Bitcoin price is yet again hovering again at $43K and appears to be poised to keep up the uptrend until any drastic factors squeeze the rally. With the positive market sentiments piling up, the DeFi tokens appear to have jumped into action quickly. Tokens like Fantom(FTM), Avalanche(AVAX), etc are leading gainers lists among the DeFi’s.
Fantom(FTM) an Inch Close to its ATH
The FTM price since the previous trading day appeared to be extremely bullish as it surpassed the crucial resistance levels. With registering a huge bullish close the previous day, the current day trade also began with a bullish note and importantly surged above the uptrend line. The asset is about to record a ‘V-shaped’ recovery to reach its initial levels above $3.
The FTM price since September 2021 maintained a notable uptrend and despite some pullbacks, maintained above the uptrend line. However,the December slash dragged the price below the trend line, manifesting a massive bearish trend.
Yet the price took a month’s time and accumulated strength to go parabolic and finally smashed the crucial resistance levels and bragged-in the uptrend line and heading towards the ATH.
The FTM price stands at $2.84 with a jump of more than 17% compared to the past-day close. The platform witnessed a spike in a trading volume of more than 41% registering more than $2 billion, while the market cap also experienced a jump of 16% hovering just above $7 billion.
Avalanche(AVAX) Jumps Nearly 10%
The positive market trend is diving the crypto assets above the bearish trend. Avalanche price began the yearly trade with a notable uptrend, yet quickly fell into a deep berish trap shedding nearly 30% of its value. However, after a narrow consolidation for 3 to 4 days, the AVAX price jumped above the trend line to manifest a notable uptrend.
The AVAX price just surpassed the uptrend line but the fear of the plunge could remain until the daily close registers above these levels.
Moreover a healthy uptrend could be set in place one the price smashes the $100 mark and sustains above these levels firmly. And in such a case, a spike beyond the ATH at $147 may be registered.
While the altcoins are gaining huge traction, Altseason appears to have approached very well in time. However, for a healthy Altseason, Bitcoin price is required to slow down a bit after surpassing the crucial resistance levels.
And therefore, while the BTC price is yet to attain immediate highs, the current surge may result in a consolidation for the next couple of days. Once Bitcoin settles Altcoins may jump into action.