There are talks of the crypto market experiencing a “winter season”, one that might be even worse than that witnessed in 2018. While such circumstances might send some investors off balance, a few analysts see it as an opportunity to shake off “shit coins” with no real value and blockchain projects with no real mission. Others see it as an opportunity for real innovators to develop platforms that offer actionable solutions to real-world problems. If this happens, the crypto market will roar back stronger than ever, as it has done after each volatile crash.
In anticipation for that, most digital assets are fighting to hold above crucial support levels. Large-cap cryptocurrencies continued to coil up as investors await for the outcomes of the Fed’s July meeting regarding interest rates.
The total crypto market cap is down 3.5% to $880.73 billion in the past 24 hours. The total crypto market volume is $54.07 billion, a 1.7% decrease over the last 24 hours, according to data from CoinMarketCap.
Bitcoin (BTC) is off 3.7% on the day to trade just above $19,700, with a trading volume of $25.06 billion over the same period. Bitcoin’s dominance is currently 42.86%, a decrease of 0.02% over the same period.
This points to a market with a bearish market as sellers focus on pushing the prices lower. This is accentuated by data from Alternative, a software company that analyses market emotions and sentiments, which shows that the Crypto Fear and Greed Index is still in the “extreme fear zone”.
This index has been stuck within the “extreme fear zone” for the past three months, evidence of the gloomy conditions the market has witnessed for most part of the year 2022. According to Alternative, crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). On the other hand, people often sell their assets in the irrational reaction of seeing red numbers.
As such, extreme fear is a sign that investors are too worried. This means that the current market sentiment may lead to more turbulent times ahead even as investors continue to sell in panic. Alternatively, extreme fear, just like overbought conditions, may signal a trend reversal as sidelines investors buy the dip, leading to a trend reversal.
As such, there were a few star altcoins in the market that managed to post gains on July 12 in a sea of red.
Quant (QNT) led the gains among the top 100 cryptos, recording an impressive 7% rise over the past 24 hours. Polygon (MATIC), Synthetic (SNX), Loopring (LRC), XDC Network (XDC) and Huobi Token (HT) recorded gains over the same period.
Top Gainers In Then Crypto Market Today
#1 Quant (QNT)
On July 9 the price of Quant (QNT) extricated from the zone below $80 where it had been sealed for over two months. With the continuing retest phase on Tuesday, buyers will verify the legitimacy of the breakout.
QNT is the native cryptocurrency of the Quant Network, a blockchain platform that facilitates the interoperability of blockchains.
The recent sharp rise may be an indication that the bottom is in. The momentum picked up after buyers pushed the price above $75.
QNT/USD Daily Chart
The 50-day SMA is turning upward and the Relative Strength Index (RSI) is in the positive zone, signaling a buyer strength. If the price turns up from the current level, Quant may rise to tag the recent high at $90.
Increased demand pressure may propel the blockchain interoperability token first toward the $100 psychological level and later to the $106 range high. This move would bring the total gains to 28.22%.
On the downside, the up-move is facing a strong hurdle near $90. If the QNT price turns down from this resistance, it will suggest that the sentiment has turned negative and traders are selig on rallies to this level. That could enhance the prospects of a decline to first to $75 and later to the psychological level of $60, invalidating the positive view.
#2 Synthetix (SNX)
Synthetix (SNX) is the second among the 5 top gainers leading the relief rally on July 12 after a remarkable comeback, since bottoming out at $1.45.
SNX is the native token of the layer-2 scaling solution Synthetix blockchain. It is both a utility and governance token used to pay for transaction fees on the network and for voting on developments and improvements of the protocol.
Synthetix recently collaborated with liquidity provider Curve Finance to develop Curve pools for Synthetic Ether (sETH)/Ether (ETH), Synthetic Bitcoin (sBTC)/Bitcoin (BTC), as well as Synthetic USD (sUSD)/3CRV. This is aimed at enabling market participants to convert synthetic assets such as sETH to ETH in a significantly cost-effective way.
