Bitcoin has struggled to hold onto the critical $60,000 support level in recent weeks due to the increasing selling pressure. Meanwhile, several emerging altcoins have outperformed Bitcoin over the past week. This has made analysts rethink their forecasts on leading altcoins including FET, Quant and Fantom which might lead gains in the coming week.
Bitcoin’s Repeated Failure Might Boost Altcoins
Last week, various altcoins captured attention as Bitcoin faced challenges in holding its price near $60,000. Despite this, the altcoin season index remains in bearish territory, having dropped to 23 and then slightly surging toward 31.
The altcoin season index’s recent decline shows ongoing dominance of Bitcoin price, even with bearish setbacks below $60K. However, this might trigger the whales to accumulate the following altcoins next week for notable gains.
Artificial Superintelligence Alliance (FET) Price Analysis
The Artificial Intelligence Superalliance, despite its unconventional name, has experienced a 27% surge in FET token prices, attracting more investment from crypto users over the past 7 days. FET bulls pushed the price above the $1.4, but the relief rally is encountering resistance near the 20-day EMA. As of writing, FET price trades at $1.3, surging over 1.2% in the last 24 hours.
If the price remains below $1.3, it indicates that bears are in control, potentially driving the FET/USDT pair down to $1. Buyers may attempt to halt the decline at $1, but if this support fails, the pair could drop to $0.8.
However, buyers are leading the rally now as the RSI level hovers above the midline. A surge above $1.5 might send the price toward $2 next week.
Quant Price Analysis
QNT’s recovery is encountering resistance at the 23.6% Fib level at $78, signaling that bears are active at higher levels. However, bulls are holding the price above the EMA20 trend line. As of writing, QNT price trades at $74.3, declining over 3.3% in the last 24 hours.
If bulls manage to hold their ground near current levels, the chances of a rally above the moving averages increase. This could pave the way for a potential move to $82 and eventually to $93.
However, this bullish outlook will be negated if the price drops below the $71 to $60 support zone. In that scenario, the QNT/USDT pair could enter a downtrend, potentially reaching $51.
Fantom Price Analysis
FTM price retreated to the breakdown point of $0.52, but the bulls failed to surpass this barrier. Though the price faced minor bearish correction, bulls are holding the price above the EMA20 trend line. As of writing, FTM price trades at $0.489, surging over 1.8% in the last 24 hours.
If the price drops from the current 23.6% Fib level and falls below the EMA200 trend line, it would signal that the bears have turned $0.5-$0.52 into strong resistance. This could pave the way for a decline to the support zone between $0.46 and $0.36, where buyers are likely to re-enter.
However, a break above $0.5-$0.55 resistance might send the price of Fantom above $0.65 in the coming week.
