There are important bullish signals for 3 altcoins in the cryptocurrency market. We will talk about altcoins FLOW, The Graph (GRT) and Filecoin. Let’s look at the details.
Altcoin FLOW’s impressive recovery and potential breakout
Altcoin FLOW has been labeled a security by the US Securities and Exchange Commission. It then rebounded impressively, despite hitting record lows of around $0.41. Currently, FLOW is trading close to $0.75. On the other hand, it increased by about 80% from its lowest point.
The altcoin’s recovery has been supported by increased trading volumes reaching nearly $300 million in the last 24 hours. Altcoin FLOW is still below its 100 and 200-Day Moving Averages. However, there is a break above the long-term downtrend from August 2021 highs. This would potentially break the $1 level, leading to significant short-term gains.
The Graph (GRT) and Filecoin: Leading the winners
The Graph (GRT) and Filecoin are the top earners in the cryptocurrency market. Accordingly, they gave a remarkable performance. GRT is currently up 25%, while Filecoin is in fourth place, up 15%. In the last 24 hours, Filecoin has experienced a significant increase in transaction volumes. Accordingly, it reached a staggering 211% increase with transactions worth 484 million dollars.
Similarly, The Graph (GRT) gained 21.66% in the past day. Trading volume increased 375% to $249 million. Investors are taking advantage of this volatility to make profits and this is increasing the momentum of altcoins. While Bitcoin remains in a sideways trading pattern, some altcoins have shown significant moves over the past 24 hours.
Potential catalysts and decentralized data storage
Crypto trader Rager reveals an interesting situation. He underlines that compared to the current state of Bitcoin, some altcoins offer better trading setups. Market dynamics can change rapidly with fundamentals or news. Therefore, it emphasizes the importance of taking advantage of opportunities during sideways price movements. Despite Bitcoin being traded in the $30,000 to $31,000 range, altcoins like The Graph and Filecoin have attracted attention. Accordingly, there was an increase in prices.
Recent events have led to renewed interest in decentralized data storage protocols such as Filecoin and The Graph. A “rate limit debate” involving Twitter setting read limits due to data scraping and manipulation concerns shed light on the importance of secure and decentralized storage systems.
Filecoin, an open source and decentralized storage platform, offers developers the opportunity to build cloud file storage services. On the other hand, The Graph serves as an indexing protocol that enables querying data in networks via subgraphs and GraphQL. These platforms are experiencing price increases as their importance in data management and storage becomes more evident.
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