Bitcoin (BTC) price continues to defy gravity and its potent bullish breakouts frequently result in short sellers needing to cover their positions in a hurry. A repeat of this happened on Feb. 9 when Bitcoin soared on the news of Tesla's $i.v billion Bitcoin purchase. Bybt information shows that virtually $1.34 billion worth of Bitcoin futures positions were liquidated due to the sharp rally.

Crypto market data daily view. Source: Coin360

Another notable issue was the launch of CME Ether (ETH) futures on Feb. 8. Several traders feared that the launch would send Ether cost tumbling, similar to the weakness seen in Bitcoin shortly after the launch of its futures in 2017. However, this has not happened and Ether remains strong.

Along with the major cryptocurrencies, several smaller tokens with strong utilise cases take also performed well. Let's report three tokens that accept been performing well in the current bullish environment.

HNT/USD

The number of daily utilize gadgets continued to the internet has surged over the years and as more are added Helium (HNT) wants to allow users and firms to build, connect and send data across a network of nodes.

The number of new Helium nodes saw a sharp jump from three,271 active nodes at the terminate of April 2020 to 18,001 active hotspots in active use today. Another positive sign is the original Helium miner is sold out but the visitor recently formed a partnership with three new third-party manufacturers for its mining hardware.

The number of hotspots in employ could receive a further boost as Helium plans to enter Mainland china in March and has tied up with HBTC to cater to the massive demand in Southeast Asia.

On the utilize instance front, the network is attempting to solve car parking problems, autonomously control the operating systems of cooling towers, monitor agronomical commodities in real-fourth dimension and support COVID-19 medical innovations. The growth of the network and its utilize cases project a positive motion picture for the protocol.

HNT has risen from an intraday low at $ii.160 on Feb. 1 to an intraday high at $iv.009 today, an 85% rally in a brusque fourth dimension. The tendency favors the bulls merely the bears are not yet willing to accept defeat.

HNT/USDT daily chart. Source: TradingView

The long wick on the February. 6 to Feb. 8 candlesticks evidence the bears aggressively sold virtually the $4 resistance. However, the sellers could not capitalize on this strength and start a deeper correction.

This attracted dip-buying from the bulls and currently traders attempting to propel the cost above $four and resume the uptrend. If they succeed, the HNT/USD pair could rally to $5.15.

On the other hand, if the toll once more turns down from the current levels, the pair may consolidate in a tight range for a few days. The relative strength index (RSI) above 80 suggests the markets are overheated in the short-term and may exist ripe to enter a correction or consolidation phase.

The first sign of weakness volition be a breakdown and close below the 20-24-hour interval exponential moving average ($2.712).

AVAX/USD

Traders utilize several strategies to make money in the markets and ane amidst them, algorithmic trading, is quickly gaining popularity as information technology removes emotions from trading. Velox plans to bring algorithmic trading for decentralized exchanges to Avalanche (AVAX) in the first quarter of this year, which may attract a new brood of traders.

Along with the various trading products, risk direction as well plays a major role in a trader's success. To come across this requirement, Avalanche is in the process of integrating with DSLA protocol and UNION to offering hazard control services and insurance to the DeFi users.

True decentralization is achieved when most operations are free from centralized services. Many times, developers accept to depend on centralized cloud services for their applications' database and calculating. To address this problem, Avalanche partnered with Aleph.im to provide decentralized cloud services to the teams building new products.

Stablecoins play an important part in the crypto universe and e-Money has announced plans to launch several European-currency stablecoins such as digital euro, Swiss Francs, Norwegian Krone, Swedish Krona, and Danish Krone to Avalanche.

OKCoin likewise became the first U.Southward. substitution to add together support to AVAX and the trading went live from February. 3. OKCoin also plans to airdrop over $1 1000000 worth of AVAX tokens in the next few days.

AVAX skyrocketed from $x.eighty on Jan. 28 to an intraday high at $33.8167 on February. 8, a 213% rally in near two weeks. This sharp upward-motion pushed the RSI above 90, which suggests the markets were extremely overbought in the short term.

AVAX/USD daily chart. Source: TradingView

This resulted in turn a profit-booking on Feb. 8, equally seen from the long wick on the 24-hour interval's candlestick. The selling has connected today and the bears will now effort to pull the price downwardly to the 38.2% Fibonacci retracement level at $25.0129.

If the toll rebounds off this back up, it will propose that traders are eager to buy on a shallow pullback. The bulls will and then try to resume the uptrend once again. If they tin can propel the cost above $33.8167, the AVAX/USD pair may movement up to $47.

On the other hand, if the bears sink the price below $25.0129, the correction could deepen to the 20-day EMA ($16.ninety). Such a move will suggest the momentum has weakened. The pair could then remain range-bound for a few days before starting the adjacent trending move.

PICKLE/USD

Buybacks have been one of the favored mechanisms used by companies in legacy finance to boost the value of their stocks. The treasury of a company too acts every bit a source of funds that ensures the firm's liquidity and reduces operational and fiscal risk.

Pickle Finance (PICKLE) has achieved both these functions with the launch of their smart treasury, which non just acts as a buyback machinery that consumes PICKLE that can be used for community initiatives.

Pickle launched 2 new jars, 1 with BAC/DAI and another with MIC/USDT in January, which offered astronomical yields. At a time when traditional banks pay negligible returns on deposits, it's no surprise that Pickle's high yields are a huge attraction.

The protocol appear that DILL, developed in collaboration with Yearn Finance, has passed multiple audits and is ready to exist implemented. The investors who lock their PICKLE tokens for four years will receive DILL, the non-tradable token. The DILL owners volition receive withdrawal, functioning, and protocol fees in addition to rewards on their deposits.

PICKLE rose from an intraday depression at $13.69 on Feb. one to an intraday loftier at $35.89, a 162% proceeds in a short time. The token witnessed large range moves between Feb. vi and viii, which pushed the RSI above 84.

PICKLE/USDT daily chart. Source: TradingView

Usually, afterwards a period of big daily ranges, the volatility drops, and the price trades in a tight range. The PICKLE/USD pair has formed an within-twenty-four hour period candlestick blueprint today, which suggests indecision among the bulls and the bears nearly the next directional move.

If the indecision resolves to the upside and the bulls push the price in a higher place $35.89, the pair may go along its uptrend and reach $44 and and so $50 where the bears are probable to mountain a strong resistance.

Contrary to this assumption, if the uncertainty resolves to the downside and the bears sink the cost beneath $27.72, the pair may drib to the 20-twenty-four hour period EMA ($twenty.51). If that happens, the pair may consolidate for a few days before making the next directional motility.

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 chance, you should conduct your own research when making a decision.