Three early Tier-1 altcoin projects, EOS, Zilliqa (ZIL), and Internet Computer (ICP) are gaining bullish momentum. Recent gains could extend into the week as resistance weakens, according to analysts.
EOS is making a U-turn
2017 projects are taking initiatives to bring them back to life. EOS, ZIL and ICP stand today amid renewed strength in the market. EOS, one of the first “Ethereum killers” to stand out in crypto’s 2017 bull cycle, is showing momentum in the market for the first time in months. Block.one raised a considerable $4 billion for EOS in a year-long ICO, but the project failed to deliver on its promises. The EOS Foundation has since left Block.one and hired early EOS architect Dan Larimer to lead the project.
EOS appears to have rebounded from a key support area that could rally, although it may not reach new highs in 2021 as the broader market rises. The L-1 token has increased by more than 26% in the last 36 hours. The spike appears to have emerged after Block.one co-founder Brock Pierce announced on Twitter that he had sold Block.one shares and 24,000 Bitcoins to buy EOS. The move may be Pierce’s attempt to build public confidence after months of debate, analysts say.
Technically speaking to analysts for EOS: It appears to have bounced off the lower boundary of a parallel channel that its price is in. Price history shows that the asset has recovered from this support level every time it has hit since late 2018. Similar price action could result in a bullish push to the middle trendline of the pattern at around $5.
It is worth noting that EOS needs to be traded above $2 to confirm the upbeat outlook. Failure to do so could spark panic selling among investors, leading to a correction towards $1.10.
Zilliqa participates in Layer-1 rally
Alongside EOS, Zilliqa is rapidly rising as the network utility increases. The sharding pioneer emerged during a boom in the cryptocurrency market in 2017. It hit an all-time high of $0.19 in May 2018, and then sold out brutally until the market recovered in 2021.
As reported by Kriptokoin.com, Zilliqa’s ZIL token has gained over 160% in market capitalization after signing a major partnership with Agora for the upcoming Metaverse as a Service (MaaS) platform Metapolis. Sandra Helou, Zilliqa’s Head of Metaverse and NFTs, said the global talent awards app “will not only bring creativity to life within the Metaverse, but will also give creators worldwide unlimited access to connect in the digital world.”
Here’s the analyst’s assessment of the altcoin: Over the past few days, bullish price action seems to be making it head-and-shoulders right on Zilliqa’s weekly chart. More buying pressure could push ZIL towards the neckline of the formation at $0.234. Breaking this critical resistance level could result in a 100% price increase towards $0.47 or even 10.712% towards $25.
The discrepancy between the two optimistic targets is due to measuring this distance from the model’s head to the neckline compared to measuring the model’s neckline to head distance. In traditional markets, the most conservative target always tends to get verified. That said, it’s not uncommon in crypto markets for assets to confirm the most optimistic targets.
Internet Computer (ICP) picks up speed
Internet Computer (ICP) seems to be on the verge of breaking after breaking critical resistance, according to analysts. Internet Computer was founded in 2016 and saw years of development before its initial launch in October 2019. After several major updates, the project launched the much-anticipated ICP token lock in May 2021, but the asset lost 95% in a month. Arkham research suggested that the sharp price drop was the result of the Dfinity team pouring tokens into the community. It has been a grueling few months that have continued to bleed ever since.
Now, ICP is showing signs of life. The market cap has increased by more than 24% in the past three days to test the $23 resistance level. Analysts say this hurdle is significant for ICP because a wedge formed on its weekly chart is located around the descending trendline.
Analysts set the technical outlook for ICP as follows: A decisive candlestick above $23 could signal a breakout from the consolidation pattern. Under these circumstances, investors on the sidelines could re-enter the market and push ICP roughly 82.5% towards $39.50.
Still, ICP did not post a weekly close above $23 to confirm its bullish thesis. If it fails to break this resistance level, the asset could correct a correction to the descending trendline of the wedge at $15.30. Even if it reaches $39.50, it will remain at around 94% of the all-time high of $700 recorded in May 2021.
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