The strong bull run on Bitcoin (BTC) and the immense popularity of the decentralized finance space have attracted several new investors to the world of cryptocurrencies. A report from Crypto.com shows a massive increase in cryptocurrency users, as the figure increased from 66 million in May 2020 to 106 million in January this year.
Contrary to the popular notion that new crypto users are primarily speculating on price, Data from Unchained Capital shows that investors who bought in the past three to five years are still holding their cryptocurrencies and are not yet tempted to make a profit.
Unlike the bull market of 2017, where many small market cap altcoins rose, the current uptrend has rewarded projects with strong fundamentals. Let’s take a look at three of these tokens and analyze their charts as well.
HOT / USD
Holochain (HOT) aims to provide the solution for scalability issues that can be a limiting factor in the cryptocurrency sector. Holochain wants to return control of data and privacy to people, eliminating large corporations and intermediaries.
To make it, Holo, a distributed peer-to-peer hosting platform, acts as a link between the web and the Holochain applications. Holochain wants this technology to be available to users who can access applications in a web browser. If it is necessary to do this, the technology must have high scalability, fast speeds, and it must also be financially viable. The Holochain team believes that they are on track to achieve this goal.
As part of the process, Holochain launched an application called Elemental Chat that runs on HoloPorts. The team also plans to allow web users to log into Elemental Chat through the HoloPort. This will test the scalability claims of the protocol and help further fine-tune the project.
The team has also outlined progress on the upcoming milestones of the Holo suite of products that will be rolled out progressively in the future. If the team delivers on its promises, the protocol may attract the attention of investors.
HOT rose from $ 0.0007817 on February 8 to an intraday high of $ 0.00424 on February 21, a 442% rally in two weeks. This bullish move had pushed the Relative Strength Index (RSI) above 92 on February 21, indicating that the market was extremely overbought in the short term.
That resulted in profit taking on February 22nd and 23rd, bringing the price down to the 61.8% Fib retracement level to $ 0.0021028. But the positive sign is that the long tail of the candles on both days showed strong buying at lower levels.
Nevertheless, Traders who are stuck at higher levels are closing their positions on rallies, as seen in the long wick of the February 24 candle.
After the wide intraday range of the last few days, The HOT / USD pair has formed an intraday candlestick pattern today, indicating a balance between supply and demand. The pair can now consolidate for a few days.
If the bulls can push the price above $ 0.00363, a retest of $ 0.00424 is possible. A breakout of this level could initiate the next stage of the bullish move that can hit $ 0.0055629.
Conversely, if the bears sink the price below $ 0.0028, the pair may drop to the 20-day exponential moving average ($ 0.0020).
ORN / USD
As the decentralized finance space grows, many new projects are announced regularly. It becomes difficult for investors to keep track of all of them. So you can look for a liquidity aggregator that connects several decentralized and centralized exchanges to exchange pools and provide access from a single platform, and this is what the Orion protocol (ORN) aims to do.
The protocol plans to offer its investors a variety of sources of income. The complement Orion Liquidity Boost offers increased liquidity to its partners and has already incorporated Polkastarter and many other blockchain projects.
LOrion’s aunchpad Liquidity has partnered with DAO Marker and DuckDAO, which will allow projects to launch incubated projects on Launchpad’s own platform.
Orion recently launched the staking calculator, which allows ORN token holders to calculate wagering rewards and achieve an APY (Annual Percentage Yield) of up to 38%.
After launching the first phase of the Orion Terminal mainnet on December 15, eThe team plans to add various features like derivatives, leveraged ETFs, contract trading, NFTs, loans, margin trading, and staking on any digital asset by 2021.
As more products are released, revenue is likely to increase and that can benefit ORN token holders.
ORN has been in a strong bull run this year. It rallied from $ 4,3014 on Feb. 8 to an intraday high of $ 15.20 today, a 253% rise in just over two weeks. As a result, the RSI has risen above the 91 level, indicating the possibility of a short-term dip or a trading action within a limited range.
The bears tried to stop the rally on February 22 and 23, but the long tail and positive closes each day show that the bulls bought the dips and resumed the rally.
However, today it appears that traders posted profits and a retest of the 38.2% Fib retracement level at $ 11.4379 is possible.
If the ORN / USD pair rises from this support level, it will indicate strong demand at lower levels. That could result in a retest of $ 15.20 and a breakout of this resistance can propel the pair to $ 20.
On the other hand, a break below $ 10.2759 could lower the price to the 20-day EMA ($ 8.21). Such a deep drop could delay the next leg of the up move.
DODO / USD
The DeFi space has attracted the attention of investors in recent months. However, the growing popularity has clogged the Ethereum network gas rates and they have skyrocketed to unsustainable levels. Therefore, traders look for options found on competing networks and charge lower fees. The Binance Smart Chain (BSC) has been one of the main beneficiaries of this trend.
DODO is a decentralized exchange that uses the Proactive Market Maker (PMM) algorithm, which the team says is better than automated market makers. DODO offers various features such as trading, aggregation, DEX initial offerings, and mining.
DODO introduced Crowdpooling in january, and this role aims to provide equal opportunity to investors by tackling the most important issues facing new projects. If you are successful, Crowdpooling will help prevent upfront, insufficient liquidity, and the high costs associated with attracting liquidity. The first phase of the DODO V2 Beta crowdfunding group called ‘ShuttleOne’ was a huge success as it oversubscribed 173 times.
The DODO token was listed on Binance on February 19 after the launch of the DODO V2 Public Beta on the Ethereum mainnet and the BSC on February 22. There are also several incentive programs available at BSC.
The DODO price rose from an intraday low of $ 2,788 to an intraday high of $ 10 on February 19. The token had strong trading gains, but since then, the price has been in a corrective phase.
The bulls tried to start a rebound on February 23, but the bears continue to sell in the small rallies, indicating negative sentiment. However, a slight upside is that the bulls have been defending the $ 4.50 level for some time.
If the price rises from the current level and breaks above $ 5,660, the DODO / USD pair can rally to $ 7.50. This level is likely to act as a strong resistance, but if it is crossed, the pair could rally to $ 8.75 and then retest $ 10. The next leg of the uptrend can resume above this level.
Conversely, If the bears sink the price below $ 4.50, a drop to $ 3.50 is possible. The selling could intensify if the support of $ 3.50 to $ 2,788 breaks.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and trade movement involves a risk, you must carry out your own research when making a decision.