The Altcoin Index Perpetual Futures broke out of a major resistance level in the past week, which may indicate that due to the strong momentum in the crypto market, major altcoins are in a prime position to sustain their upward movement.
— The Crypto Monk ⛩ (@thecryptomonk) January 14, 2020
After breaking out of the resistance level the first time, it corrected to retest the level, consolidated, and cleanly broke out of the resistance level.
These four factors, which can be considered as a complete cycle of bottoming out on a lower time frame, could act as a catalyst for the altcoin market.
Major crypto assets seeing large gains
Within hours, the prices of major crypto assets in the likes of Ethereum, XRP, Bitcoin Cash, Bitcoin SV, Litecoin, and EOS surged by anywhere in between 5 to 50 percent.
Bitcoin Cash and Bitcoin SV increased by the largest margin on the day, by 15 percent and 47 percent respectively.
As reported by NewsBTC previously, the altcoin market due for a relief rally because it was significantly oversold at low levels.
Against bitcoin, most crypto assets dropped by 50…
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Author: Joseph Young