NFTs work on Ethereum, yet the surging demand for NFTs could not assist the ETH price rally. Yet the price maintained the same narrow trend along with the most dominant crypto Bitcoin. Also, it is a known fact that the traders are more into NFTs than the traditional cryptos and the DeFi’s. Therefore, once the NFTs ignite with sparkle like before, the entire crypto space may tend to undergo a notable rally.
Here are some NFTs which refused the bearish trend set by the dominating cryptos.
Theta Network (THETA)
Theta Network after roaring in the first half of 2021, underwent a notable downtrend and hence remained away from the trader’s attention. Yet after a prolonged accumulation, the asset is on its way to barge-in from the downtrend. Also, the buying volume has also seemed to have accumulated and hence a significant rally may be fast approaching.
The asset after hitting the quarterly highs in the month of November 2021, theta price maintained a significant downtrend. Interestingly, currently, the asset is reaching the apex of the consolidation or specifically reaching the apex of the descending triangle. Therefore a notable breakout is primed immediately or else after a consolidation until the end of the present week.
SushiSwap (SUSHI)
Sushiswap after falling from a cliff of the mountain did attempt for a ‘V-shaped’ recovery, but woefully, fell into a deep bearish well since the beginning of 2022. However, the asset is currently trying to halt the downtrend with a significant buying volume since the early trading hours, yet needs to go pretty long in order to certify with the uptrend.
Sushiswap has been trending within a depleting channel for the past couple of months, yet currently, the price is attempting a breakthrough. However, despite breaking through the resistance levels, the asset is consolidating heavily around the resistance levels. And hence after yet another minor consolidation, the price may break out until the weekend.
Tezos (XTZ)
Similar to the other altcoins Tezos is also trending within a huge descending channel and very close to its apex. Yet the asset seems to be less volatile and hence huge variations may not be any time from now. But yet the price may stand strong above the strong support levels which may slowly and steadily ignite with an uptrend.
The XTZ price in an HTF has fallen off the cliff and attempted multiple times to break through the descending triangle. Woefully, the asset gets rejected each time and hence paves way for the selling volume to accumulate. However, from the past couple of days, despite a decrease in the volume, the buying pressure is slowly getting accumulated which may ignite a notable uptrend very soon.
Source: https://coinpedia.org/altcoin/altcoins-like-theta-sushi-xtz-are-gearing-up-for-20-upswing/