Recently, the entire cryptocurrency market has been discouraged by the impact of the FTX crash. As linked coins like FTT and Solana crashed, the DEX and DeFi platforms had a chance to emerge first. Interestingly, in the midst of all the fears, altcons are emerging that rally over 100%…
These altcoin projects defy the FTX crash
Trustwallet Token (TWT)
Since the start of November, many altcoins have lost their key support that has stopped the price decline. In recent days, this downward momentum has been cooling down. Trustwallet Token was one of the prominent projects in the FTX collapse, where trust in centralized exchanges was broken. If you missed it, you can find Binance CEO CZ’s tweets about Trust Wallet here.
Trust Wallet’s token TWT had surpassed the $1 resistance before these tweets. Under the influence of CZ, it completed the rally over 100% in less than 48 hours. It then climbed to the top of $3 and found resistance in the $2.7 region. It is currently trading at $2.27, up 9% over the last 24 hours.
TWT is currently hovering well above the 50 and 200 EMAs while expecting more upward movement with its current price. If the price maintains its structure and bullish action, we could see the price rise to $3, according to analyst Jameso Bande.
Litecoin (LTC)
The price of LTC has recently outpaced BTC, maintaining an upward trend despite the FTX crisis. Despite being rejected at $50, it bounced off this area as it rallied to retrace the 50 EMA, which acts as a strong support. If the price of LTC stays above $60, we could see the price rise to $65-$70 in a short time.
GMX (GMX)
GMX price faced stiff resistance in the $48 region. It is currently trading at $40.35. Despite the rejection and market turmoil affecting most altcoin projects, it remains bullish. The price must stay above the $35 zone to prevent it from falling.
Chiliz (CHZ)
The price of CHZ continues to show bullish trends, holding well above the 50 EMA. Despite the downturn in the market, it is following the bullish trend line. It is trading above the $0.230 resistance of CHZ in the last days. A close above this zone will push the price towards the $0.3 zone. By the way, as the world cup will start in the coming days, it would be useful to follow Chiliz closely as a fan token.
As Kriptokoin.com, we have conveyed what is happening in the FTX crisis in this article.
An anonymity-focused altcoin gets ahead of its competitors
Secret (SCRT) was a little-known but occasional rally project. In recent developments, privacy-focused cryptocurrencies are on the agenda in Europe, outperforming the rest of the market. Secret is a privacy token that uses the Cosmos network with end-to-end encryption and smart contracts called “Secret Contracts”. It encrypts the network, especially any transactions of users, details such as token balance.
SCRT stood out with 4% performance while the rest of the market fell. It gained 101% from $0.64 to $1.29 on November 17.
One of the reasons for Secret’s rally was that it was on the agenda of Europe. Privacy-focused altcoins have faced a growing amount of pressure from regulators in Europe as well as the US, including the Financial Action Task Force (FATF). The FATF is trying to enforce its “travel rule”, which recommends it forces users to share information in crypto transactions worth more than $10,000. Jerry Brito, executive director of Coin Center, made the alarming statement that this will cover all cryptocurrencies in the future:
Not only are we fighting for privacy rights, but if that precedent is allowed to hold, OFAC could in the future add all protocols like Bitcoin or Ethereum to the sanctions list, thus banning them immediately without any public action. This cannot be undisputed.
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