Top altcoins of the day: AI token SingularityNET & Optimism rally despite Bitcoin price falling by 3%
- Bitcoin price could be seen trading at $23,180, nearing the 50-day Exponential Moving Average support line.
- Optimism price breached the critical resistance at $3.088 to mark a new all-time high of $3.149
- SingularityNET was up by more than 5% in the last 24 hours, bouncing off the critical support level at $0.370.
The crypto market’s volatility appeared to be at a low today as most of the cryptocurrencies moved within a 5% range, witnessing price increases or decreases. However, a few altcoins stood out regardless and managed to chart gains against market expectations.
Bitcoin price takes a bow
Bitcoin price continued slipping on the charts on Friday after nearly tagging $25,000 a week ago. At the time of writing, the biggest cryptocurrency in the world was trading at $23,159, having declined by more than 6.7% in the span of seven days.
After losing its immediate support at $23,782, Bitcoin price would be inching closer to testing the critical support at $21,410 if the buyers dont step in and pull the prices back up. Doing so would enable BTC to recover back above $24,000 and mark a new eight-month high after breaching $25,419.
BTC/USD 1-day chart
However, in the event that Bitcoin price falls below the critical support level at $21,410, the bullish thesis would be invalidated. This could result in BTC falling to monthly lows, pushing the price below $21,000.
Optimism price seems pretty optimistic
Up by 9.74% in the last 24 hours, the Optimism price managed to breach the critical resistance of $3.088. While the altcoin has been in a macro uptrend for more than seven months now, most of the increase was noted in the last two months as year-to-date OP rose by over 255%.
Breaching the critical resistance at $3.088 also resulted in Optimism price marking a new all-time high, trading at $3.149 at the time of writing. The next major target for the altcoin would be to soar past $3.500, provided it can maintain the aforementioned critical resistance level as a support floor.
OP/USD 1-day chart
In case Optimism price pulls back and loses the immediate support level at $2.530, the altcoin could decline to test the critical support at $2.037. Losing this level would lead to significant corrections, with the bullish thesis being completely invalidated and OP falling below the $2 mark.
SingularityNET hype continues
The recent enthusiasm surrounding Artificial Intelligence (AI) has been highly beneficial to tokens associated with AI protocols. SingularityNET is one of them, and its native token, AGIX, managed to make the most of this hype.
The cryptocurrency managed to gain more than 1167% in the month of January to mark a new all-time high above $0.638.
In the last 24 hours, too, the cryptocurrency’s price rose by 5.07% to trade at $0.418 at the time of writing. Hovering above the immediate support level at $0.0370, AGIX is aiming to breach the critical resistance at $0.578 to rise above $0.638 and mark a new all-time high.
AGIX/USD 1-day chart
Although the Parabolic Stop and Reverse (SAR) is indicating a downtrend with the blue dots of the indicator present above the candlestick. If AGIX price was to lose the immediate support and crash, it would end up testing the critical support at $0.232.
Losing this support would minimize the altcoin’s chances of marking a new all-time high, potentially even pushing the price below $0.200.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
