Few Altcoins are Struggling to Keep up With the Crypto Market
- Most cryptos have rallied along with since the beginning of the year.
- After recent consolidation, a few altcoins have failed to keep up with the pace of the market.
- deviation and price rejection are among the reasons why some altcoins failed to sustain their momentum.
Bitcoin has had an impressive year, with most cryptocurrencies market rallying with it. The initial surge in January 2023 was universal, and almost all the altcoins registered gains. After consolidating in the first week of February, a few altcoins have failed to pick up the rediscovered momentum.
According to analysts, deviation and price rejection are among the factors that have seen the affected altcoins fail to sustain the momentum in the second leg of the rally. As reported, Frax Share (FSX) is among the top losers in this rediscovered market strength. After reaching $14.69 on February 9, FXS has been unable to push higher.
A downward price movement has pushed the token below resistance at $11.40. That qualifies the initial breakout as a deviation and threatens to force the FXS price toward the $8 region. Analysts think that if the token can turn around and climb above $11.40, it will open up the possibility of heading toward $15.
The analysts also identified NEO (NEO) as one of the few cryptos that have struggled during this period. A descending resistance line on NEO established in June 2022 proved too strong for the crypto again, despite the strong market momentum.
Not climbing above the resistance could see NEO drop to $7.60, say analysts. However, a breakout above the line could see NEO reach the $12.20 price region.
A third outlier noted by the analysts is OSMOSIS (OSMO) which rallied with the crypto market in the early days of 2023, reaching $1.26 in the process. OSMO dropped with the rest of the crypto market during consolidation. However, analysts noted a unique development for OSMO is in the form of a descending resistance line.
According to predictions, the symmetrical triangle created by the resistance line will play a significant role in how OSMO prices develop. A breakout to the upside will imply a price rally that could push the price to $1.10. Otherwise, the price will fall to $0.80 if it breaks out from the base.
The post Few Altcoins are Struggling to Keep up With the Crypto Market appeared first on Coin Edition.
