After enduring a brief period of bearish sentiment, the cryptocurrency market has bounced back with a notable bullish recovery. The market is currently valued at $2.11 trillion, reflecting a 1.48% increase over the past 24 hours. This resurgence has drawn attention to mid-cap and low-cap altcoin, which are showing significant uptrends in their portfolios. In this article, we delve into the market sentiments, price action, and short-term targets of three altcoins poised for potential gains: Syscoin (SYS), Beldex (BDX), and Liquity (LQTY).
Syscoin (SYS) Price Action
Syscoin has emerged as a standout performer amid the crypto market’s recovery. Over the past day, SYS has surged by over 30%, with a trading volume of $46.62 million, marking a staggering 1,066% increase. Over the past week, the altcoin has added 36.38% to its value, signaling growing bullish sentiment.
The Moving Average Convergence Divergence (MACD) for Syscoin displays a consistent green histogram, indicating strong buying pressure. Additionally, the Simple Moving Average (SMA) curve is trending upward, suggesting further gains. Should the market maintain its momentum, SYS could approach its upper resistance level of $0.1630 in the coming weeks. However, if bearish forces prevail, the altcoin may retest its crucial support level of $0.0670.
Beldex (BDX) Price Action
Beldex has experienced a minor correction, dipping by approximately 2% over the past day. Despite this, the altcoin has gained over 3% in the past week and 16.89% over the past 30 days. Long-term investors have seen a year-to-date (YTD) return of 18.76%, underscoring Beldex’s resilience.
The Relative Strength Index (RSI) for Beldex hovers near the overbought range, indicating heightened price volatility. However, the average trendline shows a bearish crossover, suggesting uncertainty in future price action. If the bulls regain control, BDX could retest its upper resistance level of $0.0650. Conversely, if bearish sentiment dominates, the altcoin may slide toward its low of $0.04320.
Liquity (LQTY) Price Action
Liquity has also benefited from the market’s bullish turnaround, posting a 7% gain over the past day. With a trading volume of $17.063 million and a market capitalization of $60.164 million, LQTY currently ranks 444th in the global crypto market.
Also Read: Crypto Market Meltdown – Bitcoin Below $60K, Altcoins Suffer Massive Losses
The Simple Moving Average (SMA) for Liquity is nearing a bullish convergence, suggesting an uptick in positive momentum. On the other hand, the MACD remains flat, with its averages indicating a neutral trend. This mixed sentiment reflects the broader uncertainty in the crypto market. If the bullish trend persists, LQTY could target its upper resistance level of $1.20. However, a lack of momentum could see the altcoin hovering near its crucial support level of $0.560.
As the cryptocurrency market recovers, mid-cap and low-cap altcoins like Syscoin, Beldex, and Liquity are gaining traction among investors. While the short-term outlook appears promising, the volatile nature of the market calls for cautious optimism. Investors should closely monitor market trends and indicators to navigate the potential risks and opportunities in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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