Never forget where it all started!
— Synthetix ⚔️ @ Permissionless II (@synthetix_io) July 6, 2022
The introduction of the atomic swap function with the SIP-120 proposal is one of the catalysts driving the ongoing SNX price growth. Meanwhile, the integration with Curve Finance, and the decentralized exchange (DEX) aggregator 1inch, was focused on helping users conduct large-scale trades between different asset classes with minimal slippage.
This functionality has been functioning since November 2021, but Synthetix’s upgraded atomic swaps, which introduced SIP-198 in June, have proved extremely helpful in providing the required leg-up for the ecosystem’s native token’s recovery.
The main focus of the SIP-198 feature is to improve user experience. Therefore, the upgraded atomic swaps enabled users to carry out large swaps on 1inch in a single transaction by leveraging Synthetix’s zero-slippage trades as well as Curve Finance’s deep liquidity and cost-efficient transaction fees.
Since this upgrade, user adoption has hit the roof, and as a result, the protocol witnessed its trading volume skyrocketing to averaging above the $100 million mark before topping out at $396 million on the weekend.
At the time of writing, the price of the Synthetix crypto is up 1.15% in 24 hours to trade at $2.43. The daily trading volume has risen 66% over the same period to stand at $83,402,490.
SNX price action has formed an ascending triangle on the daily chart (below). This is a highly bullish chart pattern projecting a 116% Sythentix’s rally to $5.26. This price target is arrived at by adding the longest distance between the triangle’s resistance line and the support line, and adding it to the breakout point above the horizontal trendline.
SNX/USD Daily Chart
SNX’s optimistic outlook was supported by the upward movement of the RSI toward the midline. This was a suggestion that the bulls were taking control of the price.
Conversely, the RSI was in the negative region, a suggestion that the bears still had the upper hand. Therefore, a drop below the triangle’s support line at $2.28 would trigger a massive drop toward the $1.45 swing low.
#3. Loopring (LRC)
Loopring is a layer 2 protocol built on the Ethereum (ETH) blockchain and is designed to make the blockchain more accessible. The team behind Loopring continues to push for its development, but the SNX price seems not to be making notable strides.
One of the most notable developments for the blockchain company is the Ethport[c], a Bridge product across L1, L2 and CEX, developed by fusing components of its existing toolkit. It is designed to ease the interaction between L1 and L2 by batching multiple L1 transactions as a way to share the cost of L1 gas.
Have you seen our new bridge?
Simply connect your wallet + send from #Ethereum L1 to any Loopring L2 address with a click
— Loopring☠️ (@loopringorg) July 8, 2022
Close to the Loopring bridge idea, Loopring also sets up the role of liquidity provider on L2. However, considering the funding efficiency of the liquidity provider, Loopring has developed the Single Phase Converter (SPC).
Despite these developments, LRC’s price action has been drabbish. The token has been stuck in a tight range between $0.31 support floor and the 50-day SMA currently sitting at $0.44. Bulls will now try to push Loopring’s price upward to fight the resistance from the 50-day SMA.
Overcoming this barrier would pave the way for a climb to the $0.50 psychological level. A boev this, a rise to the $0.67 range high would be the next logical move.
LRC/USD Daily Chart
On the downside, the downward movement of the RSI and the diminishing volume suggested decreasing investor interest. The resultant head winds may push the scaling token lower toward the $0.31 support floor.
Expect LRC price to take a breather here, giving buyers a chance to regroup before staging a comeback.
#4. XDC Network (XDC)
XDC crypto is trading in the green at $0.26 after rising approximately 1% over the last 24 hours. This crypto has rallied sharply from lows around $0.022 reached on June 20 to highs around $0.028 on Sunday, before correcting to the current levels.
The sharp rise was triggered by the news that Impel’s services were set to run on the XDC Network, a hybrid blockchain project for global trade and finance.
