Only These 8 Altcoins Have Breached All-Time Highs Against Bitcoin After FTX Crash
Altcoins often take their cues from Bitcoin, getting caught in the crosshairs of industry trends and market developments.
After the FTX exchange collapsed in November 2022, the crypto market dipped, and only a few tokens have fully recovered.
Altcoins That Were Able to Recover From the FTX Crash
The fall of Sam Bankman-Fried’s crypto empire whiplashed the market, causing billions of dollars to go down the drain. In the aftermath, several altcoins plunged to lows never seen before. Now, data shows that only eight tokens have managed to post new peaks against BTC since the FTX saga.
Render (RNDR)
Benefitting from the 2024 AI narrative and steered by positive Nvidia reports, the Render (RNDR) price has cleared its peak price above the 0.0001100 threshold.
Altcoin’s price has consistently made higher lows and remains above the rising trendline, indicating the potential for an increase. The higher lows of the Relative Strength Index (RSI) support this outlook, suggesting continued bullish momentum in the RNDR market.
Read more: Render Token (RNDR): A Guide to What It Is and How It Works
The bears must manage a candlestick close below the 0.0001013 support level to invalidate this bullish outlook. A stable close below this threshold would signify a lower low relative to the previous correction, indicating a change in market structure.
SingularityNET (AGIX)
Another AI token that has managed to record a new peak post-FTX collapse is AGIX. While it remains below its 2023 peak of 0.00002886, it’s holding above the 2022 high of 0.00000693.
From a technical standpoint, the AGIX price is primed for a bullish move as it consolidates within a falling wedge pattern. This bullish reversal technical formation could provide a good entry upon a breakout above the upper trend line.
The profit target of this falling wedge is a 273% climb to 0.00005000, measured by adding the maximum distance between the upper and lower trend lines to the breakout point.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
However, the bullish thesis would be invalidated if seller momentum increases below the 0.00000500 psychological level.
As a side note, the recent ASI token merger, which brought the AGIX, Fetch.ai (FET), and Ocean Protocol(OCEAN) ecosystems together, signals a significant shift in the decentralized artificial intelligence market.
Injective (INJ)
The Injective token, a Cosmos-based blockchain that combines AI elements with decentralized finance (DeFi), is also on the list. After the 2022 low of 0.0001518, INJ climbed nearly 590% before topping at 0.00102.
However, in the hands of the bears, the altcoin has since lost some ground covered and is trading for 0.00036 at the time of writing. Based on the RSI outlook, the Injective price could extend the slump 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 out from a previous red shade, suggesting growing bullish momentum. While a candlestick close above 0.00051 would entice more buy orders, INJ would only be attractive to buy once it takes back the 0.00102 range high.
Read more: 9 Cryptocurrencies Offering the Highest Staking Yields (APY) in 2024
On the other hand, a breakdown of the 0.00033 support level would trigger panic selling, potentially reinvigorating the downward momentum.
Tellor (TRB)
The Tellor to BTC price soared to a peak of 0.014 in December 2023 after descending to the depths of 0.00022 in the immediate aftermath of the FTX collapse. However, the peak was rejected shortly after, and now the TRB price is back below pre-FTX collapse levels.
The Moving Average Convergence Divergence (MACD) indicator hints at a possible buy signal, which would be executed if the MACD crosses above the orange band or the signal line. The prospective crossover suggests that the short-term momentum is strengthening, and buying pressure is increasing.
Nevertheless, the Tellor price would only be out of the woods after a candlestick close above the 50% Fibonacci placeholder of 0.00746.
Read more: Best Crypto Exchanges With the Lowest Trading Fees7 Hot Meme Coins and Altcoins that are Trending in 2024
Conversely, if bearish momentum pushes the Tellor price below the 0.0006659 level, the bullish outlook will be negated.
Astar (ASTR)
Astar soared to an all-time high of 0.00000700 in December, clearing the 2022 highs of 0.00000322. However, the breakout proved premature as the Astar price corrected soon after.
The altcoin looks primed for more losses amid falling momentum, as shown by the nose-diving Relative Strength Index (RSI). The Awesome Oscillator (AO) indicator is also in negative territory, reinforcing the bearish outlook.
Read more: Top 10 Cheapest Cryptocurrencies to Invest in June 2024
Amid a predominant downtrend, the bearish thesis for the Astar price would only be reversed after a stable close above the 0.00000500 psychological level.
ssv.network (SSV)
ssv.network bulls are pushing for more gains, with the SSV/BTC trading pair consolidating within an ascending parallel channel. The higher lows of the RSI support this outlook, with SSV price likely to record more gains as bullish momentum prevails.
Traders looking to take new long positions on ssv.network should wait for the RSI to make a stable close above the mean level of 50 and the SSV price to flip into the area above the channel’s centerline.
Read 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 ssv.network price to the bears, with the altcoin likely to roll over to the depths of 0.000500 or, in a dire case, a leg lower to the 0.0001251 all-time low.
Trust Wallet Token (TWT)
Despite the FTX debacle in November 2022, the Trust Wallet Token price against BTC soared nearly 200% to a peak of 0.000166. The surge in TWT was likely attributed to FUD (fear, uncertainty, and doubt), as investors moved their holdings to wallet storage as the FTX exchange imploded.
Nevertheless, the TWT price remains in the thicket, with the RSI and the MACD signaling a lull market devoid of bullish momentum.
Read more: Trust Wallet vs. MetaMask: Which Crypto Wallet Is Best?
Binance Coin (BNB)
Like TWT, Binance Coin’s price soared to a peak of 0.019700 on the back of the FTX implosion. However, in 2023, regulatory pressure in the US caused the BNB price to drop to 0.005193.
With growing bullish sentiment, as shown by the RSI climbing and the MACD in positive territory, the Binance Coin could continue the uptrend. On the one-week timeframe below, however, BNB would only be attractive to buy once the Binance Coin price escapes the Fibonacci Golden Zone between 61.8% and 38.2% at 0.010735 and 0.014158, respectively.
The higher lows on the BNB price, flanked by the climbing RSI, suggest growing bullish momentum and sentiment by extension.
Read more: How To Buy BNB and Everything You Need To Know
Conversely, with the MACD hinting at a possible crossover below the signal line, the BNB price could pull back. A lower low below the bottom of the market range at the 0.005193 threshold on the weekly timeframe would invalidate the bullish outlook.
The post Only These 8 Altcoins Have Breached All-Time Highs Against Bitcoin After FTX Crash appeared first on BeInCrypto.