Is it Altseason Already? Zilliqa up by 324.77% Bridge Oracle Up by 5736.95% Over the past 7 days
Is it the Alt season? Are the recent price data of altcoin price trends suggestive of an uptrend towards an all-time high? It is always a challenge to predict the value of any volatile cryptocurrency – and for that reason every crypto is volatile.
The projects functioning on the Altcoin protocol and the value they render to different use cases determine their adoption. So, the active principle directing the price moves are adoption, which is expressed in the form of transactions on a blockchain. More transactions indicate more activity and more value. So, obviously the combined effect of the activities on the blockchain will show up in the price.
Therefore, the predictions for any altcoin in a few years from now are not really exact. They are estimates which might not even be near to reality – in fact many of such predictions are exaggerated exceptions. The day-to-day innovations and how they apply to the use case for real people reveals the real strength of the blockchain. People are willing to invest in stuff with real utility.
The list of projects on a blockchain, the itemized details of individual projects and their transaction volume and the combined strength of all the transactions which happen on the network in turn get projected as the price support and price resistance.
When people feel a certain price is not worth the crypto, they sell it and stop supporting it. When more people sell and are not willing to stake the value supposed for the token the price of the token falls. The support level declines and therefore the price. When people over trust hype and are willing to invest more, there is always a correction and the price falls or it does not climb beyond a certain stage.
The entire concept of volatility revolves around FUD, FOMO, and Hype. Traders are those who cash out and make their profits through these bullish and bearish trends.
Price Trends of Major Altcoins:
- Reportedly, Ethereum price is facing tough resistance at $3,391.52 and the 200-day SMA a 10% jump in price was suggested by technical analysts. At the time of writing, ETH price was trending at $3,399.21 which is a 0.34% increase in 24 hours and 12.41% increase in 7 days.
- Cardano was trending at $1.21 with a 24 hours rise by 1.72% and a 7 days increase in price by 10.59%
- Solana (SOL) was trending at $121.51 with a 24 hour price rise of 8.55% and a 7 day price rise of 27.43%
Considering the period of 7 days BTC is up by 9.93%, ETH 12.41%, Tether 0.1%, BNB 8.76%, USDC 0.05%, XRP 3.93%, Cardano 10.59%, Solana 27.43%, Terra Luna 12.97%, Avalanche 15.26%, Polkadot 8.16%, Dogecoin 6.56%, and SHIB 12.65%.
The price rise in one week is just 10% on an average and this is not something that we can call an Altseason already.
Exceptions were Zilliqa rocking at 324.77% increase in the past 7 days! STEPN (GMT) shows 146.46% increase over the past 7 days, Bridge oracle (BRG) was up by 5736.95% over the past 7 days.
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