Impel and the XDC Network (XinFin) announced last month that the official launch of Impel, an alternative solutions platform for quickly and securely sending ISO 20022-compliant financial messages. The announcement made by Atul Khekade, the co-founder of the XDC network revealed that the solution included the option to add $XDC as collateral for instant settlement and a bridge to the R3 Corda platform for future-facing banks and fintechs.
— Atul Khekade (@atulkhekade) June 18, 2022
Impel was created as a cost-effective alternative to legacy financial messaging solutions, like SWIFT and SEPA, providing an interoperable standard for financial data exchange while also streamlining settlement and reconciliation.
Speaking about the development, Troy S. Wood, CEO and Founder of Impel said:
“Our technology is easy for financial institutions to implement and will increase their ability to offer an improved customer service experience through more efficient and lower cost transactions. We’re already engaging with some of the largest global banks and payment companies, as well as smaller financial institutions in emerging markets as part of our pilot program. We expect that Impel’s financial messaging platform, and the R3 Corda Bridge, could become ubiquitous globally within two years or less.”
Impel’s service offerings are expected to run on the XDC Network, a blockchain developed and maintained by XinFin Fintech, a CoinMarketCap top 100 blockchain project. The news of Imple’s service offerings have propelled the price more than 45% over the past three weeks.
The upward momentum seems to have run out of steam since XDC crypto seems to have abandoned its V-shaped recovery and dropped toward $0.026.
The 50-day SMA and the RSI are facing down, a suggestion that the market conditions favour the downside. The price strength at 40 is evidence that the bears have an upper hand.
If the price turns down from the current price, it may drop first to the $0.025 psychological level and later to the $0.022 swing low.
XDC/USD Daily Chart
On the upside, if the current bullish bias is sustained, the XDC may climb to fight seller congestion at the $0.03 psychological level. Overcoming this barrier will clear the way for the upward target of the governing chart pattern at $0.032, a 23% ascent from the current levels.
#5. Huobi Token (HT)
HT is the native token to Huobi Global, a decentralized Ethereum-based blockchain. HT’s worth is affected by Huobi’s reputation and other things. As a young project, Huobi Token was launched in January 2018, after Binance’s native token. Huobi’s token enables a flexible marketing plan to recruit new users to the ecosystem and grow the platform. The token reduces trading commissions, which are paid from users’ wallets. The token offers more. HT holders can buy monthly VIP plans for transaction cost savings as well as gain early access to special events and can vote on exchange decisions. HT holders can trade tokens at any time.
In an attempt to build its reputation, Huobi Global has made a charity donation to StonyHurst College in the UK “to improve the college’s facilities.” The announcement made by the company in a Tweet notes “This island territory of Gibraltar is where Huobi has a financial license and seeks to give back and grow within the local community.”
#HuobiCharity has made a #donation to #StonyhurstCollege, in the #UK, to improve the college’s facilities. This island territory of #Gibraltar is where #Huobi has a financial license and seeks to give back and grow within the local community! https://t.co/FjbCfXhM5X
— Huobi (@HuobiGlobal) July 12, 2022
Such positive fundamentals are expected to give HT price the oomph it needs to break out of the currency consolidation.
The RSI is positioned at 32, painting near oversold conditions, suggesting that a trend reversal may occur soon. As such, a turn up from the current price may see Huobi Token rise to tag the $4.7 range high.
HT/USD Daily Chart
On the downside, if the current crypto market conditions persist, HT token may drop below $4.2 with a slide to the $4.0 psychological level being the next logical move.
Where to buy QNT, SNX, LRC, XDC and HT Today?
If you want to buy cryptocurrency such as the Quant, Synthetics, Loopring, XDC Network and Huobi Token, you can do so on top exchanges such as eToro, KuCoin, Binance, OKEx, CoinTiger, HitBTC, and ZT. You can find others listed on our crypto exchanges page.
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