The year 2021, so far has been the best year for almost all cryptocurrencies, especially for Altcoins like Filecoin(FIL) and Holochain(HOT). Bulls are in full control of the markets, which has resulted in most currencies hitting their all time highs this year. This has turned out to be an Alt-season, in fact a very good one.
With prominent cryptos reaching their ATH, the sentiment in the market is bullish. This positive sentiment is here to stay, say the experts, at least until several months. Some of the alt coins have gained as much as 100% or even more. They have delivered multibagger returns to the investors.
Let us analyse the prices of two such currencies.
Technical Price Analysis of Filecoin(FIL)
FIL is the platform coin launched by Filecoin, a peer-to-peer data storage platform that utilizes unused space of the miners/storage providers. The price rise of FIL has been an epic one, from $23 in January 2021, to $174.43 on March 31, 2021, which is also its ATH.
The currency rose a staggering 32.87% in just the last 24 hours, breaking it’s all-time records. Since its rise, it has never been dumped and has been resilient to dumps. However, FIL has had good consolidation stages at times, after registering each ATH.
FIL has good support levels at $150.397 and $145.340. Since the currency has sustained at above mentioned levels for days, before rocketing to the current levels, the supports can be very effective. With a current price of $181.50, FIL boasts a Market capitalization of $11,307,283,970, and is ranked 12th on CoinMarketCap.
The circulating supply of the FIL is just 3% of the total supply, 62,391,469 FIL tokens are available for trading on various platforms. The RSI indicates an overbought level, resting at 83. The price is moving along the upper Bollinger band, indicating huge Bullishness.
The major resistance could be at psychological level of $200 and Fibo level, at $220. MACD indicates bullishness, with strong buying sentiments.
Support: $150.397 and $145.340
Resistance: $200 and $220
Technical Price Analysis of Holochain(HOT)
HOLO(HOT) or Holochain is another such currency which has delivered multibagger returns. From $0.000709 in January 2021 to hitting ATH of $0.02 in the last week of March 2021, it has grown over 3X.
With LTP of $0.01709, the Market capitalization of HOT is $2,887,616,443. The last 24 hour transactions worth $1,673,530,719 were carried out. HOT currently has 169,146,173,234 HOT in circulation.
The price of HOT has gone through strong accumulation during its consolidation phase, hence building great support. The major supports are $0.01507 and $0.01. But volatility was observed after prices hitting ATH, which can be suspected as FOMO to book profits.
Nevertheless, the price of HOT seems to be soldering just fine just below its ATH. There is also a good chance that ATH acts as a Resistance level. Bollinger bands are being tested as price is fluctuating heavily between the upper and lower Bollinger bands.
Support: $0.01507 and $0.01
MACD: Neutral to Bullish