Beyond the expiration of bitcoin options, Cryptocurrency prices were stabilized on the first day of the month after crashed by double digits on Friday.
Hedera Hashgraph (HBAR) value led the charge between Altcoins, which increased by 25% on Saturday.
Steler Lumines (XLM) increased by 16%, while algorand (Elgo) and Ondo Finance (ONDO) increased by more than 15%.
These altcoins jumped after Bitcoin (BTC) after crashed by $ 78,115 on Friday. This is over the last day of the month, the option of over $ 5 billion ended, and the feeling of calm spreading in the market, the US equity ended at the end of the day.
Dow Jones Industrial Average increased by 600 points, while NASDAQ 100 and S&P 500 held rallies of 95 and 300 marks respectively. Cryptocurrency prices often have a close relationship with the American stock market.
There were no specific news on Saturday’s top movers, such as Hedera Hashgraff, Algorand, Staller Lumines and Ondo Finance.
A potential catalyst for Hedera and Staller Lumines is that the Securities and Exchange Commission on the Crypto industry has become more favorable. It has ended its cases on Gemini, Coinbase and Uniswap, and is interacting with Justin Sun to end or settle its trial.
Therefore, analysts estimate that SEC will now proceed to approve the Spot Crypto ETFs such as Litcoin (LTC), Hadera and Steler. An ETF approval will potentially promote more flow, increasing their prices.
Other possible reasons for Habar, Algo, Ondo and Stellar rally are that investors are buying DIP because they are all trading at their lowest level in months. Buying a dip is a common condition for investors after a property accident.
Additionally, this rebound can be part of a dead cat boom, a general position in the market where a property in the freefall experiences a brief rebound. Also known as a bull trap, it is usually a temporary rebound, before the property starts downtrend.
Hedera Hashgraph Price Analysis
The daily chart suggests that the price of Hbar was at $ 0.1807 this week and then bounced back at $ 0.2360. It has gone slightly above the 25-day moving average, while two rows of the percentage price have pointed up.
Therefore, Hedera may continue to grow as bulls target the next major resistance level at $ 0.2586, 38.2% fibonacci retracement level and the lowest swing in January.
Algorand price technical analysis
Algorand price has been consolidated in the last few days. It has gone below the 50-day moving average, an indication that bears are under control. Algo remains below 61.8% retracement point and has created a head and shoulder pattern. An H&S pattern is one of the most recession signs in the market.
Therefore, a strong recession in the coin will break and reproduce the psychological point at $ 0.20.
Stellar value forecasting
The XLM price topped $ 0.6360 on 24 November last year and then below $ 0.2537 on Saturday. It has created a series of lower climb and lower heights, resulting in a descending channel. It retained the lower part of the channel on Friday and formed a small doji candle. Therefore, the coin will probably bounce back as bulls target the upper part of the channel at $ 0.35.
Ondo Price predictions
Ondo token reached $ 2.1590 in December and now down to $ 1 at a psychological point. It has fallen below the 50-day moving average and 61.8% Fibonacci Retress Point.
The token has formed a head and shoulders pattern, which points to the more negative side, possibly at the psychological point at $ 0.80.
At the press time, bitcoin was up 2.7%, traded at $ 84,536. It is 22.4% below its all -time high.
