Bitcoin experienced a $1,300 fluctuation today, dropping to $42,050 before swiftly recovering above $43,000 as investors were reassured by news that Grayscale transfers were not indicative of selling. This volatility could recur in the coming days or weeks, with potential new developments from Grayscale.
Despite Bitcoin’s volatility, three cryptocurrencies on Binance surged over 30%, led by SANTOS Coin with a 31.2% increase to $4.32. A daily close above the resistance level of $4.25 could further excite bulls. The price rebounded from the April 2023 resistance of $5.1, encountering strong selling, but the outlook remains positive with targets of $5.1 and potentially $7.
Maverick Protocol (MAV Coin) caused excitement when listed on Binance mid-last year. Recent candlestick patterns suggest targeting higher peaks beyond the completed cup formation. The price aims to retest the $1 mark, with the all-time high (ATH) on Binance at $1.98, indicating a possible test of this peak. Closures above support levels of $0.57 and $0.53 are critical for continued upward momentum.
Auction Coin stood out in December, reaching $48.7, and despite a drop to $17.8, it reclaimed the $30 level this week. Currently, it’s one of the top-rising altcoins, even amid a lukewarm market sentiment, reflecting strong bullish demand. The weekly chart targets above $40 with closures over $27.6, and a new peak is not out of the question, given the recent ATH and the demand confirmed by the long upper wick of the January candlestick.
Overall, the crypto market shows resilience with specific altcoins indicating strong bullish trends despite Bitcoin’s instability, as evidenced by SANTOS, MAV, and AUCTION coins setting ambitious price targets.