- Several altcoins more than doubled in the past seven days.
- Zilliqa is the best-performing token out of top-50.
The cryptocurrency market has been on fire recently. Bitcoin broke above several psychological barriers and hit a new all-time high (ATH) at $28,250 on Sunday trading. However, several altcoins staged even more impressive rally on a week-to-week basis.
The total capitalization of all digital assets in circulation jumped to $723 billion, having gained over $50 billion in the past seven days. The market has been driven by speculative sentiments and the FOMO caused by Bitcoin’s Santa’s rally.
The best performers of the week are Zilliqa, THETA, and Celsius. These altcoins gained over 50% in the past seven days.
Zilliqa tose to the moon with over 80% growth
Zilliqa (ZIL) hit the area above $0,1 on Sunday, December 20, and retreated to $0,08 by the time of writing. The coin has gained over 11% on a day-to-day basis and over 85% on a weekly basis. Zilliqa is currently the 33d-largest digital asset with a current market capitalization of over $919 million. The average daily trading volume is registered at $1.1 billion.
From the technical point of view, the coin may be ready for the downside correction. The TD Sequential indicator has presented a sell signal in the form of a green nine candlestick on the 4-hour-chart. If the bearish formation is confirmed, the price may retreat to the support at $0.06 created by the 4-hour EMA50.
On the upside, the recovery above $0.1 is needed to invalidate the bearish scenario and bring the upside momentum back on track.
ZIL, 4-hour chart
THETA stays strong despite the retreat from the all-time high
THETA is another star of the week. The 20th largest digital asset with the current market capitalization of $1.4 billion jumped over 50% in the past seven days to trade at $1.44 at the time of writing.
THETA has been growing strongly ever since it broke above the psychological $1. The coin hit the all-time high at $1.75 on December 26 and started the downside correction from overbought territory. The critical support comes on approach to $1.1. This area is reinforced by the 4-hour EMA50. Also, it served as a resistance in the middle of December. Now it can be verified as support and trigger another bullish wave.
THETA, 4-hour chart
Once the price moves below$1.1, the next critical level of $1 will come into focus. That’s where new buyers are likely to join the game and bring THETA’s bullish momentum back on track.
Celsius stays close to record highs
Celsius (CEL) is another winner of the week. The 29th-largest digital asset gained nearly 50% and hit an all-time high above $4.3 on Sunday before retreating to $4.29 by the time of writing.
From the technical point of view, the coin is bullish as long as it stays above $3.8. According to IntoTheBlock’s “In/Out of the Money Around Price” model, 740 addresses previously purchased over 1.88 CEL tokens between $3.78 and $3.82. The bears will have a hard time trying to absorb this wall. Once it happens, the price may drop to $3.5.
CEL, In/Out of the Money Around Price
Meanwhile, a sustainable move above the recent high will invalidate the immediate bearish scenario and open up the way to new all-time highs.