Tech

These 3 altcoins have completely ignored the bear market in the last 90 days

08/29/2022
Bitcoin Ethereum News

The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra’s (Luna) —now renamed Terra Classic (LUNC) — collapse to the Celsius Network’s liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.

Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or “altcoins,” outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them:

Chiliz (CHZ)

Chiliz’s (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively. 

Cryptocurrency performance (last 90 days). Source: blockchaincenter.net

On the daily chart, CHZ’s price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.

CHZ/USD three-day price chart. Source: TradingView

Originally, the CHZ price rally started amid a rebound witnessed across the crypto market. But ts upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona’s Barça Studios.

Chiliz also benefited from the hype around its back-to-back network updates as it attempts to do away with Ethereum and launch its own chain CHZ 2.0.

Lido DAO (LDO)

Lido DAO (LDO) has rallied around 60% in the last 90 days primarily due to the euphoria around “the Merge,” Ethereum’s long-awaited network transition from proof-of-work to proof-of-stake in September.

Related: US dollar hits new 20-year high — 5 things to know in Bitcoin this week

Lido DAO helps underfunded users to become stakers on Ethereum’s upcoming proof-of-stake chain. It does so by collecting users’ Ether funds into a pool of 32 ETH—as required by the Ethereum network—and depositing them into the Merge’s official smart contract.

Ethereum 2.0 TVL staked by provider as of Aug. 28. Source: Glassnode

The prospects of Lido DAO attracting more users in the days leading to and after the Merge have triggered buying in an otherwise bear market.

But like Chiliz, LDO’s price risks plunging lower by 20% to $1.31 in September as shown in the setup below.

CHZ/USD daily price chart. Source: TradingView

The $1.31-target serves as the support in the consolidation area marked in red, given its historical performance.

Quant Network (QNT)

Quant Network (QNT) rose by more than 40% in the last 90 days, initially driven higher by a broader crypto market uptrend but picking momentum on speculations that their interoperable blockchain protocol would find adoption across governmental and regulatory bodies.

But from a technical perspective, QNT risks a 40% price decline from its current price level owing to the formation of a head-and-shoulders setup on its daily chart with a $57 target by September, as shown below.

QNT/USD daily price chart. Source: TradingView

Other winners

Ethereum Classic (ETC) has also surged by more than 40% in the last 90 days in hopes that it would offer a safe haven for Ethereum miners after the PoS upgrade.

WhilPolygon (MATIC) has rallied by 27% in the same period, followed by Uniswap (UNI), which is up 13%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.