fxstreet.com
- Altcoins managed to leverage Bitcoin hitting $23,700 in January to register rallies bigger than 100%
- The three altcoins that did it best were OKB (OKB), OP (Optimism) and Aptos (APT).
- After managing to mark an all-time high last month, these altcoins are once again preparing to register new heights.
The crypto market is known to choose its own path a lot of times instead of taking the same path as most of the other digital assets do. Within this movement as well, there are moments of discrepancy that separate one cryptocurrency from the others. In the case of rallies, altcoins have not followed their usual pattern of resetting after a while this time.
Altcoins going after all-time highs
While the rest of the market has been recovering from its recent losses, these three assets managed to climb higher. The last few weeks proved to be far more helpful in the case. Bitcoin climbing the charts and marking a local top of $23,700 further pushed these assets, bringing them closer to new all-time highs.
OKB - OKB emerged as the cryptocurrency closest to registering a new all-time high, as the altcoin was also the asset to mark one a few days ago. The altcoin was also one of the handful of coins that were not facing the bears in November and December 2022.
The rally, which has been ongoing since November, closed two weeks ago, registering a 195% increase.
OKB/USD 1-day chart
Trading at $40.38 at the time of writing, the asset was only 13.61% away from tagging and breached the resistance of $45.6. In order to mark a new all-time high, OKB would need to rally nearly 14% and flip $45.6 into a support floor to rise further.
OP - Optimism is currently among the best-performing assets, which tagged the highs of $3.08 following a month of green candles. The rise in January led to OP charting a 243% increase in price, but the last two weeks brought the price down by nearly 31% as well.
OP/USD 1-day chart
Trading at $2.14, OP is now right above the immediate support of the 50-day Exponential Moving Average (EMA). If the altcoin is supported by bulls and manages to bounce off of this support, reclaiming $2.53 as a support floor would push OP to breach the critical resistance at $3.08, which would allow the altcoin to mark a new all-time high.
APT - Aptos has been performing outstandingly over the last month, rising by more than 472% in the span of a month. After falling by almost 30% in the span of two weeks, it is presently trading at $13.61, right above its immediate support at $12.72.
APTOS/USD 1-day chart
The cryptocurrency, despite being third on this list, is still closer to a new all-time high than most of the other assets.
Aptos would need to note a 40% increase in value to chart a new all-time high, which would be possible once the immediate resistance level at $14.70 is flipped into support. This would enable APT to push forward and breach $18.50 and set a new all-time high as well.
While the market has noted huge rallies from many other cryptocurrencies as well, their previous rallies from the last year have pushed them away from their all-time tops. These few assets, on the other hand, only appeared to have been lucky in these last few weeks.
While the time before a new high cannot be said, the altcoins would need to push through the incoming bearishness and keep above their respective support floors.