Top Four Cryptocurrencies Defying Present Bearish Sentiment
Most cryptocurrencies are suffering from the most recent sentiment across the market. It is bearish. As a result, these assets are dipping and losing a notable faction of their worth. This is reflected in several aspects of the market.
One such is the global cryptocurrency market cap. It peaked at $2.16 trillion following several decreases in value after opening the year at $2.20 trillion and seeing notable decreases. At the peak of the bearish dominance, the sector dipped to a low of $860 billion.
No cryptocurrency was spared from the downtrend as they had significant losses. For example, BTC dipped to a low of $17, 592. During the month of this low, it closed with losses exceeding 30%.
Ethereum fell below $1,000 and recorded an equal loss. However, some altcoin recovered quicker than the rest and are currently on an uptrend. This analysis highlights some of these cryptocurrencies and how they’ve been over the last three weeks.
1. Quant (QNT)
Quant hit its lowest for the year in June as it dipped to a low of $40. The month ended with losses of more than 24%. However, it picked up momentum in July and experienced increased bullish action.
The altcoin erased losses incurred during the previous two 30-day periods. One of the key levels it reclaimed was $90. After losing it in April, it became one of the toughest resistances. Nonetheless, it broke it and surged past it.
It peaked at $116 but closed at $102. It also recorded gains of more than 90%. The $90 support proved its worth the next month when it faced strong resistance at $133. As a result, it dipped to a low of $91. The session ended with losses exceeding 5%. It also marked the last red candle on the chart.
Last month, QNT reclaimed another key level; the $140. It marked the first time in more than six months it is testing this key level. It hit a high of $147 but closed a little lower. The uptrend continued into the current month.
Currently, up by more than 13%, quant is seeing notable increases. However, it tested and flipped the $200 resistance for the first time since January. It peaked at $227 (the highest since December 2021).
A look at the daily chat reveals more details as to what is going on with the coin. The asset has been on a downtrend since the 18th of this month. As a result, it may close the current week with notable losses, making it the second week in a row.
The downtrends were in response to cryptocurrency being overbought. A look at the Moving Average Convergence Divergence reveals more details. QNT had divergence three days after the bearish round started.
There are indications of further and impending uptrend. One such is the Moving Average. the altcoin had a golden cross in August. Such a phenomenon always heralds the end of a long-term bearish dominance.
One of the key levels to watch over the next few days is the $200 resistance. However, the downtrend may continue until the asset finds support at $150. Nonetheless, we observed that it held the $160 support for more than fourteen days.
2. Huobi Token (HT)
Huobi token dipped to a low of $4.28 in July as it lost more than 6%. It quickly rebounded the next month as it peaked at $5.83. However, it faced stiff resistance at the mark and was sent dipping. As a result, it lost a lot of its accumulated gains.
The 30-day period ended with the asset holding on to 3%. A similar scenario played out last month as it saw a high $5.1o but retraced. However, it failed to record any notable increases as it closed with losses exceeding 5%.
It dipped to its lowest for this year during the first few days of October. It rebounded at $3.78 and surged afterward. The asset may end the current with its largest increase in a 30-day session since it became a tradable asset.
Several factors contributed to the current state of the token. One such is the massive positive fundamentals it had. One such was the fresh set of investments it had from a popular investment firm.
It also had an extra push from Tron’s Justin Sun as he revealed that he had a notable percentage of his worth in the cryptocurrency. A look at the weekly chart reveals more details. For example, we noticed an inverted hammer on the first week of the current month.
Based on this candlestick pattern, many believed the four-week-old downtrend was over. Price played out accordingly as it experienced a more than increases 63% positive change the next week.
The massive surge created concerns for the bulls as they expected increased selling pressure over the next few days. However, this never happened as the uptrend continued. It ended the next intraweek session with gains exceeding 20%.
The bears seem to be catching up as we observed the first red candle in more than fourteen days of the consistent surge. A closer look at the weekly chart reveals that the asset corrected from a high of $9.75.
One analysis pointed out this happening. It stated that based on price movement, the $9 resistance is one HT may break. However, it had massive retracement after the attempt.
In the coming days, we may expect a retest of the $10 resistance. Nonetheless, considering the fact that it had a bearish divergence on the daily chart, we may expect further downtrends. One of the key levels to watch out for is $8.4. Failure to hold this mark may guarantee a retest of the $6 support.
3. Casper (CSPR)
Like most cryptocurrencies, CSPR had its lowest for the year in June. The $0.22 support failed, as a result, the token dipped to a low of $0.022. However, it found support and rebounded. The bullish effort was not enough to see it erase all the losses.
To this effect, the session ended with losses exceeding 24%. Nonetheless, after a rebound in June, the asset continued its uptrend into the next month. It peaked at $0.033 and closed with positive changes worth 14%
The bullish sentiment continued into August as it made an attempt at the $0.040 resistance but failed as it faced strong rejection at $0.039. The bears took over and caused a massive downtrend. As a result, Casper closed with losses of almost 14%.
September was marked with reduced trading volume as we observed the small candle representing price action. Nonetheless, the session ended with gains of more than 6%. This marked the resumption of bullish dominance.
October is the most positive month for the asset. It peaked at $0.054 as the momentum heightened. It is also worth noting that this happened during the second week of the period under consideration.
It ended the week with gains exceeding 31%, defying the sideway trend most cryptocurrencies were having. However, it failed to react to the massive positive fundamentals the entire crypto market is having.
Nonetheless, October is gradually coming to an with the token up by more than 38%. A look at the indicators predicts recovery, which may result in further uptrends for it. The 50-day MA and the 200-day MA are close to an interception.
This is a sign of a long-term price increase. One of the key levels to watch is the $0.050. If price action plays according to this speculation, CSPR may surge above this level before the end of this year.
Nonetheless, we may expect the downtrend to extend before the buyback. One of the key levels to watch is the $0.026 support. We may expect the consistent decreases to end at this mark or risk further retracements.
4. Trust Wallet Token
Trust Wallet Token is another asset on the list of cryptocurrencies in the top 100 that are defying the bearish dominance. Unlike most currencies, it dipped to its lowest for the year in February.
TWT retraced to a low of $0.40. However, it peaked at $0.66 but faced massive rejection and ended the session a little above its opening price. The session ended with the wallet token gaining more than 3%.
It attempted retesting this low in May as it dropped as low as $0.42 after it peaked at $1.05. It rebounded but failed to erase the incurred losses. May closed with losses exceeding 25%. It attempted to recover the lost levels during the next 30-day sessions.
It surged to a high of $0.95 after it retraced to a low $0.54. The period closed with a more than 19% positive change. More volatility in July as TWT briefly reclaim the $1 resistance. It faced corrections but ended the session with a gain worth 14%.
During the next month, it faced massive rejection at $1.22 and closed at $0.95, 3% higher than its opening price.