history suggests that the price of Bitcoin bursts between 300 and 350 days after the supply is halved. Currently, 329 days have passed since the last halving, and if history repeats itself, Bitcoin may soon see a breakout.
An encouraging sign of this most recent market-wide selloff is that traders see it as an opportunity to buy rather than panic. This suggests that sentiment remains optimistic. Glassnode data shows that $ 476 million worth of stablecoins have been deposited into exchanges, possibly with the intention of buying the downside.
As Bitcoin’s next move is constantly evolving, several altcoins tend to rise. Let’s take a look at three tokens that could outperform the markets in the short term.
1 INCH / USDT
The decentralized finance boom has produced an almost countless number of projects and for investors it can be difficult to verify each one before taking the plunge.
This is where a DEX aggregator such as 1 inch (1 inch) comes in handy as the platform provides the lowest available swap (transaction costs) for investors. The team claims that the third iteration of their aggregation protocol made it cheaper to use 1 inch compared to using Uniswap or 0x directly.
Another bright spot was the expansion of the protocol to Binance Smart Chain on February 25 as it reduced transaction costs for its users and added BSC-based DEXs to the aggregation protocol.
In recent days, 1inch has launched liquidity programs with ARCx, Ren, Vesper and Opium. All of these steps seem to have paid off as 1 inch reported he had surpassed $ 30 billion in total transaction volume.
Additionally, Coinbase announced Support for 1INCH on April 7 and it gave the token a new boost.
1INCH went from an intraday low at $ 3.56 on March 25 to an intraday high at $ 6.56 today, an 84% gain in 15 days. The bulls pushed the price above the overhead resistance at $ 6.33 today, but were unable to maintain the breakout, showing that the bears are aggressively defending this level.
However, the 20 day exponential moving average ($ 4.75) has started to rise and the Relative Strength Index (RSI) is near the overbought zone, indicating that the path of least resistance is on the upside.
If the bulls don’t give up a lot of ground from current levels, that will indicate strength. This will increase the possibility of a break and close above $ 6.33. If this happens, 1INCH / USDT could resume the uptrend with the next target target at $ 8.42.
This positive opinion will invalidate if the bears bring the price below $ 5. Such a move will indicate possible litter-related action for a few more days.
CEL / USD
Celsius (CEL) is trying to disrupt the traditional banking industry. Some of the loans on the protocol charge interest rates as low as 1%, which is a lot less than banks. Low credit rates and high interest rates on deposits have propelled its growth to 500,000 users. In a March 11 tweet, the Celsius team said it manages After over $ 10 billion in digital assets.
By November 2020, Celsius had paid more than $ 80 million to its depositors and that figure rose to over $ 250 million in February. The protocol claims that this was possible because it shares 80% of the income generated with the community.
Celsius recently received the ‘Best Cryptocurrency Wallet’ award at the fifth annual FinTech Breakthrough Awards. This could further build confidence in the protocol. The team also teased the upcoming phased launch of their Webapp.
The CEL price went from an intraday low of $ 4.70 on April 2 to an intraday high of $ 7.71 today, an increase of 64% in seven days. The token gained momentum after price broke through the resistance line of the symmetrical triangle. This setup has a pattern target of $ 8.47.
However, the one-way rally pushed the RSI above 84, indicating that the CEL / USD pair may be overbought in the near term. If the price drops from the current level or the target goal, it could drop to $ 6.80.
If the bulls can switch this level into support, it can serve as a launching pad for the next stage of the uptrend. If that happens, the pair could hit $ 10.
Contrary to this assumption, if the price drops below $ 6.80, the drop could extend to the 20-day EMA ($ 5.74). Such a deep drop could delay the start of the next stage of the uptrend.
CAKE / USDT
With most banks and bonds offering negligible returns to investors, it’s no surprise that DeFi has been a major hit among risk-averse investors. However, the skyrocketing gas fees on the Ethereum network can eat up a large chunk of the gains made by small investors.
As a result, several investors have migrated to projects on competing blockchains offering low transaction costs. This helped PancakeSwap (CAKE) as it is on the Binance Smart Channel.
A recent report from Delphi Digital found a correlation between higher gas charges on the Ethereum network and increased activity on PancakeSwap. Additionally, the protocol could also have benefited from the vast network effect of Binance, which is one of the largest crypto exchanges.
According to DeFi Llama, the total locked-in value of PancakeSwap climbed to $ 6.15 billion, just below Uniswap’s TVL of $ 7.43 billion.
TBEN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for CAKE on March 22, just at the start of the rally.
The VORTECS ™ Score, exclusive to TBEN, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and Twitter activity . A recent test of the system found that ROIs as high as 1,497% were being generated using specific strategies described in the report.
As shown in the graph above, the VORTECS ™ score for CAKE turned green on March 22, when the price was $ 10.13.
From there, the VORTECS ™ score stayed consistently in the green and CAKE peaked at $ 19 on March 31, resulting in an 87.5% gain in 10 days.
CAKE went from an intraday low at $ 9.68 on March 21 to an intraday high at $ 21.25 today, a rally of 119% in 19 days. The bulls are currently trying to hold the breakout above overhead resistance at $ 19.
If successful, it will suggest the start of a new uptrend with a target goal of $ 28.50. The 20-day upside EMA ($ 16) and RSI above 66 suggest the bulls are still in control.
However. If the bulls fail to hold the breakout, CAKE / USDT could drop to the 20-day EMA. A strong rebound from this support will suggest that investor sentiment has turned bullish and increase the chances of the uptrend continuing.
On the contrary, if the bears push the price below the 20-day EMA, the pair could extend its stay in the current range for a few more days.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of TBEN. Every investment and trading move comes with risk, you should do your own research when making a decision.