Some of the altcoins that performed well in the last crypto bull market are still languishing, at a stage that is probably more than halfway through the current bull market. $INJ, $THETA, and $FTM are three altcoins that need to start proving themselves, or face a torrid bear market.
$INJ in good shape
Source: TradingView
Of the three altcoins mentioned above, Injective Protocol ($INJ) is in by far the best shape. In fact, besides the fact that the $INJ price corrected as much as 75% in the current crypto-wide six months reversal, this has only succeeded in taking the price to strong horizontal support levels.
It also needs to be remembered that big corrections are often necessary, as in the case here, where $INJ rose more than 4,000% in the space of only 15 months. Just like with $BTC, $INJ needed this big correction in order to absorb the previous massive run up.
The two very strong horizontal supports at $16.60, and $13.30 look as though they will be adequate to hold the price up. Therefore, a bounce from here can challenge the descending trend line. A break of this trend line could mean a reversal back to the upside.
The only negative is the weekly Stochastic RSI at the bottom of the chart. This is pointing downward, and consequently, until it turns round, momentum cannot get behind the price. However, if the bounce continues, this indicator can turn back up.
$THETA 92% down from all-time high
Source: TradingView
$THETA fell 76% in its own descent from the local high of $3.85, but what is more concerning, is that the $THETA price is more than 92% down from its all-time high of $16. Being that much under the all-time high makes it uncertain as to whether $THETA can get back to those heights again, especially as we are more than halfway through the current bull market.
On a more positive note, $THETA looks to be holding the very important horizontal support level at $1.20. There is one more major support below at $0.59. If $THETA can bounce from this level, who knows how high it could go. The Stochastic RSI at the bottom of the chart is signalling bullish price momentum.
$FTM can get back to its all-time high
Source: TradingView
$FTM came down as much as 79% from its local high during the Bitcoin correction. The chart is quite similar to that of $THETA, with the exception that $FTM appears to be making a stronger recovery than $THETA so far.
The $FTM price is consistently knocking at the $0.54 resistance. A breakthrough here could see $FTM make it back to the all-time high. Whether Fantom has the technology and the adoption to take it successfully through the following bear market is yet to be seen. There is a lot of competition among the layer 1 chains, and chasing the likes of Solana and Sui will not be easy.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
