Several altcoins have not only outperformed Bitcoin and Ethereum, but also posted impressive gains over the past three months.
The entire crypto market had a bad summer due to bad news ranging from the collapse of Terra (Luna) – now renamed Terra Classic (LUNC) – to the Celsius network liquidity crisis. But some tokens overcame the downtrend and their value really increased over the summer.
In particular, these so-called alternative cryptocurrencies or “altcoins” have outperformed top coins like bitcoin (BTC) and ether (ETH) over the past 90 days. Here are three of them:
Chiliz (CHZ) has returned over 80% in the last 90 days, the highest among the top cryptocurrencies by capitalization. Additionally, CHZ is down just 26% year-to-date compared to BTC and ETH, which are down 57% and 60%, respectively.
Cryptocurrency Indicators (last 90 days). Source: blockchaincenter.net
On the daily chart, CHZ hit $0.20 per share on August 29 and should have ended the month in profit. Conversely, Chiliz token could technically correct by 55% to $0.09 in September based on the setup shown below.
Three-day price chart CHZ/USD. Source: Trade View
Originally, the CHZ price rally started after a recovery in the cryptocurrency market. But that bullish move has been buoyed by a series of bullish upgrades, including a partnership with crypto exchange Huobi Global and the acquisition of nearly 25% of Barça Studios FC Barcelona.
Chiliz has also capitalized on the hype surrounding back-to-back network upgrades as it seeks to scrap Ethereum and launch its own CHZ 2.0 network.
Lido DAO (LDO)
Lido DAO (LDO) is up around 60% over the past 90 days, mainly due to the euphoria surrounding the “fusion”, the long-awaited transition of the Ethereum network from Proof of Work to Proof of Stake in September.
Related: US dollar hits new 20-year high – 5 things to know about bitcoin this week
The Lido DAO helps underfunded users become participants in the upcoming Ethereum Proof-of-Stake chain. To do this, user funds in Ether are pooled in a pool of 32 ETH – as required by the Ethereum network – and deposited into the official Merge smart contract.
Ethereum 2.0 TVL delivered by the provider from August 28th. Source: glass node
The prospect of Lido DAO attracting more users in the days before and after the merger prompted buying in a bear market.
But like Chiliz, the LDO price is at risk of falling 20% to $1.31 in September as shown in the chart below.
Daily CHZ/USD chart. Source: Trade View
The $1.31 target serves as support in the red marked consolidation area given its historical performance.
Quantum Network (QNT)
Quant Network (QNT) is up over 40% over the past 90 days, initially fueled by a broader crypto market uptrend, but gaining momentum on speculation that their interoperable blockchain protocol will find use with governments and regulators won.
However, from a technical perspective, QNT risks a 40% price decline from the current price level due to the formation of a head and shoulders configuration on the daily chart with a target of $57 by September as shown below.
Daily QNT/USD price chart. Source: Trade View
Ethereum Classic (ETC) is also up over 40% over the past 90 days on hopes that it will become a safe haven for Ethereum miners after the PoS upgrade.
While Polygon (MATIC) is up 27% over the same period, followed by Uniswap (UNI) which is up 13%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every step of investing and trading involves risk, you should do your own research when making a decision.