Most cryptocurrencies are still consolidating with the overall digital asset market. But it has yet to make any definitive moves in either direction. The consolidation comes as a bearish trend dominates following the collapse of the FTX cryptocurrency exchange. At the same time, investors are looking for a bottom that will likely start a new rally. Analysts share 9 altcoins including Chainlink (LINK) to watch in this scope.
Watchlist altcoins: APT, DOGE, LINK and more
Quant (QNT)
Interoperability-based crypto project Quant (QNT) has been gaining momentum in recent weeks. It also acts as if it was unaffected by the market downturn. However, the trajectory of the asset was interrupted after the FTX boom hit the market. According to LunarCrash, as of October 14, QNT’s six-month social interactions increased by over 130%. QNT’s recent achievements also show it’s inspired by a vibrant community. In the long run, the QNT community relies on the asset’s use cases as an interoperability network. Accordingly, the central bank expects it to work with digital currencies (CBDC). He calculates that this will be a potential impetus for a future rally.
At press time, Quant is trading at $127, up nearly 4% weekly. However, the daily chart shows that QNT is correcting around 3%. It is worth noting that the asset is aiming to regain $150, a critical support level. The level will likely allow QNT to regain $228, its yearly high recorded on October 17.
Dogecoin (DOGE)
The DOGE community is excited by the growing news about the token’s adoption. Dogecoin’s recent bullish momentum was mainly triggered by the Twitter acquisition of Elon Musk. It gets support from speculation that Musk will integrate DOGE into Twitter. Meanwhile, reports have surfaced that Musk and Ethereum founder Vitalik Buterin will likely merge and further develop the DOGE network.
Currently, Dogecoin is trading at $0.10, up about 4% daily. The weekly chart shows DOGE posting minor corrections of less than 0.5%. Meanwhile, DOGE has caught the attention of investors. Demand for the token among US investors has increased by over 600% in three months. Also, according to a report dated November 28, more than 60% of holders are in profit. Interestingly, technical analysis indicators predict that DOGE will correct and trade at $0.065 on Dec. 25.
Phantom (FTM)
Phantom is a scalable Blockchain platform for decentralized finance (DeFi) and enterprise applications. The platform’s potential in the crypto market has mainly triggered interest in FTM. For example, the asset’s recent gains came after reports surfaced that the Fantom Foundation behind the coin will be making steady profits whether or not it sells FTM tokens. With the foundation’s strong financial results, FTM posted weekly gains of around 30%. At press time, the asset was trading at $0.24.
Open Network (TON)
Open Network is a decentralized Layer-1 Blockchain powered by Telegram. The community-led project has demonstrated strength in previous weeks, gaining significant levels of support. A host of positive news helped the token’s rally. For example, in late October, TON was listed on KuCoin, one of the world’s leading cryptocurrency exchanges. Meanwhile, Telegram plans to create a crypto wallet and exchange. TON will probably benefit more from this. However, in the current situation, Telegram has not yet clarified whether the two products will be developed in TON. At press time, TON was trading at $1.81, up about 1% daily, with a weekly rally of about 6%.
Chainlink (LINK)
Chainlink (LINK) has seen increased interest in recent weeks, mainly supported by sequential network development activities. For example, Chainlink is preparing to launch staking on the Ethereum network. The staking feature is set to allow LINK token holders and node operators to earn rewards for enhancing the crypto-economic security of oracle services. Also, analyst Michaël van de Poppe says LINK has shown strength that hasn’t been in for almost two years. At press time, LINK was trading at $7.36 with weekly gains of about 6%. At the current price, Poppe notes that Chainlink (LINK) is in the accumulation phase. In general, he states that the token is looking for an exit.
GMX (GMX)
GMX gained over 30% last week. The move is likely due to a new desire by market participants towards decentralized platforms. For the first time since its inception, GMX also beat Uniswap in terms of transaction fees. The crypto market has seen a noticeable shift towards decentralized platforms following the collapse of FTX. Investors have become wary of centralized assets and their vulnerabilities, as demonstrated by the FTX incident. The GMX token is currently changing hands at around $54.
ImmutableX (IMX)
Web3 platform ImmutableX has announced a major development for its ecosystem. So, last week, IMX experienced an 18% increase. ImmutableX announced the start of Tier-2 offerings on the network. Tier-2 features enable faster and cheaper transactions. This feature applies to the entire market in its ecosystem. The team says this will help support liquidity and volumes. It also states that it will allow anyone to create unauthorized, binding offers on IMX assets. At press time, IMX hovers around $0.49.
Uniswap (UNI)
Uniswap is one of the most recognizable names in the crypto market. UNI is in the top 20 by market capitalization. The token surged 18% last week as the decentralized platform introduced NFTs. Users can now trade NFT on major NFT markets. The team also announced that it will distribute $5 million worth of USDC tokens to previous Genie users and provide gas discounts to the first 22,000 buyers. UNI, which started last week at $5.28, is trading at around $6.25.
aptos (APT)
Aptos is a project that made headlines with its release date, launch and purpose. The project’s APT token, created by former Meta developers, saw an 18% price increase last week thanks to integration with payments company Moonpay and a Web3 initiative with Binance. The partnership with Moonpay is through integration with Petra, a wallet created by Aptos. As for the Binance Web3 initiative, Aptos has committed the exchange’s $1 billion Industry Recovery Initiative. APT is currently changing hands at around $5.22.
