YEREVAN (CoinChapter.com) – The crypto market at large hibernated on Jan. 26, thanks to Bitcoin’s sideways consolidation near $40,000. However, not all tokens intend to sleep out the storm. Here are the top 3 altcoins that outperformed Bitcoin today.
#1 Ethereum Name Service (ENS) Leads The Way
Ethereum Name Service (ENS) traded at $19.5 on Jan. 26, after an 8% daily uptrend. However, the technicals show that ENS might not be rallying for long. According to the daily chart, large jumps in the previous month (Jan. 3 and Jan 10-11) accompanied significant increases in trading volume. However, the levels have declined since, which could indicate a lowering interest in the altcoin.
Additionally, the chart printed a relative strength index (RSI) divergence. In detail, the RSI shows traders a profitable market IN and OUTs.
The ENS price action printed higher lows in the previous month, but the RSI did not follow and insisted on lower lows, which could hint at a looming decline in the coming sessions. If a bearish short-term scenario plays out, ENS will likely reach $18, or the up-trending support line that has been relevant year-to-date.
#2 Optimist (OP) Joins The Top 3 Altcoins
Optimism (OP) token traded at $3.0 on Jan. 26, after a 7% jump, bringing its wins in the previous three days to 10%. Much like ENS, OP/USD price action printed several worrying signs that could translate to a correction in the coming sessions. The trading volumes have declined year-to-date as traders step more cautiously through the crypto market.
Furthermore, the top 3 gainer altcoin’s total value loved (TVL) declined since peaking on Jan. 11, the day of spot-Bitcoin-ETF euphoria. As of Jan. 26, Optimism’s TVL stood at $785 million, or 15% lower than the mentioned peak. Notably, the TVL does not directly influence OP price. However, it could be a gauge of investor confidence, which, in turn, influences the token value.
Moreover, the leading protocols on the platform had a tough month, and the latest Bitcoin flatline did nothing to help. Thus, despite the short-term uptrend and joining the top 3 altcoins, OP could decline in the coming sessions.
If a correction follows, a likely target will stand back at the support of $2.74 that the token retested three days ago.
#3 BONK Token is Still Here in Top 3 Altcoin Gainers
Never underestimate memecoins is the general crypto rule. BONK made headlines when it rose, thanks to the Solana Saga phone hoopla. However, it has since maintained a presence in the memecoin sector and stood at $0.000011 on Jan. 266.
However, memecoin success can also be short-lived. As of the European session, BONK’s trading volumes don’t look convincing enough to back another bullish rally. If a correction or a stall follows, a likely target for the top 3 altcoin gainers would be the previous support at $0.000010.
