Cryptocurrency prices stabilized on the first day of the month after crashing in double digits on Friday ahead of the Bitcoin option expiration date.
Prices for Hedera Hashgraph (HBAR) rose 25% on Saturday, earning a price among Altcoins.
The star Lumen (XLM) rose 16%, while Algorand (Argo) and Ondo Finance (ONDO) rose more than 15%.
These altcoins jumped after Bitcoin (BTC) bounced over $85,000 after crashing to $78,115 on Friday. A sense of calm spread across the market after over $5 billion options expired on the last day of the month, and American stocks rebounded after the day ended.
The Dow Jones industrial average rose 600 points, while the Nasdaq 100 and S&P 500 rose 95 and 300 points respectively. Cryptocurrency prices are often closely correlated with the US stock market.
There was no specific news for Saturday's top initiators like Hedera Hashgraph, Algorand, Stellar Lumens and Ondo Finance.
The potential catalyst for Hedera and the star lumen is that the Securities and Exchange Commission has become more friendly in the crypto industry. It has ended the lawsuits over Gemini, Coinbase and Uniswap and is discussing with Justin Sun to end or resolve the lawsuit.
Therefore, analysts expect the SEC to move to approval of Spot Crypto ETFs such as Litecoin (LTC), Hedera, Stellar. ETF approvals could lead to more influx and increase prices.
Another potential reason for HBAR, Argo, ONDO and Stellar Rally is that investors are buying DIPs as they are trading at the lowest level in a few months. It is a common situation for investors to buy DIP after an asset crashes.
Additionally, this rebound could be part of a dead cat's bounce. This is a common situation in the market where free-fall assets experience short rebounds. Also known as bull traps, it is usually a temporary rebound before an asset resumes its downtrend.
Hedera Hashgraph price analysis
Daily charts show that the HBAR price bottomed at $0.1807 this week, then returned to $0.2360. It's slightly above the 25-day moving average, but two rows of percentage price oscillators are heading up.
So Hedera could continue to rise as the Bulls target their next key resistance level at $0.2586, a Fibonacci retracement level of 38.2%, and a January lowest swing.
Technical Analysis of Algorand Prices
Algorand Price has been integrated over the past few days. That's below the 50-day moving average. The Argo is below the 61.8% retracement point, forming a head and shoulder pattern. The H&S pattern is one of the most bearish signs on the market.
So the coin will have a strong bearish breakdown and will retest the psychological points for $0.20.
Star price prediction
The XLM price was $0.6360 on November 24th last year, then bottomed at $0.2537 on Saturday. It formed a series of low lows and lower highs, resulting in a downward channel. On Friday, I retested the underside of this channel and formed a small doji candle. So the coin will likely bounce back as the Bulls target the top of the channel for $0.35.
ONDO price forecast
The Ondo token peaked at $2.1590 in December and now bottomed out at $1 in psychological points. It is below the 50-day moving average and 61.8% Fibonacci retracement points.
The token forms a head and shoulder pattern, potentially pointing to a psychological point of $0.80.
At the time of pressing, Bitcoin rose 2.7% to trade at $84,536. This is a 22.4% decrease from an all-time high.
