- Synthetix is the best-performing altcoin out of the top-10.
- Zilliqa poised for a sustainable rally as the critical resistance is out of the way.
- THETA settles above $1, ready for a short-term correction.
The cryptocurrency has been a mixed picture recently. Bitcoin managed to regain ground above $23,000 and extend recovery, ETH stayed mostly untagged, while XRP crashed below critical support amid the SEC’s lawsuit against Ripple. The total cryptocurrency market capitalization settled at $644 billion, with nearly $200 billion worth of crypto changed hands in the past 24 hours.
However, these three altcoins showed an extraordinary bullish momentum on Wednesday with double-digit gains.
Synthetix (SNX) is on fire with over 35% of day-to-day gains
Synthetix (SNX) is the 33d-largest digital asset with a current market capitalization of $896 million. The token has been growing strongly and more than doubled its value since December 11. At the time of writing, SNX is changing hands at $8.1, having gained 35% on a day-to-day basis.
SNX, 4-hour chart
While the bullish momentum remains strong, SNX may be vulnerable to the downside correction as TD Sequential indicator is ready to send a sell signal on the 4-hour chart. A green eight candlestick implies that that token is overbought. If the signal is confirmed, SNX may return to the former channel resistance at $6.5 and potentially retest $6 reinforced by the 4-hour EMA50.
Zilliqa enjoys bullish momentum despite bearish signals
Zilliqa (ZIL) hit $0.06, the highest level since July 2018, during early Asian hours. At the time of writing, the token is trading at $0.058, having gained nearly 18% on a day-to-day basis and 60% on a weekly basis.
ZIL, daily chart
As FXStreet previously reported, a sustainable move above $0.04 improved the long-term picture for the coin. However, further recovery may be limited by a strong resistance on approach to the psychological barrier of $0.06. Once it is out of the way, ZIL will enter uncharted territory with the potential of a 1,000% rally.
THETA is unstoppable now that $1 is out of the way
The 22d-largest digital asset managed to settle above the psychological level of $1 and extend the recovery to $1.17 during early Asian hours on Wednesday. At the time of writing, THETA is changing hands at $1.15, having gained over 13% on a day-to-day basis and over 50% on a weekly basis.
THETA, 4-hour chart
Meanwhile, TD Sequential sends cautious signals. A green eight candlestick on the 4-hour chart implies that the price may be ripe for the downside correction in the form of one to four green candlesticks with the potential target at $0.97, followed by $0.89.