The crypto sector continues to struggle with the cascading effects of the FTX implosion, with most digital assets trading in a range or, at best, making modest gains.
Analyzing the recent events surrounding the five altcoins listed below, part of the community believes that the mentioned cryptocurrencies are worth keeping a close eye on.
Despite the short-lived excitement surrounding Binance’s Secure Asset Fund for Users (SAFU), positive sentiment around BNB from an investor perspective remains, especially after OpenSea added non-fungible token (NFT) support to BNB.
The Binance token is trading at around $290, down around 0.6% for the day and over 4% for the week.
As for the technical indicators, their summary points to ‘sell’ at 12, oscillators lean towards ‘sell’ at three, and moving averages to ‘sell’ at 9.
Toncoin is a decentralized first-layer blockchain developed by Telegram. On top of that, the network has a trading platform for Telegram usernames.
Toncoin’s market capitalization is around $1.84 B, but it also recorded daily losses of about 1%. The asset’s weekly gains are about 6%, monthly around 13%, and at the time of writing, it is trading at around $1.84.
Technical analysis of TON’s one-day metrics as summary goes to ‘buy’ at 15 and moving averages support ‘strong buy’ at 14. Oscillators remain ‘neutral’ at 1 level.
The price of LINK has risen to about $7.33 at the time of writing and weekly gains of about 12%.
The asset’s one-day summary metrics are currently positive, pointing to a ‘buy’ at 13. Moving averages support a ‘strong buy’ at 12, and oscillators are in the ‘sell’ zone at 5.
According to industry experts, it looks good for MATIC, the native token of Polygon, which has integrated big names like Starbucks, Instagram, and Reddit into its NFT platform. Polygon’s NFT sales rise by 191%.
The positive development of events has hugely impacted the price of MATIC, which has seen an increase of about 10% on the week and about 6.9% on the monthly chart, and now it is trading at about $0.92.
The MATIC technical analysis indicators on the intraday metrics are also looking good. The summary points to a “buy” at 12. The oscillators are in a “neutral” position at nine, and the moving averages point to a “strong buy” at 11.
Despite being the smallest cryptocurrency by market capitalization of the listed altcoins, GMX caught investors’ attention after collecting over $1.1 in daily trading fees on November 29.
Following this news, GMX has seen gains on all its charts, especially the daily uptrend, making just over 10% gains and about 29% on the monthly chart, and now, it is trading at around $53.5.
Technical indicators for GMX are the most positive among the monitored tokens, with their summary pointing to a “strong buy” at 12. Moving averages are also in the “strong buy” zone at the ten levels, while the oscillators indicate a “buy” at the two levels.
If these cryptocurrencies continue to perform positively, attract more investors, and generally improve, they will have a chance to play an important role in the recovery of the sector.