The price of Bitcoin (BTC) has been trading in a defined range over the past weeks as the halving hype has passed. Bitcoin’s price action also led to increased volatility in altcoins and some of the smaller altcoins have been showing impressive strength. So far, Theta Token (THETA) and Band Protocol (BAND) have been heavy movers.
However, in the previous days, the larger cap altcoins have started to move up, with Cardano (ADA) and Ether (ETH) as the primary movers. As Bitcoin attempts to find a way back to $10,000, traders will closely watch to see if there is more to follow from these large cap altcoins.
Crypto market daily performance. Source: Coin360Ether breaks through the $215 barrier
ETH USDT 1-day chart. Source: TradingView
The daily chart is showing an evident compression between $195 and $215, which finally broke to the upside. Alongside that, the chart is also showing some critical metrics for further upward momentum.
Key indicators for bull or bear markets are the support above or below the 100-day and 200-day moving average. As long as the price of a certain asset continues to move above the moving averages the asset is in bull territory.
Why is that important? Throughout the entire previous bull cycle, the price of Ethereum remained above these indicators, leading to a peak of $1,400 in January 2018.
Notably, the volume is also massively increasing in recent periods, showing signs of accumulation as volume precedes price. A similar sign is shown on the altcoin market capitalization chart.Altcoin market capitalization prepares to shift toward $110-$140 billion
Altcoin market capitalization 1-day chart. Source: TradingView
The total market capitalization for altcoins is showing an impressive increase in volume, while the capitalization is also flipping the 100-day and 200-day MA for support.
As the chart is showing, the support is found at these MAs in which $68-$72 billion is...