Altcoins
These altcoins have reached new all-time highs against Bitcoin
Altcoins often take cues from Bitcoin, getting caught in the crosshairs of industry trends and market developments.
After the collapse of the FTX exchange in November 2022, the cryptocurrency market collapsed and only a few tokens have fully recovered.
Altcoins that managed to recover from the FTX collapse
The fall of Sam Bankman Fried The cryptocurrency empire has disrupted the market, causing billions of dollars to go down the drain. Subsequently, several altcoins plummeted to never-before-seen lows. Now, data shows that only 8 tokens managed to publish new peaks against BTC from the FTX saga.
Rendering (RNDR)
Capitalizing on the 2024 AI narrative and driven by positives Nvidia reports itRender (RNDR) price has crossed the 0.0001100 mark.
Altcoin price has consistently made higher lows and remains above the rising trend line, indicating the potential for a surge. The highest lows of the Relative Strength Index (CSR) support this outlook, suggesting continued bullish momentum in the RNDR market.
To know more: Render Token (RNDR): a guide on what it is and how it works
RNDR/BTC 1W chart. Source: TradingView
Bears need to close the candle below the 0.0001013 support level to invalidate this bullish outlook. A stable close below this threshold would mean a lower low than the previous correction, indicating a change in market structure.
SingularityNET (AGIX)
Another AI token that managed to record a new peak post-FTX collapse It’s AGIX. While remaining below the 2023 high of 0.00002886, it remains above the 2022 high of 0.00000693.
From a technical perspective, AGIX price is poised for a bullish move as it consolidates within a descending wedge pattern. This bullish reversal technical formation could provide a good entry in case of a break above the upper trend line.
The profit target of this descending wedge is a 273% rise to 0.00005000, measured by adding the maximum distance between the upper and lower trend lines at the breakout point.
To know more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
However, the bullish thesis would be invalidated if the seller’s momentum increases below the psychological level of 0.00000500.
As a side note, the recent ASI token fusionwhich brought together the AGIX, Fetch.ai (FET) and Ocean Protocol (OCEAN) ecosystems, signals a significant shift in the decentralized AI market.
Injective (INJ)
THE Injective token, a Cosmos-based blockchain that combines elements of artificial intelligence with decentralized finance (DeFi), is also on the list. Following the 2022 low of 0.0001518, INJ surged nearly 590% before peaking at 0.00102.
However, in the hands of the bears, the altcoin has lost some of the ground it covered and is trading for 0.00036 at the time of writing. Based on the RSI outlook, Injective price may extend the collapse below the 0.00033 support level before a possible recovery.
The RSI is resisting further downside, while the Moving Average Convergence Divergence (MACD) histograms pale from the previous red tinge, suggesting growing bullish momentum. While a candle close above 0.00051 would attract more buy orders, INJ would only be attractive to buy once it retakes the range high 0.00102.
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On the other hand, a breakdown of the 0.00033 support level would trigger panic selling, potentially reinvigorating the downside momentum.
Tellor (TRB)
The Tellor to BTC price rose to a high of 0.014 in December 2023 after falling as low as 0.00022 soon after the FTX crash. However, the peak was rejected shortly after, and now the TRB price is back below FTX’s pre-crash levels.
The Moving Average Convergence Divergence (MACD) indicator suggests a possible buy signal, which would be executed if the MACD breaks above orange band or the signal line. The crossover potential suggests that near-term momentum is strengthening and buying pressure is increasing.
However, Tellor price would only be out of danger after a candle close above the 50% Fibonacci placeholder of 0.00746.
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Conversely, if the bearish momentum pushes Tellor price below the 0.0006659 level, the bullish outlook will be nullified.
Star (ASTR)
Astar jumped to an all-time high of 0.00000700 in December, surpassing 2022 highs of 0.00000322. However, the breakout proved to be premature as Astar’s price corrected soon after.
The altcoin appears poised to suffer further losses amid waning momentum, as evidenced by the plummeting Relative Strength Index (RSI). The Awesome Oscillator (AO) indicator is also in negative territory, strengthening the bearish outlook.
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In a predominant downtrend, the bearish thesis for Astar price would be reversed only after a stable close above the psychological level of 0.00000500.
ssv.rete (SSV)
ssv.network bulls are pushing for further gains, with the SSV/BTC trading pair consolidating within an ascending parallel channel. Higher RSI lows support this outlook, with SSV price likely to post further gains as bullish momentum prevails.
Traders looking to open new long positions on ssv.network should wait for the RSI to close stable above the mid-50 level and for the SSV price to move into the area above the center line of the channel.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
On the other hand, a break below the channel’s lower trendline would send the price of ssv.network higher, with the altcoin likely dropping to the 0.000500 level or, in a dire case, a little ‘ further down to 0.0001251. low time.
Trust Wallet Token (TWT)
Despite the FTX debacle in November 2022, the Trust wallet token the price against BTC rose almost 200% to a peak of 0.000166. The TWT surge was likely attributed to FUD (fear, uncertainty and doubt), as investors shifted their holdings wallet storage when the FTX exchange imploded.
However, TWT price remains in chaos, with the RSI and MACD signaling a calm market devoid of bullish momentum.
To know more: Trust Wallet vs MetaMask: Which Crypto Wallet is Best?
Binance Coin (BNB)
Like TWT, Binance coin the price rose to the high price of 0.019700 in the wake of FTX’s implosion. However, due to regulatory pressure in the US during 2023, the price of BNB fell to bottom at 0.005193.
With growing bullish sentiment, as demonstrated by the rising RSI and MACD in positive territory, Binance Coin could continue the bullish trend. In the one-week timeframe below, however, BNB would only be interesting to buy once the price of Binance Coin breaks out of the 61.8% to 38.2% Fibonacci gold zone at 0.010735 and 0.014158, respectively.
Higher lows in BNB price coupled with the rising RSI suggest growing bullish momentum and extension sentiment.
To know more: How to buy BNB and everything you need to know
Conversely, with the MACD suggesting a possible crossover below the signal line, BNB price could retreat. A low below the bottom of the market range at the 0.005193 mark on the weekly time frame would invalidate the bullish outlook.
Disclaimer
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