YEREVAN (CoinChapter.com) – The collective crypto valuation struggled below $800 billion on Dec 12, as Bitcoin stood near $16,900 after consolidating sideways in the past seven days. However, several altcoins, such as LeverFi (LEVER), Cortex (CTXC), Phoenix (PHB), Toko coin (TKO), and BinaryX (BNX), defied the market uncertainty.
Here are more details.
#1 LeverFi (LEVER) shot up 145% since Dec 11
Decentralized leverage trading platform LeverFi started the week with a 145% jump, briefly reaching $0.005 in the Asian-Pacific session on Dec 12. However, the rally subsided in the later hours as the token price corrected down to $0.0034.
The detailed four-hour chart shows that the rally resulted in an ‘overbought’ relative strength index (RSI). Generally, when the RSI oscillator charts above 70, traders construe the token value as ‘unreasonably high’ and exit the market, triggering a selloff wave.
The short-term prognosis for LEVER is ambivalent.
The LEVER bulls have increased the buying pressure ahead of the European session on Dec 12, hoping for another leg up, but lost momentum in the later hours. A clear move above the resistance at $0.0041 could start a new increase. However, after the token dropped below the said line, it could decline to the resistance-turned-support at $0.0029.
Considering the lowering trading volumes, LEVER will likely consolidate sideways between the said resistance and support, at least for the upcoming session.
Trader Incentives Program behind the rally
Meanwhile, the LeverFi’s Trader Incentives Program launch on Dec 13 might have triggered the rally. In a classic “buy the rumor, sell the news” scenario, LEVER shot up before the big launch date. In detail, the Trader Incentives Program claims traders can “receive a share of the USD 60,000 Reward Pool by trading on the LeverFi platform.”
LeverFi reserves the right to the final interpretation of the Trader Incentives Program and the right to cancel or amend the program and program rules at our sole discretion.
read the announcement, after issuing a warning about the associated risks.
Also read: LTC/BTC: Litecoin Price Signals Bullish Continuation Vs Bitcoin, Here’s Why.
#2 Cortex (CTCX) AI platform pumped 130% before the rally fizzled out
As CoinChapter forecasted in the previous Cortex review, CTCX price pumped 130%, peaking at $0.25 on Dec 9. However, as the buying pressure subsided, the token value corrected and stood at $0.16 on Dec 12.
In detail, the Cortex CTXC coin is another token in the list of AI-related digital assets that managed a significant uptrend. It traded within a bullish pattern dubbed the ‘falling wedge’ and complied with the setup’s prediction.
A falling wedge consists of two descending, converging trendlines, supporting and resisting as the price declines inside its range. The pattern resolves after the price breaks above the upper trendline and rises by as much as the wedge’s maximum height.
Cortex CTXC bulls might not see another leg up in the upcoming sessions
As mentioned, CTXC grew over 130% after confirming the pattern, reached its target price, and has given a choppy performance since.
If the Cortex CTXC price declines further, the next support would be the $0.14 line. However, given the declining trading volumes on the chart above, another bullish push is unlikely. Thus, the mentioned $0.14 level would be the target price for Cortex in the upcoming New York session on Dec 12.
Also read: Bitcoin Price Near Crucial Juncture, Can BTC Bulls Save The Day?
#3 Will Phoenix Binance (PHB) technicals favor the bulls or the bears?
Phoenix (PHB) is another AI-related token on the list that could rally over 50% or lose another 40% in the upcoming sessions. The token traded at $0.63 ahead of the New York session on Dec 12, after an erratic three weeks.
In detail, the PHB/USD chart flashed a setup dubbed the ‘symmetrical triangle.’ The latter consists of two converging trendlines with a similar slope. They enclose the price action and prevent sharp moves in either direction.
While the symmetrical triangle predicts a break equal to the formation’s maximal height, it does not predict the vector of that break. Thus, once the PHB coin exhausts the setup, it could follow one of the two possible directions pictured above.
A bullish breakout would pin the Phoenix coin target price at $0.97, a 53% uptrend from the current value. Conversely, a breakdown could result in an over 44% price decline, with a target price at $0.35. Notably, PHB has not yet confirmed the triangle. The coin price slid to the triangle’s support, suggesting a possible breakdown.
Additionally, the declining trading volumes backed the bearish scenario. Thus, the $0.35 target seems the most realistic.
#4 Toko coin (TKO) might erase its recent gains
Toko crypto (TKO), the “first entity registered under Indonesia’s Commodities Futures Trading Regulatory Agency,” traded at $0.34 on Dec 12. Despite its dramatic 90% drop since Nov 2021, the digital asset managed 236% returns for its investors after bottoming out on Nov 10, 2022.
The rally was consistent with a falling wedge on the daily chart, as the TKO token reached the designated target price, as seen in the graph above. However, the token risked losing the recent gains as the rally fizzled.
As a result, TKO/USD price action dropped below the 200-day exponential moving average (EMA-200; blue wave). Additionally, the declining trading volumes exacerbated the selloff fears, pinning the next solid support at $0.33, only 4% below the current value.
Also read: Judge Orders Celsius Network to Turn in $50M, a Fraction of Clients’ Lost Funds.
#5 BinaryX (BNX) coin slumped back to its March lows
BNX, the native token of the decentralized derivative trading system BinaryX, traded at $54.4 on Dec 12 after losing a whopping 70% since Nov 25. The chart below testifies to BNX’s erratic performance year-over-year and hints at a possible uptick ahead, at least in the short term.
In detail, the RSI on the chart above dropped below 30, which could lead traders to enter the market, considering the token ‘oversold,’ i.e., significantly lower than its ‘fair value.’ Typically, the oversold RSI could lead to a price increase. However, such an uptrend could still be short-lived.
Panic sale slashes BNX price in half
Moreover, the erratic drop was likely caused by a rumor that triggered a big panic sale. According to reports that surfaced on Dec 4, BinaryX team dumped an equivalent of $4 million in BNX coins per hour on Binance.
While the team tried to deny the rumors, the damage was done, and BNX lost over half its valuation in a week.
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