The performance of altcoins in the market today has raised concerns and questions like “How long can these rallies last? And what variables control the crypto market? Historically, altcoins take after the price actions of Bitcoin (BTC) because their gain triggers their rally and vice versa.
However, today, February 21, Bitcoin is down 1.66% to $51,357, yet many other crypto assets, including FET, SC, STX, and SPONGEv2, are appreciating. So what variables are behind these notable gains in the last 24 hours, and what could be expected in the short and long term?
Fetch.ai (FET) – AI Lab for Open, Decentralized and Permissionless Machine Learning Network
Today’s surge in Fetch.ai’s (FET) value can be attributed to several factors. Firstly, the announcement of a text-to-video update by OpenAI has sparked renewed interest in Artificial Intelligence (AI) coins, with Fetch.ai standing out among them.
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Sora can create videos of up to 60 seconds featuring highly detailed scenes, complex camera motion, and multiple characters with vibrant emotions. https://t.co/7j2JN27M3W
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— OpenAI (@OpenAI) February 15, 2024
This heightened attention has led to a 12% increase in FET’s price in the last 24 hours and an impressive 45% gain over the past week.
Additionally, the anticipation surrounding AI technology giant Nvidia, which is scheduled to announce its Q4 2023 milestones on February 21, has further fueled the excitement in the crypto community.
Fetch.ai is capitalizing on this anticipation, riding the wave of interest generated by Nvidia’s upcoming announcement. Moreover, the overall momentum in the altcoin market and the increasing confidence of investors are contributing to the bullish trend observed in FET today.
With the coin currently up by 8.42% to $1.01 at 8:25 am EST and boasting a 24-hour trading volume of over $373 million, it remains to be seen whether Fetch.ai can maintain this momentum for the rest of the week.
FET Forms Red Candle Stick Amid Bullish Trend Continuation Signals – Can the Latest Swing High Become a Resistance?
In the chart above, FET has recorded significant BUY activities, pushing its price to the $1.1255 high. This swing high marks the potential beginning of an uptrend, as higher highs and higher lows may be recorded afterward.
Using Fibonacci levels to analyze the trend, the uptrend is currently testing the $1 breakout level.
This suggests that the upward movement may continue soon. Additionally, if the price breaks out above $1.10, there’s potential for the AI-based altcoin to reach the $1.3161 level.
The increased trading volume in the last five days shows traders’ high optimism for FET.
As more BUY activities are initiated in the coming days, the coin’s uptrend will likely continue by the weekend. Again, the Moving Average Convergence Divergence (MACD) is above the signal line and has bold green histogram bars. This confirms the bullish momentum in FET’s market today.
Given the bullish indicators in the chart above, more traders may enter the market to be part of the expected uptrend. While these expectations may occur, traders and investors must apply caution when trading as the coin has commenced a red candle stick formation.
Strategic trade setups and comprehensive risk management tactics should be in place when making investment decisions.
Siacoin (SC) – Blockchain-based Decentralized Cloud Storage Network
Siacoin, currently among the top performers, serves as the native token for Sia, a decentralized cloud storage platform. Through smart contracts, users rent out unused storage space and pay with SC tokens.
The platform aspires to be the underlying storage layer for the internet, offering secure storage at lower costs than traditional methods.
Sia ensures security by encrypting and distributing files across its network, allowing users to retain control over their encryption keys. Files are split into 30 encrypted segments and stored across multiple hosts for redundancy, with all transactions and agreements recorded on its blockchain.
Competing with major cloud providers like Amazon and Google, Sia leverages decentralization to offer competitive rates. Users can choose storage providers based on preferences, with transactions enforced through blockchain smart contracts.
Recent performance metrics show a 14.71% price surge in the last 24 hours, with a market capitalization of $856.88M. Investor sentiment is positive, reflected in an extreme greed index of 78.
Siacoin has outperformed 87% of the top 100 cryptocurrencies in the past year, with a remarkable 216% price increase.
Today, Siacoin (SC) is up by 9.50% to $0.01583 as of 10:04 am EST, with a 24-hour trading volume of $265.7 million, up by 35.34%.
With a high liquidity ratio of 0.0780, Siacoin presents an intriguing investment opportunity for those interested in the decentralized cloud storage sector.
🚀 Exciting News from Sia! 🌐
Our February 2024 edition of “The State of Sia” is out, marking another milestone in #decentralized #storage! Dive into the latest enhancements in hostd, renterd, & walletd, and get a sneak peek into the future of Sia. 🛠️💡https://t.co/ACjfghObi2
— Sia Foundation (@Sia__Foundation) February 14, 2024
Siacon Makes Consecutive Green-Candle-Chain – Where Could The Price Be Heading To?
