- FLOW and PYTH stood out as the best performing tokens in midweek.
- CHZ, FTM and ADA are some of the altcoins that could potentially breakout to the upside
Bitcoin [BTC] led the rest of the cryptocurrencies into a pronounced market-wide retracement on July 24, as US stock markets followed their multi-week lows.
The NASDAQ composite index and the S&P 500 index marked their worst days since the third quarter of 2022.
Source: TradingView
Meanwhile, the flagship crypto briefly slipped below $64,000 on July 25 after failing to protect the $65,500 level.
Bitcoin out, altcoins in
Most altcoins also remained subdued on the 24th Wednesday and were suppressed for most of the 25th.
Current [FLOW] and Pyth Network [PYTH]however, stood out as one of the best performing tokens in the midweek price action.
PYTH posted double-digit gains on July 24, boosted by recent news about Pyth Network powering Galxe’s Layer-1 omnichain Gravity. In a announcement on July 22, the team wrote:
“Gravity will be powered by Pyth, with Price Feeds available to developers who build on Gravity and want to leverage the chain’s performance and UX capabilities. […] Smart contract developers can also leverage Pyth Network’s 550+ real-time price feeds for cryptocurrencies and even traditional asset classes.”
Flow’s native token FLOW set an intraday and five-week high of $0.70 on July 24. CoinMarketCapbut has given up some gains, reaching $0.63 at the time of writing.
Source: TradingView
On the daily chart, FLOW has recovered the losses from a downward phase in the second and third weeks of July. At the time of writing, bulls faced immediate resistance at $0.65.
The FLOW/USDT pair traded between the widening Bollinger Bands on the 4-hour chart, confirming increasing market volatility.
Source: TradingView
When the bands widen significantly, it often indicates that a strong trend is underway or a breakout is in progress.
The case for CHZ, FTM and ADA
Despite the spike in Bitcoin dominance, some market commentators say expected a recovery in the second half of the year.
Market information platform Santiment marked Cardano [ADA]Chiliz [CHZ]and Fantom [FTM] as some altcoins are likely to see price increases due to potential liquidated short positions.
The trio of tokens has been shorted consistently over the past five weeks.
Source: Santiment
ADA bounced above the 20 and 50 simple moving averages (SMA) on July 12 thanks to six consecutive daily green candles between July 8 and 13.
Read Cardanos [ADA] Price forecast 2024-25
The streak marked the first repeat since February 26.
Source: TradingView
On the daily chart, ADA/USDT has erased most of the gains from the second week of July and at the time of writing was below the 20 and 50 SMA lines, which crossed at $0.40 on July 24 .