Bitcoin and Ethereum continue to hold strong above key price levels, with Bitcoin trading above $117,000 and Ethereum nearing $4,500 as of Friday. The crypto market has seen several altcoins making significant gains in the past seven days, with coins like OKB, KuCoin, Cardano, Hyperliquid, and Arbitrum posting double-digit rallies.
OKB, the native token of the OKX exchange, surged over 100% in anticipation of a supply burn scheduled for Friday. KuCoin’s KCS token also saw a nearly 20% increase in value as traders responded positively to the $2 billion “Trust Project” initiative. Cardano, one of the top cryptocurrencies, gained 20% in the same timeframe as both Bitcoin and Ethereum experienced rallies. Hyperliquid’s price rose by 15%, reaching close to $30 billion in daily volume due to whale accumulation, while Arbitrum saw a 10% increase in price with institutional adoption.
Among the top 100 cryptocurrencies, OKB, KuCoin, Cardano, Hyperliquid, and Arbitrum stood out with gains ranging between 10% and 100% in the past week. While Bitcoin and Ethereum led the market with their bullish momentum, speculations of an upcoming altcoin season are starting to surface in mid-August.
Cardano is currently trading just below the $1 mark, with key resistances at $1.1723 and $1.3264. Momentum indicators suggest a bullish trend for ADA, with potential support at $0.6800 in case of a correction. KuCoin’s KCS token is also showing signs of a potential rally, with resistance at $8.71 and support at $3.40.
OKB, trading at $93.91, could revisit its recent peak at $142.88 if it continues to climb. However, RSI indicators suggest that OKB is currently overvalued, and traders should watch for a potential trend reversal. HYPE, another altcoin, is trading at $47.087 and could test resistance at $50, with strong bullish signals in its price trend.
The altcoin season index currently stands at 47, indicating a transitional phase between Bitcoin and altcoin dominance. With Bitcoin hitting a new all-time high and Ethereum steadily approaching $5,000, traders are keeping a close eye on the market for signs of a potential altcoin season.
Bitcoin corrected to $117,374 after reaching $124,474, with the next target set at $130,000. Ethereum faces resistance at $4,800 on its way to a new all-time high, with $4,000 acting as a key support level. Both RSI and MACD indicators show mixed signals for Bitcoin and Ethereum, with potential for further upward movement.
It is important to note that this article does not constitute investment advice and is intended for educational purposes only. Traders should conduct their own research and analysis before making any investment decisions in the cryptocurrency market.