Altcoins

Confusing Market!! Bitcoin, Ethereum Showing Weakness While Fantom, Cosmos Manifests Strength

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 8, 2022

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Highlights

    The traditional cryptos within the top 10 are manifesting a weak rally with an extended narrow consolidation

    While the altcoins with lower market capitalization like Fantom, Cosmos are gaining immense strength

    Yet the popular altcoins tend to follow the traditional cryptos, these altcoins tend to keep up the glory of Altseason alive

The crypto space is filled with surprises every new day. While in the past, the crypto space was highly influenced by major cryptos like Bitcoin, Ethereum, currently, the trend appears to have changed a little. Newer coins like Fantom (FTM), Cosmos (ATOM) price showcase immense strength which could keep up the hope for the Altseason alive. 

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Cosmos(ATOM) Price an Inch Close to its ATH!

ATOM price maintained a substantial uptrend despite the uncertain environment that haunted the crypto space for the past couple of days. The asset did plunge during the extreme sell-off, yet recovered within a very short span of time. While the asset is very close to its ATH, the ATOM price is showcasing immense strength to flip the current downtrend and propel high.

  • The ATOM price ever since flipped the downtrend in the last few days of 2021, ranged high within a notable rising channel.
  • After the asset attempted to slice through the ATH a couple of times, the ATOM price formed a double top pattern, which signifies an interim bearish trend
  • The price may experience a short-term pullback slicing the neckline of the pattern and plunge down to test the trend line
  • Yet the asset is expected to bounce off from the trend line and re-test the support flipped into resistance levels quickly and pierce through these levels
  • The surge after the interim downtrend may eventually enable the price to form a new ATH much beyond the current ATH aiming to hit $50 at the earliest. 

Fantom(FTM) Price Testing Crucial Levels

The Fantom price since the early trading hours rejected the crucial 200-day MA levels in the short-term and dipped hard. After fighting with the bears for a couple of days, the bull appear to be completely exhausted and hence the FTM price could consolidate within a very narrow range for the next couple of days. 

The FTM price maintained a strong uptrend since it flipped the bearish trend in mid-December 2021. However, it failed to test the levels around ATH and initiated a remarkable plunge which dragged the price away from its target. The price had initially hovered above the trend line, but with the recent sell-off, the asset yet again broke the trend line. 

Currently, the buyers appear to be pretty strong as the upward pressure is clearly visible on the daily candle. But the pressure is sustainable by the buyers and hence a quick bounce from these levels may be fast approaching. However, the volume remains plunged nearly 50% and hence as the buyers, sellers also may get exhausted soon. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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