While digital currencies have mostly been in a downtrend and recorded negative returns over the past 90 days, there are 3 altcoins whose returns exceed 40% over the same time frame.
To GazRSh Cointelegraph, the cryptocurrency market has had one of its worst summers so far. During this time, a wave of negative news heard one after the other in the market, from the collapse of the value of Luna and the Terra network to the bankruptcy of the Celsius lending platform, all led to the more chaotic price conditions of digital currencies. In the meantime, there were tokens that were not involved in the widespread downward trend of the digital currency market and spent their summer with growth.
Specifically, over the past 90 days, 3 altcoins have performed much better than Bitcoin and Ethereum, which we will examine together.
The return of Chiliz in the last 90 days is more than 60%, and in this respect, it has taken the second place among the top 100 currencies of the market. On the other hand, this digital currency has seen a 28% drop in price since the beginning of 2022, while the return of both Bitcoin and Ethereum digital currencies has been negative 57% since the beginning of this year.
As it can be seen from the one-day view of Chiliz market, the price has just reached the level of $0.20 and the monthly candle is on the verge of closing in a profitable position. From a technical point of view, however, there is a possibility that Chiles will experience a 55% drop to the level of $0.09 during the month of September and will go down to near the bottom of the descending channel drawn on the chart below.
Part of the price jump of Chiles during this period is due to the consecutive updates of this network, while the developers of this platform are also trying to abandon the current Ethereum-based structure and their own network, namely “CHZ 2.0”. launch
Lido Dao (LDO)
Lido Dao has increased its price by nearly 80% in the last 90 days, and in this respect, it holds the first rank among the top 100 currencies of the market. This significant jump is obviously influenced by the approach of the Merge event or the change of Ethereum network mechanism from Proof of Work to Proof of Stake.
The Lido Dao platform allows users to participate in Ethereum Proof-of-Stake network staking with a budget of less than 32 Ether (required to participate in Ethereum 2.0 staking). The pool actually collects users’ ethers in small amounts and organizes them into pools with a balance of 32 ethers, and then locks it into the Ethereum 2.0 escrow smart contract.
The promising prospect of Lido Dao, which has a great chance to attract new users in the days leading up to the Ethereum Marj event and even after, has caused investors to buy the protocol’s native token in this bearish market.
However, like Chiles, Lido Dao is technically at risk of a 20% fall to $1.31 in September.
The $1.31 target is actually the bottom of the red range, which is marked on the chart as the Lido Dow’s consolidation range based on price history.
Quantum Network (QNT)
In the last 90 days, Quantum Network has experienced a 40% jump, which started with a coordinated increase in the price of all digital currencies, but then the price increased because investors speculated that there were going to be collaborations between this interactive blockchain protocol and government institutions. and international supervision is formed.
From a technical point of view, Quant is on the verge of experiencing a 40% drop from current levels to the target of the upside pattern on the chart below at $57.
Ethereum Classic is another digital currency that has increased in price by more than 40% in the last 90 days. This jump has been mainly due to the fact that investors expect this digital currency to become an alternative for miners after the end of Ethereum mining.
Polygan has also experienced a 28% jump in the same period of time, and UniSwap has also experienced a 13% price increase.