The crypto market has been on a roll, with several altcoins experiencing significant price pumps. Among the top gainers are Starknet (STRK) and Internet Computer (ICP), both up by more than 20% in the past 24 hours. Let’s dive into the reasons behind their impressive performance.
What you'll learn 👉
Starknet’s Upcoming Upgrade and Record-Breaking TVL
Starknet, a permissionless decentralized ZK-Rollup operating as an L2 network over Ethereum, has been making waves. The project recently announced an upgrade schedule for Starknet v0.13.1, which will be implemented on the Sepolia Testnet (March 5), Goerli Testnet (March 6), and Mainnet (March 12). This upgrade will allow more time for new full node versions with full support for RPC 0.7.
In addition to the upcoming upgrade, Starknet’s Total Value Locked (TVL) has hit an all-time high of $190.24 million, showcasing the growing interest in the project.
Starknet (STRK) has experienced a notable surge, with its price soaring by 23% in the last 24 hours, reaching $2.32. This surge has propelled Starknet to a market cap of $1.64 billion, securing its position at 64 in the cryptocurrency rankings. The trading volume for STRK has also surged, increasing by 260% to $850 million.
According to our analysis, STRK broke out of a descending channel at $1.791 and has since entered a discovery mode, with the price exploding. A daily chart RSI of 47.13 for STRK indicates that the current momentum of price changes is relatively neutral. RSI values typically range from 0 to 100, with levels above 70 suggesting overbought conditions and levels below 30 indicating oversold conditions.
A value of 47.13 suggests that while there may be some upward momentum, it’s not strong enough to be considered overbought. Traders may interpret this as a potential consolidation phase or a period of indecision in the market.
Internet Computer’s Developments and Collaborations at ETH Denver
Internet Computer (ICP), a blockchain that provides a “World Computer” for building decentralized online systems and services, has also been making significant strides. The ICP team announced numerous developments and collaborations at ETH Denver, fueling investor interest in the project.
The native token, ICP, has seen a 20.22% increase in the past 24 hours, with a current price of $16.41. Internet Computer’s market cap stands at $7.54 billion, ranking it as the 19th largest cryptocurrency. The 24-hour trading volume for ICP is $487.25 million, placing it at #44 in terms of volume.
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Show more +X user GeekFactory highlighted the success of the idGeek Marketplace in February, with 278 transactions, 17,712 ICP in volume, and 56 loans totaling 7,104 ICP.
Our analysis shows that ICP broke out from a horizontal channel at the $13.6 level and has since entered a discovery mode, with the price exploding. A daily chart RSI of 74.35 for ICP indicates that the asset is currently in overbought territory. With an RSI above 70, it suggests that the recent price gains for ICP may have been excessive and that a potential reversal or correction could be imminent.
The Significance of the 200-Day Moving Average
The 200-day moving average (MA) is a key technical indicator that traders and investors use to gauge the long-term trend of an asset. For ICP, the 200 MA currently stands at $7.183. When the price is above the 200 MA, it is generally considered a bullish sign, indicating that the asset is in an uptrend.
ICP’s current price of $16.41 is well above the 200 MA, suggesting that the market sentiment is positive, and the uptrend may continue.
In conclusion, network upgrades, rising adoption, and positive market sentiment have all contributed to impressive price action for both Starknet and Internet Computer. As the crypto market continues to recover, these projects may attract further attention from investors looking for promising altcoins with strong fundamentals and technical indicators.
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