Top Altcoin Movers: February Week 3
The third week of February saw significant price swings in the altcoin market. While some altcoins experienced substantial gains, others underwent corrections. This report analyzes the performance of four prominent altcoins: Telcoin (TEL), Sonic (S), Litecoin (LTC), and DeXe (DEXE), along with a brief look at Ondo Finance (ONDO). Codeum, a leading blockchain security and development platform, offers solutions to ensure the security and success of your cryptocurrency projects.
Telcoin (TEL)
Telcoin (TEL) experienced a remarkable 88% surge in the past week, boosting its market capitalization beyond $1 billion. This marks its highest price point since December 2021, signaling renewed investor confidence. The increase followed a prolonged period of consolidation. Telcoin aims to streamline global remittances through its wallet, offering fiat transfers to over 20 countries.
Price Outlook: Further bullish momentum could push TEL towards $0.013 or even $0.015. Conversely, a bearish reversal may lead to a retracement to $0.0075, potentially dropping to $0.0063 or $0.0042 in a significant correction.
Source: TradingView
Sonic (S)
Sonic (S), formerly Fantom, saw a nearly 40% increase this week, recovering its market cap to around $1.5 billion. Despite the positive price action, 24-hour trading volume decreased by 37% to $89 million, suggesting a potential slowdown in short-term momentum. Sonic's rebranding has presented challenges; its price remains 63% down from mid-December 2024.
Price Outlook: A continuation of the uptrend could lead to resistance testing at $0.60, with a potential push towards $0.65. However, a loss of momentum might trigger a retracement to $0.47, and potentially lower to $0.37 or $0.33.
Source: TradingView
Litecoin (LTC)
Litecoin (LTC) climbed almost 30%, reclaiming a $10 billion market cap. The price increase is near recent highs. This surge could be linked to the potential for LTC ETF approval in the US. Despite the price rally, 24-hour trading volume decreased by 22% to $1.24 billion.
Price Outlook: EMA indicators point to a potential uptrend continuation. Resistance levels are at $141 and $147, with a potential push towards $150 or $160. Support sits at $110; a break below this could lead to a drop to $96 or $86.
Source: TradingView
DeXe (DEXE)
DeXe (DEXE), a governance protocol, experienced an 11% drop this week, its market cap falling to $1.5 billion. Low trading volume of $7.5 million indicates a correction phase following a strong rally earlier in February.
Price Outlook: A continued downtrend could see DEXE test support at $15.8, potentially dropping to $13.2. A bullish reversal could lead to resistance testing at $19.4, with possible upside to $21.8, $24.1, and even $25.
Source: TradingView
Ondo Finance (ONDO)
Ondo Finance (ONDO) saw a downturn this week, but its alignment with the growing real-world asset (RWA) sector suggests potential for recovery. As other RWA tokens gain traction, ONDO may follow suit.
Price Outlook: Support sits at $1.25; a break below could lead to a drop to $1. A bullish reversal may push ONDO to $1.49, potentially reaching $1.66.
Source: TradingView
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Market conditions are volatile. Conduct thorough research before making investment decisions.