The consecutive green candle stick on the chart above shows that SC has enjoyed increased buying activities in the last week. Amid price rejection today, indicated by the wick on today’s candle stick, the bulls are striving for a rally; as such, SC’s price could reach a new high of $0.018.
Also, in the chart above, Siacoin’s trading volume is increasing, indicating that more BUY activities are kicking in. This optimism could boost the coin’s value as traders and investors anticipated gains from their trade in the short and long term.
Additionally, the MACD is above the signal line and has formed bold green bars on the histogram. This confirms the strong upward momentum and SC’s potential to rally today and beyond.
Combining these signals on the indicators, the coin’s value is ascending with high reward potential for investors.
However, as with every crypto asset, traders and investors must be cautious in their decisions as the expected price movement of the asset could deviate in no time.
Stacks (STX) – The Bitcoin L2 For Developers
STX shows price volatility today despite gaining 11.9% on its price this week. Its price at 9:06 am EST is $2.65. Stacks has continued to build on its innovations with smart contracts and decentralized applications. Also, Stack is a hub for decentralized finance and NFTs.
According to Stacks creator Muneeb, 40% of all developers building on Bitcoin work on Layer-2s. He believes individuals will choose L1s for cold storage of assets and L2s for their transactions.
Also, multiple Stacks Signers were listed on the Staking Rewards Top Staking Providers list.
This confirms the growth and rising number of participants in the Stacks ecosystem. Meanwhile, Bitcoin builders are participating in the ongoing Nakamojo contest. Contestants must follow specific steps to quality and be considered for final selection.
2024 is already the year of Bitcoin layers 🧡
Support the “🟧” Bitcoin builders movement.
Learn how to join the #nakamojo contest below 🧵 (1/2) pic.twitter.com/NNUF4xyYYC
— stacks.btc (@Stacks) February 20, 2024
Also, the Stacks community celebrated ranking among the top 25 cryptocurrencies by market cap. Furthermore, they attained a TVL of $120 million, which is an all-time high value, on February 19.
This record comes after Stacks broke the $100 TVL milestone on February 16, as reported by the on-chain analytical platform DefiLlama
As a result of all the factors above, STX shows a bullish momentum on the daily chart as the buyers continue accumulating the tokens.
STX Finds Support at $2.60, Will The Rally Continue?
STX rallied from February 6-19 to break above the $2.60 resistance level, flipping it to support. Also, the buyers attempted to overcome the next resistance level at $2.91 but faced competition from sellers eager to control the market.
Nevertheless, STX is still trading in the upper region of the Donchian Channel (DC), which confirms intense pressure from the buyers on its price. This implies that the price of the asset will likely increase further.
Also, the Stochastic Oscillator is close to the overbought region above 80 with a value of 75.5, confirming that the buyers have the upper hand.
So, STX will likely break above the $2.92 resistance level in the coming days to record higher highs. However, cryptocurrencies are volatile and could deviate from the predicted price pattern. So traders should watch the indicators closely.
Sponge v2 (SPONGE) – The Crypto Token with Exciting Rewards
Don’t forget about the upcoming #SpongeV2 Play-to-Earn game! 👀
Stay tuned for updates. 🧽$SPONGE #Crypto #Altcoins #100x #Web3 #AltSeason #Binance pic.twitter.com/Z51MSmKqVF
— $SPONGE (@spongeoneth) February 21, 2024
Sponge V2 is an amazing project that captures the essence of community, teamwork, and development in one package. It comes with a Play-to-Earn game that adds extra utility to the ecosystem.
Visit Sponge V2 Presale
Users who purchase $SPONGE tokens from the official website will benefit from the automatic staking feature that will lock their tokens for more rewards.
What Lies Ahead For Sponge V2?
According to the roadmap, many fun and thrilling activities are outlined for the Sponge V2 community. The first stage will unveil the new staking pools for the V2 and research for the Play-to-Earn (P2E) game.
The second stage will feature the token claims and Sponge v2’s official listing on more prominent exchanges.
The P2E game development will commence, and the race to 10,000 unique token holders will begin. Finally, the third stage will unravel Tier-1 CEX listings such as Binance and Coinbase and a race to a $100 million market cap.
Also, the Sponge Game App will launch, focusing on attracting much liquidity from investors. In all, Sponge V2 is a promising crypto project, and the extra utility of the P2E game and staking could preserve its long-term value. However, individual research is vital before making any investment.
Final Thoughts
The crypto market has retraced today, with price volatility observed among Bitcoin and other altcoins. Nevertheless, some altcoins retain gains driven by positive investor sentiment and a passionate community. So, the retracement is likely for a brief consolidation before the next phase of the rally resumes.
As such, the positive trend in the crypto market will likely persist in the coming weeks. However, given the nature of the market, investors should always be on alert to identify changing trends that might put their funds at risk.
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