The last week was difficult for crypto traders. Sept. 24’s FUD-triggering news from China about crypto-ban news wiped out much of what investors had made earlier in the week. The top 100 altcoins lost 14.4% between Sept. 18-23, while Bitcoin (BTC), lost 12.5%.
Unusually low returns were also posted by altcoins. Only eight of the hundreds of assets tracked by Cointelegraph’s subscription-based intelligence platform Data fromMarkets Pro showed a gain exceeding 10% against the U.S. Dollar.
Trading is a constant flux of gains, losses and opportunities. How can investors identify the coins that will be able to weather the storm ahead?
These are the top performers in a difficult week
Below is a table listing the eight altcoins which managed to make a strong return despite the red sea that swept through last week’s market.
COTI’s winning streak was boosted by the release of the Coti Treasury whitepaper, asset listing on Crypto.com, and anticipation of a new stablecoin partnership.
CELR’s momentum increased after the launch of Celer Network’s cross-chain platform cBridge 2.0. This is designed to allow for the transfer of digital money between major blockchains.
Trace (TRAC) is the third-best performing asset of the week. It’s the native token for OriginTrail. This protocol and blockchain ecosystem aims to improve global supply chains through trusted data exchange. Recent bullish developments have seen the token’s value rise, including the adoption by Home Depot of the SCAN Trusted Factory solution built upon OriginTrail.
TRAC and REN both posted high VORTECS ™ Scores in the last week. VORTECS(tm), a machine-learning algorithm that compares historical market conditions and current market conditions for crypto assets, is used to assist traders in making more informed decisions.
This model takes into account a variety of quantitative indicators, including price movement, market outlook, trading activity, and social sentiment, to calculate a score that determines whether current conditions are historically bullish or neutral.
This is how it worked last week for TRAC and REN.
VORTECS(tm), caught early signs of a breakout
VORTECS(tm), a model that detects patterns in social and market activity, is designed to identify those patterns 12 to 72 hours prior to the coin’s price rising. Scores of 80 and higher indicate that there is a strong past history of price increases.
VORTECS(tm), Score vs. TRAC Price Source: Cointelegraph Markets Pro
TRAC’s price fluctuated against generally favorable — low to mid seventies — VORTECSTM Scores. The chart shows that the peak score of 81 briefly flashed on Sept. 21 (red circle), which indicates the model’s growing confidence in the fact that market patterns and social activity around the coin look historically bullish.
Despite the price decline that began shortly after VORTECS(tm’s) peak Score was recorded, TRAC quickly saw its fortunes turn around and launched a two-day rally of $0.37 to $0.56.
VORTECS(tm), Score vs. REN Price Source: Cointelegraph Markets Pro
The first half of the week saw REN prices steadily decline against the backdrop of a series of strong VORTECS(tm), Scores.
REN finally bottomed at $0.70, before climbing again. The week saw the second series of VORTECS ™ Scores registering over 80. A long-term asset with a high VORTECS(tm Score can be a great opportunity for profit, even if the price is flat.
Sure enough, REN’s prices soared from $0.81 to $1.13 at the end of September 23, just 29 hours after they peak.
Digital assets are not always as predictable as what we have seen in the past, particularly during market downturns.
Last week’s eight top performers produced only two bullish patterns, and they went on to explode. In a market where few coins are expected to beat the struggling one, however, it is helpful to have the VORTECS(tm). Score supply to traders.
Cointelegraph is not an investment advisor, but a publisher of financial information. We don’t offer personalized or individualized advice on investment. The risks associated with cryptocurrencies include the possibility of total and permanent loss, and they are volatile investments. Past performance does not necessarily indicate future results. All figures and charts are accurate at the time of writing, unless otherwise stated. Strategies that have been tested in real life are not recommended. Consult your financial advisor before making financial decisions.