Cryptocurrency prices started the week well as traders and investors started to move back into the industry, pushing the total market cap of all coins to over $2.84 trillion. Bitcoin price jumped to $87,000 for the first time in over a week.
That rally led to more gains in the altcoin market. Loom Network token price jumped by 150%, while Boba Network (BOBA), Treasure (MAGIC), Aurora (AURORA), and Enjin Coin (ENJ) rose by over 40%.
Bitcoin price formed a bullish pattern ahead of the rebound
Technicals suggest that Bitcoin price was slowly forming a highly bullish chart pattern ahead of the current rebound. The eight-hour chart below shows that it was forming a bullish pennant pattern, which is characterized by a vertical line and a symmetrical triangle.
Bitcoin price also moved above the 50-period and 100-period Exponential Moving Averages (EMA), a sign that bulls are in control for now. Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have all pointed upwards.
Most importantly, Bitcoin formed an inverse head and shoulders pattern. Therefore, the coin will likely continue rising as bulls target the next key resistance level at $88,585, the neckline.
A move above that level will indicate further gains, potentially reaching the psychological level at $90,000. A move below the support at $84,000 will invalidate the bullish outlook.
Read more: Bitcoin price prediction: BTC path to $300,000 revealed
Loom Network, Boba, Enjin, and Aurora tokens lead
The ongoing Bitcoin surge triggered more gains in the crypto market. Loom Network price soared to a high of $0.04930, its highest level since March 19, and 390% above the lowest point this year. This surge brought Loom’s market cap to $46 million.
The risk, however, is that Loom has been accused of manipulation in the past. This explains why Binance decided to delist the token last year. Many other tier-1 exchanges have also avoided the token. As such, most trading now occurs on exchanges such as OrangeX, Hibt, Indodax, and CoinEx.
Boba Network price formed a God candle as it surged to a high of $0.1450, its highest point since February 26. It was up by over 115% from its lowest level; this year.
Boba Network is a multi-chain layer-2 network that leverages the Ethereum and BSC Chains to offer more capabilities to developers. According to its website, it has handled over 50 million transactions over time. DeFi Llama data shows that Boba has a total value locked (TVL) of just $1.6 million, down from a peak of over $600 million a few years ago. Its DEX protocols handled just $89,000 in volume in the last 24 hours. Also, the network generated just $8 in fees in that period.
The Enjin Coin price also surged as Bitcoin soared above $57,000. It jumped by over 35%, reaching a high of $0.1022, up by 72% from its lowest level this year. Most of Enjin’s trading was happening in exchanges like Binance, OKX, and Bithumb.
The Aurora token price also surged this week, reaching a high of $0.1105, its highest level since March 8. It soared by over 75% from its lowest level this year, and then pulled back to the current $0.09.
Like Boba Network, Aurora has come under pressure in the past few years as is its total value locked plunged from a peak of over $600 million to just $12 million today. Aurora is one of the biggest players in the Near Protocol.
Some of the other top-performing tokens were Pocket Network, Treasure, Neiro on ETH, Bittensor (TAO), and Alchemy Pay (ACH).
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