- The top 10 cryptocurrencies are showing considerable strength regardless of the current market conditions.
- Meanwhile, some other altcoins soared by huge margins and even surpassed the top 10 cryptocurrencies.
Following the 2021 bull market, cryptocurrencies gained mainstream attention with a significant increase in adoption. Since then, market participants have continued to explore a variety of other projects that could surpass the popular cryptocurrency in terms of growth. While top tokens like Bitcoin, Ethereum, Cardano, Polygon, and Avalanche recorded gains, some emerging altcoins like Injective, Celestia, Optimism, etc. recorded surprising rebounds.
Injection (INJ)
- Injective is one of the tokens that saw a crazy rally of over 500% and forms a new ATH at $45.19.
- The support level was defended nicely as the bulls appeared to be somewhat exhausted but continued to maintain significant strength.
- Buying pressure has mounted, which may suggest that ARB price may maintain a healthy upward trend over the next few days and continue to find new highs.
Celestia (TIA)
- From the beginning, Celestia price has been trading within an upward parallel channel, respecting resistance and support levels.
- The RSI continues to remain within the upper band, suggesting that prices may still be influenced by the bulls.
- However, the Bollinger Bands are set to experience compression, which could reduce volatility and push the price down to temporary support below $15 soon.
Optimism (OP)
- The recent upturn in the market has led to a notable surge in the price of Optimism. The price soared more than 250%, pushing the label closer to $4.
- The price failed to break above the $4.1 resistance level and faced several rejections, resulting in a double top pattern.
- Now that the token is testing the neckline, a notable pullback is expected, which could lead to a bullish bounce after the price tests the temporary support level at $2.5.
ImmutableX(IMX)
- IMX price formed a massive curve to dissipate the bearish impact of a long period of bottoming.
- The price soared more than 100%, but failed to break the neckline at $2.6, triggering a new downtrend.
- However, with volume increasing significantly, buying pressure is building and RSI remains within a bullish range. So, after a brief consolidation, IMX price may start a new uptrend.
Arbitrage (ARB)
- Arbitrum price has been trading within an upward trend since breaking out of the consolidation around $1.
- However, the price was rejected at $2.2 and continued its downward trend, triggering a 20% downtrend.
- The RSI is bearish and is heading towards lower support, which may push the price slightly lower. However, a rebound may follow and start a healthy rebound in ARB prices.