While $BTC is still fairly flat, and many of the altcoins are subdued, Stride (STRD) and Bittensor (TAO) are bucking the trend with some stellar gains recently.
Bull market is building
The crypto bull market is very much on. Still in the earlyish days, the halving is projected for April, which will automatically cut the supply of bitcoins by half. Add to this that the Fed is likely to start cutting rates this year going into the elections in November. Plenty of liquidity is going to be sloshing around to be soaked up by $BTC and the rest of crypto.
That said, we aren’t there yet. Bitcoin has been mostly going sideways since early December, and it is to be wondered, even if it does get another push, whether there will be enough in the tank to force it back into a continuation of the uptrend.
Spectacular altcoin spurts
In the meantime, some of the altcoins have been going on some pretty impressive speculative runs. In the last few days this has been the case for Stride (STRD) and for Bittensor (TAO). While sudden spikes to the upside do not always mean that this kind of price action will continue, with these two particular altcoins, the excitement engendered by their innovative promise could well persist.
Stride (STRD) showing extreme volatility
Source: Coingecko/Trading View
The $STRD price has been booming over the last couple of weeks, resulting in a 218% increase from the local bottom at $2.67, to an all-time-high top on Tuesday of $8.51.
The price is currently at the 0.618 fibonacci at $6.53. Given the extreme volatility, shown by the long wicks to the upside, the price has not settled down at all. A return to its price structure base at $4 is not out of the realms of possibility, but more likely would be a potential target of $9.60.
Bittensor (TAO) due for consolidation
Source: Coingecko/Trading View
Bittensor (TAO) has also seen some fairly spectacular price action. Already up 10% on the day so far, $TAO is adding to yesterday’s 7% from open to daily close. This is included in a 165% rise in the price of $TAO since early January.
As can be noted in the chart above, the $TAO price has touched the 1.618 fibonacci, which could mean that some kind of consolidation may be forthcoming. However, like $STRD, expect $TAO to be one of the leading altcoins in the ongoing crypto bull market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
