Despite the crypto market blood bath, not all tokens are in the red. NEAR, ATOM and LINK are today’s three standout performers. Covered: NEAR ATOM LINK The crypto markets have been struggling to find a bottom for the past few weeks now. While most projects are putting in lower highs, NEAR Protocol, Cosmos (ATOM), and […] The post NEAR, ATOM, and LINK Showing Strength While Bitcoin Sweeps The Lows appeared first on CryptosRus.

NEAR, ATOM, and LINK Showing Strength While Bitcoin Sweeps The Lows

Despite the crypto market blood bath, not all tokens are in the red. NEAR, ATOM and LINK are today’s three standout performers.

Covered:

  • NEAR
  • ATOM
  • LINK

The crypto markets have been struggling to find a bottom for the past few weeks now. While most projects are putting in lower highs, NEAR Protocol, Cosmos (ATOM), and Chainlink(LINK) are three standout projects maintaining a strong uptrend.

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NEAR Protocol (NEAR)

NEAR Protocol is s layer-1 (L1) smart contract platform that’s catching attention as the L1 wars rage on. After Solana, Luna, and avalanche stole the show in the second half of 2021, the market feels like it’s asking for NEAR Protocol next.

While Bitcoin hovers above $40,500, NEAR is still up nearly 11% on the day, trading at $14.70.

As we can see from the daily chart, if you were strictly holding onto NEAR throughout the past few weeks, you would not have even felt the most recent 40% drawdown from Bitcoin, the crypto asset’s second-largest drawdown since taking off in 2020.

NEAR is showing incredible strength — after breaking above historic resistance at $12.40 a few weeks ago, NEAR is now using that line of resistance at support, keeping the asset afloat while the crypto markets struggle to find a bottom.

While the typical, tried-and-true strategy you hear in crypto is to buy low and sell high, I think that mantra can often lack the greater context of market sentiment. While buying low may be considered “safe,” the market tends to favor projects showing real activity and usage, like NEAR, rather than just the coins trading at low prices. A recent study from Electric Capital finds that NEAR is actually the third-fastest growing project in terms of new developers, following behind Solana (SOL) and Terra (LUNA), as reported by Forbes.

If Bitcoin is able to bottom here and find a strong bounce at current prices, I’d expect NEAR to outperform in the short term as it inches closer to price discovery.

Cosmos (ATOM)

Cosmos (ATOM) is the next coin showing a lot of strength as of late. Cosmos is an interoperability platform that uses its signature inter-blockchain communication (IBC) protocol technology to interconnect blockchains to enable seamless communication between them.

Currently, ATOM is trading at $35.15.

ATOM recently broke back up into a range between $28.50 and its previous all-time highs of roughly $45, flipping long-time resistance at $28.50 into support After tapping the all-time high a few days ago, ATOM has pulled back slightly and is looking for its next line of support.

While the future isn’t certain, the momentum behind ATOM could send the asset flying higher out of its current range once Bitcoin picks up steam again. The current price range could be the lowest ATOM prices you see in 2022 as the bull run continues. On the bearish side of things, a drop back down below $28.50 could confirm the start of a bear cycle for the token.

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Chainlink (LINK)

Finally, the last feature on today’s list of standout performers goes to Chainlink (LINK). Chainlink is making waves in the crypto community once again now that the token’s founder Sergey Nazarov confirmed that staking will be coming to Chainlink in 2022.

At the time of writing, LINK is trading at $26.62.

Chainlink is a unique performer in the crypto markets. It doesn’t tend to follow the typical waves of capital that flow throughout the space. Rather, since its inception in 2018, the token has basically been in a non-stop staircase uptrend with some longer-than-usual accumulation ranges that have built up the token’s base higher and higher.

Over the past couple of weeks, Chainlink has been showing immense strength against the market after bouncing off the bottom of its most recent accumulation zone. Assuming the overall market stays healthy, a break over the $35 mark could send LINK soaring into price discovery as it continues stair-stepping its way higher.

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