Place/Date: - July 4th, 2022 at 2:05 pm UTC · 3 min read
The crypto market cap has steadily been declining since November last year, investor sentiment has been incredibly bearish, and economists forecast an incoming global recession. But technical analysts point to bullish patterns on numerous altcoins. With the Fear and Greed Index reaching its lowest point (6 Extreme Fear) since the last market cycle, it looks like the bottom has been reached, and a reversal is imminent. This article features three crypto projects that could well lead the market reversal.
Gnox has ignored the bear market and posted more than 60% gains in the last month alone. Still, in its presale phase, this is a token investors and analysts alike are watching. Its dynamic pricing model means that demand drives its valuation, and the token’s price appreciation shows that demand for the token continues to build. Gnox will launch later this year on the Binance Smart Chain (BSC) and bring meaningful DeFi earnings to the ordinary investor.
Gnox offers yield farming as a service and is the first protocol to do so. Investors who hold GNOX will receive a stablecoin reflection every 30 days. Holding the token gives investors a passive income source, which is made possible through the protocol’s treasury. The tokenomics feature buy and sell taxes, with 1% of every token transaction being redistributed to GNOX holders every 60 minutes. This protocol has all the hallmarks of a project built for long-term investors and is a great contender amongst altcoins for leading the market reversal.
Many technical analysts are excited about the famous ‘meme coin’ DOGE. On the daily chart, a bump and run reversal pattern has formed. This pattern is made up of three stages: lead-in, bump, and run. The lead-in sees the price moving sideways in a narrow band, the bump sees a steep drop and speedy recovery, and finally, the run, where the price breaks out and rallies.
DOGE currently trades at close to $0.07; if the reversal plays out DOGE will rally to $0.09. DOGE will break out of its bearish trend, and the token could likely see an enormous rally- this makes it the second pick for altcoins that could lead to a market reversal.
TRX is another token that has been ignoring general market sentiment. Over the past week, TRX has risen by more than 18%, and the technical signals all point to the bulls supporting this reversal and driving it higher. Hence it is the third pick for altcoins that may lead the market reversal.
The Tron network has been one of the most widely adopted blockchains, and this has been the main driver of its price appreciation. Tron aims to build a protocol that gives individuals ownership over their data, and this idea is often described as Web 4.0. Tron wants to give people the ability to store and own their data, and with growing privacy concerns, this project goes from strength to strength.