While the weekend rally wasn’t driven by any identifiable fundamental event, the charts of most major coins have been building toward a breakout for the last 2 weeks.
Notably, both Litecoin (LTC) and NEO (NEO) have posted double-digit gains over the last 24 hours while many other projects, including Nano (NANO), Bitcoin Cash (BCH), Cardano (ADA) and Monero (XMR), are currently up over 5%. The charts for most of these projects indicate that technicals could be the major factor in pushing the market higher.
A look at the 1-month chart for the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, reveals that the market has been trending higher since mid-December. The ALT100 has is up 4.2% in the last 24 hours, breaking out of the 45-48 range it had been in for most of the past month.
The upcoming weeks will be pivotal for the crypto market, as bulls look to push Bitcoin back into the $5,000-$6,000 range. On the flip side, bearish traders will look for Bitcoin to be turned away around $4,200, likely sending the largest digital currency below $3,000. Notably, Tone Vays, a former Wall Street trader turned cryptoanalyst, is 85% certain that Bitcoin has not yet bottomed.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.