crypto analyst Yashu Gola, Bitcoin (BTC)’s loss in the first ten days of 2022 is less disappointing than some of the leading crypto competitors who have fallen much harder. The analyst analyzes the charts of the three tokens listed below among the top 50 cryptocurrencies to outperform Bitcoin (BTC) in the seven-day time frame. We Kriptokoin.com have prepared Yashu Gola’s analysis for our readers.
“Bitcoin is doing relatively well”
The price of a Bitcoin (BTC) has dropped by almost 10% over the past seven days, reaching a temporary psychological support of 40,000 on Jan. As it falls below the dollar, long-term decreases are observed.
However, the losses suffered by Bitcoin (BTC) appear to be less than the performances of some of its top crypto competitors. For example, Cardano (ADA), the new largest cryptocurrency by market capitalization, has slumped by about 11% in the past seven days to around $1.15. Similarly, Ripple (XRP), the eighth-largest by market capitalization, fell by about 10% to around $0.75 over the same period.
Meanwhile, some cryptocurrencies listed among the top 50 digital assets have suffered even greater losses of 15% to 30% over the past week. These include Ethereum’s native token ETH, which has lost over 16%, and Blockchain rival Terra, whose token LUNA has fallen by around 20.50%.
Analysis of collapsed altcoin projects
Axie Infinity (AXS)
Axie Infinity, more than 12.000% profit year over year It has become one of the best projects for traders to secure their profits. AXS price has dropped nearly 27.5% over the past seven days to $70, making it the worst performer among the big coins. Meanwhile, the AXS/BTC pair settled at 0.0017 BTC, down almost 17% over the same period.
However, according to the analyst, the AXS price, one of the key momentum indicators of the market, the relative strength index (RSI) token’s ‘extreme strength’. It may recover in the coming days as warnings about the ‘sold’ status. The analyst notes that AXS’s daily RSI has dropped below 30, which traditional charters interpret as a buy signal:
More bullish hints for AXS at $64.50 to $50, as seen in the chart below. Coming from the downside target area between Specifically, the $64.50 level acted as support for AXS price during the August-September trading session in 2021.
Analyst similarly reminds that levels around $50 have caused traders to accumulate AXS collectively four times since Sept. Conversely, a break below the downside target range could be pushed below $40, another support level from August 2021.
Aave has been sitting above an annual profit of almost 60% since Jan 10, 2021. Still, it has become one of the worst performing cryptocurrencies to enter 2022. AAVE price has dropped just over 24% in the past seven days to $200. Meanwhile, the token’s performance against Bitcoin was around -15%, suggesting that traders are not convinced of the Aave rise.
Analyst, AAVE’s daily RSI has been down since Dec. 27 and is now close to 39. states that it is. According to the analyst, it is now seeing an extended correction to reach oversold levels below 30, which means that there is still room for AAVE price to move lower than its current price:
AAVE, two-month higher, as shown in the chart below. A sell signal also appears when retesting the trendline support. AAVE has rebounded from that rising level at least four times since Dec. Therefore, if the coin breaks below this, a correction to $165, which is another support level, will be more likely.
Conversely, a rebound from rising trendline support, acting as both resistance and support It could have an AAVE rally towards the recent $250-275 trading range.
Based on seven-day adjusted timeframe performance, IOTA’s losses are marginally less than AAVEs. However, given that the token is sitting at around 150% profit year over year, the analyst states that it looks like a good sell for traders looking to offset their losses elsewhere during the recent dip in the crypto market. Notably, the price of IOTA has dropped just over 24% to $1.00 in the past seven days. Against Bitcoin, IOTA is down about 14% over the same period.
However, according to the analyst, the daily RSI of the token approaches oversold levels, while it has recently had a history of attracting buyers to 0.93- A bounce is likely now as it has dropped into the $1.00 trading range.
As a result, if IOTA breaks below the $0.93-1.00 range, the price will decline to 0. He sees a high probability of increasing to $.71. Otherwise, a rebound from the region could set IOTA price to a temporary bullish target of $1.21.