Looking at the price development on the crypto market for the past seven trading days, predominantly deep red figures can be seen. Thus, among the top 10 coins with the big upstart Solana, only one cryptocurrency records a price increase.
There are also many high single-digit or even double-digit losses among the top 50 digital currencies. But 3 Altcoins are unimpressed and are currently setting an incredible rally.
ALGO, FTM and QNT up 70 to 85 percent in a week
The Algorand project (ALGO) and the rather unknown altcoins Fantom (FTM) and Quant (QNT) are on a steep upward trend. Altcoins are currently trading at 69 percent (ALGO), 77 percent (FTM) and 85 percent (QNT) above the previous week’s level and are thus clearly in rally mode.
The figures for the past 30 days are even more impressive. Here, the price of ALGO / USD is more than 140 percent in the plus. For QNT / USD, the increase is around 120 percent, while FTM/USD can even show an increase of almost 470 percent. Thus, the 3 altcoins are currently among the best investments on the crypto market.
But does this remain the case or is a correction to be expected soon? What distinguishes the projects? And what is the medium to long-term forecast for the 3 altcoins? The technical analysis of the current charts as well as assessments by market experts provide helpful insights into whether the purchase of ALGO, FTM and QNT could still be worthwhile.
ALGO: Still more than 20 percent at all-time high
Algorand was launched in 2019. Among the initiators of the project is Silvio Micali, professor of computer science at the prestigious MIT University, who has received many awards such as the Turing Prize.
ALGO is a cryptocurrency that uses the proof-of-stake consensus mechanism. In the process, the staking process is not delegated and each user receives a reward proportional to their stake when a new block is added to the Algorand blockchain. Hard forks should be avoided by the design of the protocol.
ALGO promotes very fast transactions, supports smart contracts and allows users to create their own assets while tokenizing real assets or issuing tokenized securities.
Despite the current strong trend, ALGO / USD is still trading well below its all-time high of $ 2.47. Currently, the price is at a good 2 dollars and is thus about 20 percent away from the record. With a market capitalization of $ 10.6 billion, ALGO ranks 17th in the crypto ranking. However, in terms of trading volume, ALGO takes a strong 8th place, as buying ALGO is currently very popular.
Chart analysis shows on the 1-hour chart that ALGO / USD has been moving in an ascending channel over the past few days, but has since broken down. However, it could be a potential bull flag. In this case, ALGO may soon continue the upward trend and attack the All Time High.
FTM token: Correction after yesterday’s all-time high
The Fantom Foundation behind the FTM token was founded in 2108 and is based in South Korea. The project is a graphene smart contract platform and specializes in decentralized financial services. Fantom is therefore part of the DeFi sector.
A key concern for developers is to provide users with fast transaction times, improve smart contracts, and create an advanced platform in the areas of scalability, decentralization, and security.
The network’s FTM token is currently near the all-time high of $ 1.92, which was only reached yesterday’s trading day. However, FTM has recorded a significant correction of around 20 percent over the past 24 hours. With a market capitalization of $ 3.92 billion, FTM currently ranks 45th among the most valuable cryptocurrencies.
On the hourly chart, a so-called ascending and widening channel can be seen. As long as the price can hold in this formation, further rising prices are to be expected. However, the support zone must not collapse at the current level of around 1.45 dollars.
Quant: New All Time High reached
The Quant project was launched in June 2018. The founder Gilbert Verdian came up with the idea through his work in health care. He wanted to create a network through which patients could be managed together on different platforms. The co-founder is Paolo Tasca, who has already worked as a special advisor on blockchain technologies for the EU Parliament, the United Nations and numerous central banks worldwide.
The goal is to connect blockchains and networks worldwide while ensuring the efficiency and interoperability of this global network. The aim is to build the so-called Overledger network into an ecosystem for the digital economy. For example, developers could develop decentralized multi-chain applications if they receive a certain number of the QNT token.
The QNT token has only reached a new all-time high at around $ 377 on today’s trading day and is currently slightly lower at around $ 350.
Looking at current chart performance, QNT could form a bearish double-top formation. The two high points reached on 6 and 10 September are characteristic. Should this scenario occur, a significant correction seems likely.
This is what analysts expect for ALGO, FTM and QNT for the future
Coin Price Forecast analysts trust ALGO to have a longer-lasting rally in 2022. Thus, a target of just under 4 dollars is estimated as the year-end price. This would represent a further increase of more than 90 percent compared to the current level.
The forecast is also very bullish in the medium and long term. According to this, ALGO could crack the mark of 5 dollars as early as 2023 and reach a level of almost 10 dollars in the following years. That would be about five times the current price.
The analysts of Wallet Investor also expect prices to rise, but are somewhat more cautious. They do not trust ALGO/USD to reach a price level of just under $ 5 until 2026.
For Fantom’s price development, Wallet Investor also expects a sustained upward trend. The analysts expect a slight increase of 15 percent by 2022. By 2023, the altcoin could then increase almost 50 percent at the current price. In the long term, a price target of just under 3.7 dollars will be set by 2026, which would correspond to growth of around 140 percent.
Wallet Investor’s expectation for Quant is even more bullish. Accordingly, they already trust the QNT token to double the price level by 2023. By 2026, even price increases of 250 percent are considered possible. This could catapult the QNT price to more than $ 1,200.