February Market Review | "RVN" Coin Surges Fivefold to Take the Crown! Weiss Ratings Bullish on AAVE and LINK for the Near Future

The cryptocurrency market experienced a roller-coaster ride in February, with both mainstream and altcoins undergoing varying degrees of correction. However, Weiss Ratings believes that there is no need to be bearish at the moment. The key indicators to watch are Bitcoin surpassing $50,000 and various cryptocurrencies returning to the 21-day moving average.

Bitcoin Reaches $50,000, Ethereum Returns to 21-Day Moving Average as Key Points

The cryptocurrency rating agency Weiss Crypto Ratings pointed out on Twitter that there are three conditions for the bull market to resume this week and reach historic highs again:

1. Bitcoin closes the week above $50,000
2. Ethereum closes above the 21-day moving average this week
3. Mainstream altcoins close above the 21-day moving average this week

In the week ahead, the 1st thing to watch will be whether BTC can close above $50k. 2nd is whether ETH can follow and close above its 21-day moving average. The 3rd one is major altcoins regaining their moving averages. If all 3 occur, new all-time highs will be upon us again.

— Weiss Crypto (@WeissCrypto) March 2, 2021

If all the above conditions are met, the market will once again see a new wave of historic highs.

Performance of Altcoins in February

In the past 30 days of trading, Ravencoin (RVN) took the lead with a surge of over 500%. RVN, known as "Crow Coin" in the Chinese community, is a project derived from Bitcoin's code improvements, launched in 2018 with no ICO or pre-mining. Binance CEO Zhao Changpeng waived the listing fee for this project citing "humble team" and "community project" reasons.

However, RVN did not have any significant positive news. In July last year, a vulnerability in issuance was exposed, but RVN will experience its first block reward halving next year.

Bullish Outlook on AAVE and LINK

Weiss Crypto Ratings specifically mentioned the previously strong-performing AAVE and LINK, believing that after AAVE hit a historical high of $581 on February 10 and retraced over 50% to $280, if it can break through and stay above the 21-day moving average on the daily chart, it will see another surge.

Compared to AAVE, LINK has only dropped about 23% from its historical high on 2/20 in this wave. Under the same bullish conditions, Weiss pointed out that LINK has broken through $30 and is currently at the 21-day moving average. If it closes above the average today, it will be a bullish signal.

In conclusion, Weiss emphasized that the previous decline was a healthy development for the market, and Bitcoin may need several weeks to retest its highs, but this by no means indicates a bearish market.