The abrupt correction in Bitcoin (BTC) may accept shaken out many leveraged traders, only the information shows whales and institutions aggressively purchased the dip and now bulls accept shown they are determined to push button Bitcoin price back above $xl,000. The total crypto market capitalization has also recovered and surged back above $1 trillion.

Crypto market data daily view. Source: Coin360

Pantera Capital founder and CEO Dan Morehead said he stands by his before prediction of $115,000 for Bitcoin past August of this year. Morehead believes People's republic of china's digital yuan developments may heave crypto adoption and bear witness to be a bullish trigger.

Several altcoins accept also turned positive and are post-obit Bitcoin higher. Let's investigate the primal reasons for their rise in order to determine whether at that place are possible targets on the upside.

ZEC/USD

European Central Bank President Christine Lagarde recently reiterated her view that Bitcoin should be regulated of Bitcoin. Regulation can be a two-edged sword, and those against it accept argued that it has repeatedly failed in traditional finance. Therefore, equally voices for regulation grow, some investors may prefer privacy coins such as Zcash (ZEC).

The Zcash Foundation wants the community to increase shielded adoption and for applications to allow for transactions using shielded Zcash. To practise that, the foundation plans to speed up the development of Zebra, a consensus-uniform Zcash node client written in Rust.

Zcash besides completed its tertiary major network upgrade called Blossom on Dec. 11. The upgrade cutting block times in half, enabled faster transaction confirmations, lowered fees and doubled the network'southward throughput.

While Zcash is taking necessary steps to improve user adoption, the projection is continuing to confront estrus due to its privacy tag. Recently crypto exchange Bittrex announced that information technology was delisting ZEC forth with ii other privacy coins starting on Jan. fifteen. Let's see whether any of these developments are working in ZEC's favor.

ZEC soared from an intraday low at $54.3150 on January. 1 to an intraday high at $120.7119 on January. 13, a 122% rise within two weeks. This rally has invalidated a bearish descending triangle design and this is a stiff bullish sign.

ZEC/USDT daily nautical chart. Source: TradingView

However, the bears are unlikely to give up easily and they are currently attempting to defend the $125.3626 resistance. The ZEC/USD pair could now retest the contempo breakout level at $102.6824.

If the pair rebounds off this back up, it volition suggest that the level has flipped to back up and this may be used equally a launchpad for a break to a higher place $125.3626.

If the buyers succeed in achieving that, the pair could rally to $140 then to $160. A breakout of this resistance could pave way for a rally to $220.

Contrary to this assumption, if the bears sink and sustain the price below $102.6824, the decline could extend to $84. Such a fall volition suggest the momentum has weakened.

KSM/USD

The recent crypto balderdash run has not only boosted Bitcoin's price, it has also rewarded altcoins that offer solutions to the issues bogging downwardly existing projects. Polkadot (DOT) aims to accost interoperability and scalability problems and recently traders have pushed its price into the tiptop-v cryptocurrencies by market place capitalization. This has likewise benefited its cousin, Kusama (KSM).

The upcoming Substrate 3.0 release volition bring Ethereum compatibility and it'southward expected to launch in the first one-half of this year. The upgrade could farther boost Polkadot's popularity. Meanwhile, the Plasm network became the first parachain on Polkadot's testnet parachain, Rococo V1. The same code will run on Kusama and a growing number of projects aiming to win the Polkadot parachain slots sale might first endeavor out Kusama.

Although Kusama is its ain unique network, its fortunes will closely follow the trajectory of Polkadot.

The charts show KSM in an uptrend and its price has risen from a Jan.eleven intraday low at $57.877 to an intraday high at $85.239 today. This represents an impressive 47.27 % rally within four days. Both moving averages are sloping up and the relative strength index (RSI) is in the positive zone, indicating bulls are in control.

KSM/USDT daily nautical chart. Source: TradingView

The bears had attempted to start a correction on Jan. 11 simply the bulls aggressively defended the 50-day simple moving boilerplate ($58). This suggests potent need at lower levels. The KSM/USD pair may rise to $88 and so to $100.

However, the long wick on today's candlestick suggests selling at higher levels. If the bears pull the toll below $76, the pair may driblet to the 20-day exponential moving average ($67). A stiff rebound off it will proceed the upside targets intact.

On the other hand, a break below the 20-day EMA could consequence in a fall to the 50-day SMA. If this support cracks, it may signal a tendency change.

HGET/USD

Traders use leverage through derivatives in stiff trending markets to maximize their gains. Notwithstanding, crypto markets can turn volatile, resulting in the quick liquidation of futures positions. Therefore, professional traders use options to limit their risk and participate in the rally while also hedging their futures positions. In fast-moving markets, demand for options are likely to remain high and this has benefited Hedget (HGET), the decentralized protocol for options trading.

When trading options, pricing is an important factor to consider for both the heir-apparent and the seller. Hedget recently announced partnership with the Umbrella Network will provide volatility metrics from Genesis volatility to efficiently price DeFi options contracts. As more than crypto traders understand and use options to hedge their risks, Hedget may go on to practise well.

HGET has risen from $one.675 on January. 11 to an intraday high at $3.20 today, a gain of 91% inside a curt time. This rally has pushed the toll in a higher place the downtrend line, indicating a possible tendency modify.

HGET/USD daily chart. Source: TradingView

If the bulls can sustain the price to a higher place the downtrend line, the HGET/USD pair may rise to $3.945 where it may face strong resistance from the bears. If the price turns down from this level only does non sink dorsum below the downtrend line, it will suggest the start of a new uptrend.

A interruption to a higher place $three.945 may push the price to $5. This level may human action as a stiff resistance simply if the bulls practice not give up much ground, the upwards-move may resume. There are no significant resistance levels once $five is crossed, hence the momentum may pick up.

The 20-day EMA ($2.23) has turned upwardly and the RSI is in the overbought territory suggesting the path of to the lowest degree resistance is to the upside. This positive view will become invalid if the price dips below $2.75.

The views and opinions expressed here are solely those of the author and practise not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves adventure, you should conduct your own enquiry when making a decision.