According to Bitcoin, Bitcoin’s (BTC) performance in the first quarter of 2021 was its best since 2013. With a strong tailwind, Bitcoin is now entering the second quarter, which has historically been a good time for BTC price.
The data shows that BTC only closed the second quarter in the red twice and declined less than 10% on both occasions. If history repeats itself, Bitcoin investors could see strong gains over the next six months.
Day view of crypto market data. Source: Coin360
Altcoins also participated in the current bull run, and this has brought the total capitalization of the crypto market to $ 1.99 trillion, which is just below the $ 2 trillion milestone.
Let’s take a look at some of the top performing tokens to see which ones could keep rising in the short term.
RUNE / USDT
The decentralized financial boom has attracted numerous new players. However, one of the problems for investors is that the protocols are based on different blockchains.
This requires a cross-chain protocol that allows merchants to exchange tokens remotely across the blockchains, and THORChain (RUNE) tries to do just that.
On March 26th, the log teased that its multi-chain Chaosnet, which supports native cross-blockchain exchanges across five chains, is expected to go live soon.
This feature could attract several new investors who could lock their assets in THORChain for higher returns. In this case, the total value of the assets locked in THORChain could increase from the current USD 553 million TVL and bring further benefits to the RUNE investors.
Successful implementation of this feature could increase the demand for RUNE. On February 23, crypto investment firm Multicoin Capital also announced a large position in RUNE.
RUNE rose from an intraday low of $ 4.50 on March 25 to an intraday high of $ 8.93 today, a rally of 98.44% in eight days. However, the long wick of today’s candlestick suggests a profit posting at higher levels.
RUNE / USDT daily chart. Source: TradingView
The RUNE / USDT pair can retest the breakout level at $ 6.76. If the bulls can flip this level to support it, it can act as a launch pad for the next leg of the uptrend, which can hit $ 10.26.
The rising moving averages and relative strength index (RSI) in the overbought zone suggest that bulls are in command.
If the bears cut the price below $ 6.76, the pair may fall to the 20-day exponential moving average ($ 6.24). A rebound of this support indicates that sentiment remains positive and the uptrend may remain intact.
That positive view will be invalidated if the bears pull the price below the 20-day EMA. Such a move could bring the price down to the 50-day SMA ($ 5.36) and then to $ 4.50.
AKRO / USDT
The DeFi room is crowded and projects need to think outside the box and introduce attractive products to stay ahead of the game. In the past few weeks, however, there have been no major announcements from the Acropolis (AKRO) team.
High Ethereum gas fees continue to be a burden on users and this could have taken a toll. This could be one of the reasons why the protocol’s TVL is only $ 37.31 million, according to a weekly update on March 31st.
While the team mentioned that they were working on new vault strategies, they didn’t give too many details. Almost everything rises in a bull market, but projects that don’t have a clear advantage over their competitors will struggle when the next downturn hits. Therefore, crypto investors should analyze the fundamentals of the projects and hold those that offer an advantage over the other.
AKRO has risen from an intraday low of $ 0.042 on March 25th to $ 0.088 today, a rally of 109.50% in eight days. The token’s break above $ 0.072 completed a bullish ascending triangle pattern with a target of $ 0.127.
AKRO / USDT daily chart. Source: TradingView
However, the long wick of today’s candlestick suggests a profit posting at higher levels. The bears will now attempt to bring the price back below the breakout level of $ 0.072. If successful, the AKRO / USDT pair could drop to the 20-day EMA ($ 0.060).
If the price recovers from this level, the bulls will try again to push the price above $ 0.072 and continue the uptrend.
Conversely, if the bears pull the price below the 20-day EMA, the pair may fall onto the triangle’s trendline. An interruption below this support invalidates the bullish setup and signals a possible trend change.
HNT / USDT
Helium (HNT) was unveiled by Cointelegraph on February 9th when it was trading at $ 3.96. From there, the token rose to $ 12.09 on March 28, which is a rally of 205% in just under two months.
The protocol aims to build a decentralized wireless network and connect IoT devices at a fraction of the cost of current cellular providers. Since the beginning of February, the number of active hotspots has risen from 18,000 to 24,572.
That number is likely to increase as one of its third-party HNT mining companies said it shipped 2,000 miners to customers in China on March 31. As the popularity of HNT increases in China, the number of hotspots could continue to grow.
Helium recently partnered with Streamr, a decentralized real-time data platform that enables users to transport, send, and monetize data. Helium has also partnered with several companies that offer different types of IoT solutions.
Cointelegraph Markets Pro’s VORTECS ™ data turned positive when HNT started the rally on March 25th.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ Score (green) vs. HNT price. Source: Cointelegraph Markets Pro
As can be seen in the graph above, the VORTECS ™ Score for HNT was green on March 25th when the token started its rally from $ 7.09 to $ 11.38 on March 28th.
The VORTECS ™ Score turned green again on March 31st shortly before the start of the rally and has remained in the green area ever since. The HNT price increased from $ 9.67 to $ 11.98 during the reporting period.
Currently, HNT is in an uptrend, but the bears are trying to stop the uptrend at $ 12. The bears had cut the price from this level on March 28, but the bulls bought the drop to the 20-day EMA ($ 8.66) on March 31, indicating accumulation on dips.
HNT / USDT daily chart. Source: TradingView
The rising moving averages and RSI in the overbought territory suggest that the path of least resistance is up. If the bulls can keep the price above $ 12, the next part of the uptrend could begin. The next target on the upside is $ 14.56 and then $ 17.64.
Contrary to this assumption, if the price drops again from $ 12, the bulls will seek to move the HNT / USDT pair below the 20-day EMA. If successful, the pair could fall to the 50-day SMA ($ 6.04).
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading step is associated with risks. You should do your own research in making your decision.