crypto market, Terra’s downfall and Liquidity crisis in Celsius network had a generally bad summer, with a succession of bad news. However, there are some tokens opposing this trend and increasing their value over the summer.
These altcoins have outperformed leading cryptocurrencies like Bitcoin (BTC) and Ether (ETH) in the past 90 days. Here are three of them.
Chiliz (CHZ), has delivered the highest returns among major cryptocurrencies, over 80 percent over the past 90 days. Moreover, BTC has lost 57 percent since the beginning of the year, while ETH has lost 60 percent, while CHZ has only lost 26 percent compared to the beginning of the year.
On the daily chart, CHZ seems close to closing the month with profits, reaching $0.20 on August 29. From a technical perspective, Chiliz could drop to $0.09 in September with a potential 55 percent correction due to the pattern seen in the chart below.
CHZ started the rally with the overall recovery seen in the crypto market. The upward movement of the cryptocurrency continued thanks to positive news such as its collaboration with the global exchange Huobi Global and the acquisition of almost 25 percent of Barça Studios, which is owned by FC Barcelona.
More details pic.twitter.com/5xcLWYg440
— FC Barcelona (@FCBarcelona) August 1, 2022
Chiliz’s plan to leave Ethereum to launch its own chain, CHZ 2.0, was also welcomed.
Lido DAO (LDO)
Lido DAO (LDO), has gained around 60 percent in the last three months, mainly due to the enthusiasm for Merge. Expected to take place in September, Merge marks the transition of the Ethereum network from proof-of-work to proof-of-stake.
Lido DAO helps users who want to be stakers on Ethereum’s proof-of-stake chain but do not have enough assets. This DAO deposits users deposited tokens into Merge’s official smart contract by accumulating a pool of 32 ETH.
The approaching merge date and the expectation that Lido DAO will attract more users created buying pressure in a market that would otherwise be in a bear market.
Still, just like Chiliz, LDO has a risk of falling 20 percent to $1.31 in September.
$1.31 functions as support in the above red consolidation zone based on historical performance.
Quant Network (QNT)
Quant Network, which has also gained momentum with the crypto-wide uptrend (QNT), then interoperability continued to rise with rumors that the blockchain protocol would be used in government and regulatory agencies.
⚔️ Group 2 — Financial Action Task Force (FATF)
Quant CEO @GVerdian has worked diligently to keep Overledger in compliance with all existing and forthcoming regulations, including the FATF’s framework for VASPs (see image).
— Greg Lunt (@GregLunt27) July 8, 2022
Technically, QNT risks a 40 percent drop compared to the current exchange rate due to the head and shoulders pattern on its daily chart. QNT may fall as low as $57 in September, according to the chart below.
Ethereum Classic (ETC) has gained more than 40 percent in the last 90 days, with the expectation that it will embrace Ethereum miners after the PoS update.
Polygon (MATIC) rose 27 percent in the same period, followed by Uniswap (UNI) with 13 percent.