Institutional investors are usually looking for liquidity to buy as they trade in large quantities. Because of this restriction, they tend to stick with Bitcoin (BTC) or a few big altcoins with big market caps. However, retailers don’t have that limitation and this gives them the freedom to choose smaller capitalization projects backed by strong fundamentals.
While the major altcoins are currently either range bound or witnessing a correction, a few tokens outside of the top 20 by market cap have rewarded investors in recent days. Let’s take a look at their fundamentals and charts to determine if there are any lucrative investment opportunities.
THETA / USD
Demand for streaming services went through the roof in 2020 as the COVID-19 pandemic forced people to stay at home. While all major streaming services are centralized, Theta blockchain (THETA) tries to disrupt the market by offering decentralized streaming services.
In recent weeks, the network has announced upgrades to improve key features. The beta version of Theta Edgecast, a fully decentralized video streaming DApp, was recently launched. The platform is able to “record video, transcode it in real time, cache it and send it to users worldwide” using Theta’s peer-to-peer-edge network.
The protocol too upgraded its mainnet on December 11, which now offers smart contract options. Another change made was the lowering of the Guardian Node’s release threshold from 10,000 THETA to 1,000 THETA.
In addition to these developments, the blockchain also plans to launch the next generation Theta Mainnet 3.0 it is expected to introduce several new functions in the spring of 2021. While fundamentals are encouraging, investors will be more curious about how the price has responded.
THETA has experienced a strong upward trend and is gaining momentum today. It has risen from an intraday low of $ 0.63714 on December 11 to an intraday high of $ 1.11945 today, gaining over 75% in a short amount of time.
The break above the USD 1 psychological resistance has pushed the relative strength index (RSI) into overbought territory. The long wick on today’s candlestick shows higher-tier profit posting.
This suggests that the THETA / USD pair could go into a correction or consolidation in the coming days. However, if the bulls don’t give up much ground, the uptrend could resume with the next target at $ 1.40.
Conversely, if the correction deepens, the critical level to look down is at USD 0.80. If the price bounces off this support or the 20-day exponential moving average ($ 0.80), it will suggest that the bulls are buying on dips. This could increase the possibility of continuation of the uptrend.
A drop below the USD 0.80 support would suggest the formation of a short-term top.
GRT / USD
The Graph Network (GRT) has been in the news recently after major crypto exchanges added support to it.
At the same time launched the indexing protocol mainnet on December 17, which allows developers to search, find, publish, and use the public data to build decentralized applications.
The Graph uses an open network of Application Programming Interfaces, or APIs, also known as subgraphs, to increase accessibility to decentralized applications. More than 3,800 subgraphs have been deployed and several popular projects in the DeFi space are taking advantage of them.
Let’s see if GRT’s techniques point to a continued upward trend or if the move drops off after initial eagerness for listing.
Due to the recent listing of GRT, the 4-hour chart has been used for the analysis. From an intraday low of $ 0.2396 on December 18, the token rose to an intraday high of $ 0.7858 on December 20, gaining 227% in three days.
After the sharp rally, the GRT / USD pair witnessed a profit posting that saw the price drop to the 61.8% Fibonacci retracement level at $ 0.4482. The bears attempted to move the pair below USD 0.4482 but were unable to sustain the lower levels.
This suggests that bulls are racking up nearly $ 0.4482. Buyers are currently trying to resume the uptrend, but they may face resistance from USD 0.6063 and then USD 0.6545.
If both levels are crossed, a retest of the high at $ 0.7858 will be on the cards. A breakout of this level could resume the uptrend with the next target at $ 0.9944.
Contrary to this assumption, the pair may remain range bound for several days if the price moves down from current levels or overhead resistance. The trend may turn in the bear’s favor if the price falls and persists below the USD 0.4482 support.
CEL / USD
Any lending and borrowing platform can only be successful in the long run if it gains people’s trust. With the aim of build confidence In its earlier announcements, Celsius Network (CEL), a cryptocurrency lending and interest-yielding platform, was audited by Chainalysis, confirming assets of just over $ 3.3 billion. Is this trust building step also reflected in the token’s performance? Let’s find out.
CEL has been on a steady upward trend in recent months. The recent leg of the upward movement started from an intraday low of $ 2.2566 on December 16, reaching as high as $ 3.2368 on December 19, gaining 43% within four days.
The CEL / USD pair has struggled to climb above the USD 3 level for the past two days, but on the upside, the bulls have not lowered the price below the 20-day EMA (USD 2.56).
The pair has not corrected to the 50-day simple moving average ($ 2.24) since the uptrend began in early September. This suggests the sentiment is to buy the dips towards the 20-day EMA.
If the bulls push and hold the price above $ 3, the next leg of the upward move could begin, which could reach $ 3.50 and then $ 4. Both moving averages are running up and the RSI is close to overbought territory, suggesting the bulls are in control.
This positive opinion becomes invalid if the price falls below the 50-day SMA. Such a movement could signal a possible trend change.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade move carries risks, you should do your own research when making a decision.