Bitcoin (BTC) created another milestone on Tuesday when its price breached the $l,000 bulwark. Bitcoin has now risen well-nigh i,230% from a low of $iii,803.58 on March 13, 2020 to a new best high at $50,622 on Tuesday.

This rally has been led by potent institutional demand that is showing no signs of stopping. MicroStrategy, meanwhile, said it plans to again raise $600 million through a sale of convertible notes, and the gain volition be used to purchase Bitcoin.

While institutional investors continue to purchase, Glassnode data suggests that long-term Bitcoin investors are using this rally to book profits. Bitcoin miners who have also been major sellers during the recent balderdash run have held back in Feb, which suggests that they are likely expecting even higher levels in the time to come.

The current crypto rally has been led by Bitcoin, but altcoins are as well seeing their own bull run. Let's study the fundamentals and technicals of three tokens that accept made a strong dash to the upside in the past few days.

ICX/USD

The decentralized finance (DeFi) space has been on a tear for the past few months. So, when a project plans to enter the DeFi globe, it is bound to evoke traders' interest. The Icon project is shortly expected to take the DeFi plunge with the launch of BalancedDAO.

Another project keenly awaited is the Open Money Market, which plans to span the gap betwixt legacy banking services and DeFi, enabling crypto investors to borrow fiat-backed assets against their crypto holdings.

When the anticipation of upcoming projects increases demand just there is no adequate supply, the price tends to rise. Virtually 58.v% of the circulating supply of Icon'south ICX token is staked in the network, and with Binance likewise adding staking support to ICX, the supply could reduce further.

While attractive yields are important, the safety of funds is also a major factor in DeFi. Therefore, Icon has applied for G-ISMS certification from the Korea Internet and Security Agency for its ICONFi mobile app to ensure security and the privacy of data. This is likely to increase the conviction of investors in the project.

The upcoming release of Icon two.0 promises to enhance several core features and redesign some of the current features that are expected to farther boost involvement and adoption of the protocol. The interoperability feature to support and ability cross-chain DeFi solutions will exist closely watched by the customs.

ICX rallied from $0.6863 on Feb. one to $1.9331 today, a 181% rally in just over two weeks. Although the bears pulled the price down to the 20-day exponential moving average ($i.xvi) on Feb. 15, the bulls aggressively purchased the dip, resulting in a sharp rebound.

ICX/USDT daily chart. Source: TradingView

Withal, the bears are non willing to surrender without a fight. The ICX/USD pair is again facing strong resistance simply below the $2 level. The first support on the downside is the 38.2% Fibonacci retracement at $1.4568.

If the price rebounds off this support, information technology will suggest that traders continue to accrue on small-scale dips. The bulls will so try to resume the uptrend by pushing the cost in a higher place $1.9331. If they succeed, the next leg of the upward-motion to $two.50 is possible.

On the contrary, if the bears sink the price below $1.4568, the pair could autumn to the 20-twenty-four hours EMA. This is an of import level to keep an eye on because if the cost rebounds off this level, it will suggest the uptrend remains intact. But if the level cracks, it volition indicate a possible change in the trend.

RVN/USD

But it is non only upgrades or partnerships that catch traders' attention. Certain events can sometimes trigger demand, and that seems to have happened with Ravencoin (RVN).

The GameStop saga showed that centralized entities never offer a level playing field to the retail trader, and the big players wield their power and get their style. This intensified the discussion and the need for decentralization, and Ravencoin was one of the beneficiaries. GameStop'due south stock price topped out on Jan. 28, and RVN started its up-motility on Jan. 29.

The protocol allows anyone to tokenize their avails, which can be shares of companies, bolt, art, land deeds, free energy credits, fun tokens and much more. Equally the world moves toward digitization and decentralization, protocols such every bit Ravencoin may become an attractive alternative to traditional finance.

During strong balderdash phases, rumors also boost prices higher. The rumor doing rounds in the community forums of a possible Coinbase listing may likewise have provided fodder for the rally.

RVN soared from $0.02266 on Feb. one to an intraday high at $0.08863 on Feb. 14, a 291% rally in two weeks. The token formed a long-legged Doji candlestick pattern on Feb. xv and has made an inside solar day candlestick pattern today. Both of these patterns suggest indecision among the bulls and the bears virtually the next directional move.

RVN/USD daily chart. Source: TradingView

If the price rises from the current levels and breaks above $0.08863, the next leg of the up-motion could brainstorm. The bears volition then attempt to stall the uptrend in the $0.10 to $0.104 resistance zone.

Even so, the relative strength index (RSI) is in the securely overbought territory, which points to a possible correction or consolidation in the short term.

If the toll continues lower, the RVN/USD pair could drop to the 38.2% Fibonacci retracement level at $0.06057, and if this level also cracks, the adjacent support is at the 20-mean solar day EMA ($0.044). Such a deep fall could filibuster the start of the next leg of the up-movement.

LSK/USD

In a balderdash market, traders outset to discount the future and toll in the potential growth. The rally in Lisk'south LSK token also seems to be built on the prospects of some important announcements that may trigger growth.

The team at Lisk promises a major upgrade with the launch of Lisk Core three.0.0 in 2021, which is expected to bring a plethora of improvements to security, stability, technical aspects, scalability and also reduced fees, among others.

Along with this, details on the interoperability solutions are projected to be prepare past spring, after which the implementation could begin. A new programmer program is as well planned, with lucrative awards that may attract developers to build applications on the platform.

Expectations can flare a rally only to a certain extent. Afterward that, traders volition expect for results, which will then decide the direction of the token.

LSK surged from $one.2671 on Feb. 1 to an intraday high at $4.lxx on Feb. 14, a 270% gain in ii weeks. This rally pushed the RSI deep into the overbought territory, which could have triggered turn a profit-booking by traders.

LSK/USD daily chart. Source: TradingView

The LSK/USD pair has broken below the 38.2% Fibonacci retracement level at $3.3886, and the next back up is at the 61.viii% retracement level at $ii.5785. A sharp autumn suggests the momentum has cleaved, and it unremarkably delays the start of the next upwardly-move.

If the pair rebounds off of $2.25785, it may consolidate in a wide range for a few days before starting the next movement. The bulls volition take to thrust the price to a higher place $4.seventy to starting time the next leg of the uptrend, which has a target objective of $6.2099.

On the other mitt, if the bears sink the cost below $2.5785, the pair could drib to the 20-day EMA ($2.28).

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves run a risk, you lot should bear your own research when making a conclusion.