As the crypto market is plunging for the ‘Nth’ time since the bull run materialized the highs for many of the altcoins, many cryptos may tend to rebound with huge intensity. Some altcoins tend to flip the bearish divergence quickly and recover more than 50% loss in just a couple of days. And below mentioned are some of the altcoins belonging to this group.
The LRC trading volume had dried up significantly from the past week or 10 days. However, the selling volume aggravated since the early trading hours, which clearly signified the traders held the asset amid the previous sell-off. However, the asset is approaching the apex of the consolidation and may either rebound or maintain a notable consolidation for some time.
The Fantom price had maintained a notable uptrend since the mid of 2021, and traded above the trend line, showcasing the strength of the rally. However, the price sliced through the trend line and headed towards the south. Currently no signs of a rebound is witnessed but amid any crash, the asset quickly rebounds after a minor consolidation. Therefore, the FTM price may accumulate gains and quickly rebound, ranging higher once the market trend turns slightly bullish.
Theta after the recent slash is testing one of the crucial support levels that it flipped a couple of days before. And hence may form a double-bottom pattern which could raise the price to some extent and test the neckline at $4.29. Once these levels are tested and cleared finely, a major uptrend could be imminent. However, the pattern would become invalid if the price closes the price below the current support levels. Yet the asset may rebound quickly, defeating the bears.
Curve DAO (CRV)
The Curve(DAO) price has also plunged to its lowest ever levels for the first time in the past 6 months. And hence signifies some sort of a bearish trend that may drag the asset to its initial levels below $1. However, with each plunge towards the support levels, the asset has risen significantly. And hence a similar flip may be fast approaching as the market initiates to stabilize a little.
The Graph token is trending within a depleting channel for quite a long time and hence testing all the support levels. The GRT price was primed for a rebound a couple of days before but the uncertain environment compelled the price to hover below the crucial support levels. After slicing through important support levels, the price may discover new lows quickly and attempt to rebound which is due for a long time.
Collectively, the crypto space may continue to be pretty much uncertain for the next couple of days. And hence could stabilize somewhere by the end of February or in March 2022. Once Bitcoin price flips strongly, most of the altcoins tend to follow the star crypto and reverse the trend firmly.