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- The overall market sentiments took a biased turn during the trading session (February 11, 2021) in which altcoins sustained their bullish rally while BTC and ETH faced moderate corrections
- The total crypto market volume over the last 24 hours faced a decline of -0.53% while BItcoin’s dominance also slipped by -0.70% over the day
The market leaders (BTC and ETH) faced moderate corrections during the market session with an overall loss of -2.41% and -1.91%, respectively. It can be the indication that both cryptocurrency price respectively can be looking for a breather in the upcoming trading sessions. However, the bullish rally in the altcoins extended with top gainers including The Graph, IOTA, ICON, Status, and more. The negative trend started in BTC dominance from the past month is still persisting and can be a considerable factor in upcoming trading sessions.
IOTA (MIOTA)
After the fundamental updates in its technology, IOTA (MIOTA) is finally above the $1.00 mark. The cryptocurrency price nearly surged about 50.00% during the market session while currently standing at $1.15. The market capitalization has inclined by 47.21% over the day with the 24-hour volume traded having a fresh surge of 234.56%. The recent developments for the IOTA ecosystem have been robustly strong including the Chrysalis update and announcement of usage of Oracle on the network. The use of the IOTA protocol by the German Ministry of Transport for traffic projects and the partnership with South Korea for smart city projects are certainly increasing IOTA adoption and scalability on a global scale.
ICON (ICX)
ICON (ICX) also participated in the altcoins bull run by crossing above the crucial mark of $1.00. The cryptocurrency price is at $1.38 with an overall gain of 44.67% over the day. The market capitalization has inclined by 41.74% with the 24-hour volume traded having a fresh surge of 215.62% in the 24-hour timeframe. The price levels faced retracement around 21.40% after testing the critical resistance mark of $1.50.
Cardano (ADA)
The successful testnet integration of smart contract functionality for Cardano (ADA) has helped the price levels to reach a new bullish regime for the year. However, the cryptocurrency price was unable to have a positive crossover above the crucial mark of $1.00 and test its ATH around $1.30. The CMP is placed at $0.90 with an overall gain of 4.31%. The market capitalization has inclined by 10.35% over the day with the 24-hour volume traded having a fresh surge of 68.50%. The ongoing retracement for ADA will be having strong support placed at $0.82.
OMG Network (OMG)
OMG Network (OMG) had a positive crossover above the bullish mark of $6.00 during the current market session while the sustainability above the mark remained doubtful. The cryptocurrency price is at $5.87 with an overall gain of 1.13%. The market capitalization has inclined by 2.16% with the 24-hour volume traded had a fresh surge of 40.15%. The price levels need to develop sustainability above the bullish mark of $6.00 for avoiding significant retracement in the upcoming trading sessions. The support, on the downside, is placed at $5.60 and $5.00, respectively.
Tezos (XTZ)
The potential of Tezos (XTZ) testing its ATH of $6.00 gets more realistic with every trading session that goes by. During the current market session, the cryptocurrency price had a positive breakout above the crucial mark of $4.00 with an overall gain of 13.00% over the day. The CMP is placed at $4.20 while the market capitalization had an incline of 8.20%. The 24-hour volume traded had a fresh surge of 19.19%. The XTZ/BTC pair also performed positively with a gain of 9.91% bringing the current level to 0.00009076 BTC. The bulls will be facing significant resistance at $4.50.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
