NOIDA (CoinChapter.com) — The cryptocurrency market exhibited mixed signals as investors braced for releasing the Federal Reserve’s meeting minutes. After its recent rally, Bitcoin hovered around $34,500, maintaining a narrow trading range. Altcoins showed varied performance, with some tokens benefiting from whale activity and ecosystem developments. GAS, QKC, and STRAX for instance, have emerged as significant gainers, driven by ecosystem advancements and strategic movements by large investors. The upcoming Fed minutes are expected to shed light on the central bank’s policy stance, which could influence risk asset performance, including cryptocurrencies.
Market participants remain cautious, balancing bullish sentiment in select tokens against broader macroeconomic uncertainty.
GAS Pumps as Neo Targets AI Integration
The price of GAS, the utility token of the Neo blockchain, has surged over 11% in recent days, driven by the ecosystem’s strategic pivot toward AI-driven innovations. Neo recently announced the “Escape From The Matrix” event on Jan. 9, including an AI agent competition with a $30,000 prize pool. This initiative marks Neo’s focus on integrating artificial intelligence within its decentralized application framework, likely enhancing demand for GAS as the token powers transactions and smart contracts on the platform.
Additionally, increased trading volumes on Binance and other exchanges suggest heightened market interest, likely spurred by Neo’s position as a major blockchain in Asia. The GAS USD pair hit $5.97, reflecting positive sentiment around the AI-centric push. The event is expected to showcase Neo’s competitive edge in blockchain innovation, solidifying its position as a pioneer in merging AI and decentralized finance.
GASUSDT daily price chart with RSI. Source: TradingviewDespite the recent uptick in prices, bulls failed to get GAS price above the resistance near $6.2, suggesting profit-booking sentiment near the price level. A move above the level would bring the token closer to targeting the resistance level near $6.9. A golden cross between the 20-day EMA (red) and the 50-day EMA (purple) would likely add to the bullish sentiments for GAS.
On the other hand, increasing profit booking could force GAS price to the support level near $5.3. Breaching the immediate support level might force the token to test the support near $4.7 before recovering.
The RSI for GAS remained neutral, with a score near 62.64 on the daily charts.
QKC Gains Momentum as Whales Accumulate
QuarkChain’s native token, QKC, has seen a noticeable uptick in price, gaining traction amid reports of significant whale accumulation. Data from Upbit indicates rising interest in QKC, with substantial buy orders contributing to increased demand. X posts from traders have amplified the hype, drawing attention to potential bullish chart patterns.
The rally coincides with QuarkChain’s ongoing efforts to highlight its high-throughput blockchain technology, which remains a draw for scalability-focused projects. However, much of the current price movement appears speculative, fueled by whale activity rather than immediate ecosystem developments. As QKC trades near $0.0104, whether the momentum is sustainable or a temporary reaction to market speculation remains to be seen.
QKCUSD daily price chart with RSI. Source: TradingviewAnother reason for QKC price’s rally could be that bulls are trying to break past the resistance of the bullish setup called the ascending triangle. The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for the QKC USD pair. Moreover, the technical setup provides a clear framework for assessing potential price movements in the near term.
However, it will not be easy for the token to reach the projected price target near $0.015. Bulls would need to conquer Fib retracement resistance near $0.0122 and $0.0134 before the token can reach the target. Yet, a breakout would likely attract more buyers to the market.
On the other hand, if the rally fails, QKC price would likely drop to the support near $0.0105. Breaching the immediate resistance would likely invalidate the triangle pattern, resulting in a spike in selling pressure. As a result, QKC price could drop to the support near $0.009.
Meanwhile, the RSI for the token remained neutral, with a score of 56.4 on the daily charts.
STRAX Rallies On Hype And Technical Pattern
Stratis (STRAX), the native token of the Blockchain-as-a-Service platform Stratis, has seen a notable rally recently. Since the launch of the project’s mainnet in March 2024, Stratis has formed multiple partnerships, which could be helping the token’s rally. Moreover, Stratis recently launched the facility to bridge STRAX tokens to wSTRAX and trade on Uniswap, QuickSwap, and PancakeSwap.
Another factor buoying STRAX prices is likely the ‘ascending triangle’ pattern that the token has formed, visible on the daily charts.
The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
STRAXUSDT daily price chart with RSI and bullish pattern. Source: TradingviewThe significance of this pattern lies in the potential for a breakout. A surge in trading volume as the price nears the resistance level typically confirms the likelihood of a breakout above it.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for the STRAX USD pair. This technical setup provides a clear framework for assessing potential price movements in the near term.
In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point. For the Stratis crypto coin, this calculation suggests a price target near $0.16, a spike of 82% from the current levels.
However, STRAX price, like QKC, faces resistance from the Fib retracement levels near $0.1 and $0.116, which could thwart bulls attempt for an ideal breakout.
A pullback would pit STRAX bulls against the pattern’s support line near $0.79. Failure of the immediate support level might force the token to drop to the support near $0.065 before recovering.
The relative strength index for STRAX remained neutral, scoring 59.93 on the daily charts.
The post QKC, GAS, And STRAX: Top Rallying Tokens Today appeared first on Coinchapter.
