As a seasoned analyst with over two decades of market experience under my belt, I find myself closely watching the performance of these three altcoins – Injective Protocol ($INJ), Theta ($THETA), and Fantom ($FTM).
Several cryptocurrencies (altcoins) that thrived during the previous crypto boom haven’t bounced back as strongly in this current bull run, which seems to be nearing its midpoint. It’s crucial for coins like $INJ, $THETA, and $FTM to demonstrate their potential or they might struggle through a prolonged bear market.
$INJ in good shape
Among the three altcoins we previously discussed, Injective Protocol ($INJ) is clearly doing exceptionally well. Although its price dropped by approximately 75% during the broader cryptocurrency market’s six-month correction, this dip has only brought it to robust horizontal support points.
It’s important to note that significant adjustments are typically required, similar to what happened with $INJ, which experienced a surge exceeding 40 times (4,000%) within just 15 months. This large correction was necessary for $INJ, much like with $BTC, to manage the effects of its previous extreme price increase.
At approximately $16.60 and $13.30, there appear to be two robust horizontal bars serving as potential anchors for the price. This suggests that a rebound from these levels might test the downward sloping trendline. Should this trendline be breached, it could indicate a shift back towards an uptrend.
The only negative is the weekly Stochastic RSI at the bottom of the chart. This is pointing downward, and consequently, until it turns round, momentum cannot get behind the price. However, if the bounce continues, this indicator can turn back up.
$THETA 92% down from all-time high
$THETA experienced a 76% drop from its peak of $3.85, which is troubling. However, what really stands out is that the price of $THETA is currently over 92% lower than its record high of $16. Given this significant gap between its all-time high and current value, it’s uncertain if $THETA can regain those levels, especially as we are well into the ongoing bull market.
Looking on the optimistic side, $THETA appears to be maintaining a crucial horizontal support at around $1.20. Should there be a bounce from this point, its potential upward trajectory could be substantial. The Stochastic RSI at the chart’s base suggests a bullish price trend.
$FTM can get back to its all-time high
During the recent Bitcoin correction, FTM dropped approximately 79% from its peak. Interestingly, the pattern for FTM looks remarkably like that of THETA, except that FTM seems to be exhibiting a more robust rebound compared to THETA at this stage.
The price of FTM is repeatedly approaching the $0.54 barrier. If it manages to break this barrier, FTM could potentially reach its all-time high once more. However, whether Fantom has the technological prowess and user adoption to navigate future market downturns effectively remains uncertain. The layer 1 chain landscape is highly competitive, and challenging established players like Solana and Sui won’t be a walk in the park.
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2024-09-10 14:19