- The past week’s volatility saw three clear bullish performers emerge from among the popular large-cap assets
- Since November, Injective has been weaker compared to Cardano or Stellar
Bitcoin [BTC] had a volatile start to the year. Since Wednesday the 1st of January, it rallied 9.93% from $93.4k to $102.7k before plunging 7% over the past 24 hours. At press time, BTC was trading at $95.5k.
Some large-cap altcoins that performed well during the past week were Cardano [ADA], Stellar Lumens [XLM], and Injective [INJ].
While ADA has fallen below the psychological $1 level again, its rising Total Value Locked (TVL) was an encouraging sight. Injective also witnessed an uptick in new addresses and active addresses, a sign of increased participation and growing demand.
Cardano, Injective, and Stellar stand firm
Source: Santiment
The Santiment Insights post highlighted some top-performing assets of the past week, focusing on the more popular assets within the top 100 in the crypto space. The data showed that ADA, XLM, and INJ were the standout performers of the past week.
Render [RNDR] received an honorable mention, gaining 16.55% in seven days.
Meanwhile, ADA rose by 19%, XLM by 29%, and INJ by 22%. Their price action was strongly bullish in the short term.
Source: ADA/USDT on TradingView
The 2-hour chart showed that their performances were quite similar in the past week. In the short term, these are the support levels to watch for the compared altcoins.
Cardano bulls would aim to defend the $0.94-$0.95 zone, while Stellar would likely offer a good buying opportunity at $0.41-$0.42. Injective has a strong short-term support zone at $22.67-$22.95, which could trigger a bullish reaction.
Source: TOTAL3 on TradingView
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The altcoin market cap has been in a strong uptrend, and the positive performance of Cardano and the others is likely to continue in the coming weeks.
These three altcoins have demonstrated relative strength compared to the rest of the market, and their price performance should be viewed as firm bullish intent from market participants.
