Even now as Bitcoin price struggles to overcome the $10,500 resistance, several altcoins are continuing to rally in their BTC and USD pairs.
On Feb. 12, the crypto market achieved a new milestone by climbing above the $300 billion market capitalization mark for the first time in 6-months. This shows interest in the sector continues to grow as a steady flow of funds enter the space. Since the start of 2020, the crypto market cap has increased from $218.4 billion to $303.1 billion, a 65.92% increase.
At the same time, Bitcoin’s (BTC) dominance rate dropped from 68% to 62%, which has allowed altcoins to pull off some amazing triple-digit rallies over the last 2 months.
Let’s take a look at some of the big performers of the day.
XRP price finally broke above the resistance at $0.30 and $0.31 and has since rallied more than 14%. The strong upside move was propelled by the highest surge in volume seen since May 13, 2019, when XRP price rocketed 56.25% as it climbed from $0.30 to $0.47 in one day.
XRP has now set a higher high above the previous high at $0.3145 set on Nov. 6 as part of a tweezer top that saw the price sharply reverse to a two-year low at $0.175.
Now that the key overhead resistances have been cleared, traders will likely set their short-term targets at $0.38 and $0.41
Tezos (XTZ) has been on a tear since Jan. 15 when the altcoin broke from its bottom in the $1.20-$1.30 range and started what has become a 183% parabolic rally to a new all-time high at $3.61.
Currently, the XTZ rally has become over-extended after such a rapid move to a new high and at the time of publishing the altcoin has corrected 7.25% and is down 14.79% from its all-time high. As XTZ price bounced right at the 23.6% Fibonacci retracement level ($3.072) and traders will observe to see if the altcoin finds support and consolidates at the current level.
It is worth mentioning that parabolic moves tend to forgo establishing strong support levels as the price swiftly surges significantly higher each day. This means that if traders book profits and shift their attention to other cryptos, or if Bitcoin sharply corrects, XTZ could quickly reverse course and retrace the entire up move.
Since bottoming at 0.00000400 satoshis on Jan. 14, Cardano (ADA) has performed excellently. The altcoin is up 71% off its 2019 and 2020 bottom and since crossing above the 200-day moving average on Jan. 12, the altcoin has rallied 37.09%.
Traders will notice that above 0.00000682 satoshis there is limited pressure from sellers. This means all that is required is a heavy influx of volume to push the price higher in one massive candlestick.
There is also a sizable gap in the volume profile visible range indicator (VPVR). If a high volume breakout occurs, ADA price could rally 53.47% to 0.000001041 satoshis.
Ether (ETH) continues to show that its price action is hinged to Bitcoin’s hip and rallied to a new 2020 high at $275 on Feb. 13. As discussed in a previous analysis, the price easily pushed through the take profit zones at $240 and $260.
As Bitcoin traders work to push the digital asset to $10,500 and above, Ether price continues to climb and appears set to reach $300 over the coming hours. Traders will note the VPVR gap from $270 to $300. If bulls can push the price above $276 then a shot at $300 is on the cards.
After forming a double bottom at $7.73 on December 18, 2019, NEO has doubled its price to reach a 2020 high at $15.85. Since Jan. 1, the altcoin has rallied 88.37% and traders will now target $17.44 and $19.60. If NEO pushes above $20, $25 and $40 are on the next zones traders will look to.
In the event of a pullback, traders will look for a bounce at the 21.6% Fibonacci retracement ($13.95) and below this $12.93. Generally, the support levels for NEO are closely aligned with the Fibonacci retracement levels so traders could follow the indicator if the altcoin’s price corrects.