The new year has started with a buzz for some cryptocurrency investors, with three popular coins showing satisfying gains. While Bitcoin‘s (BTC) price remains relatively stable, a general weakness is observed in altcoins. However, FIL, BSV, and KLAY coins have each shown unique trends, raising questions about their current outlook.
FIL Coin recently escaped regulatory pressure and has turned its trajectory upwards, becoming one of the latest altcoins to do so. Despite many cryptocurrencies facing legal challenges and being labeled as securities, FIL Coin has managed to rise by 151% in 84 days, claiming its share of the bullish trend in the last quarter of 2023. The price has been consistently rising for three weeks, with five weeks of bullish candles. If it maintains closures above $7.59, it could revisit its former peaks of $9.5 and $11.38, but a drop to $5.8 wouldn’t be surprising in the opposite scenario.
BSV Coin, the second Bitcoin fork token, has been quiet until recently but has now recorded rapid gains, surpassing 132% in the last 50 days. If the rally continues above $101, the next major target is $197, provided the current price is maintained on the weekly chart. However, if quick profit-taking occurs, BSV Coin could fall as fast as it rose, with a potential pullback target of $59 and possible further declines to $44.
Despite escaping a long-term downtrend, BSV Coin’s lack of significant long-term value creation continues to pose a risk for investors.
KLAY Coin, on the other hand, has seen an 11% increase today, though its weekly gain is around 9%. After a significant portion of its 150% gains, which were accumulated over an 84-day struggle, were erased, KLAY Coin is attempting a comeback. The price had reached $0.2775 but is now finding buyers at $0.233.
In the short term, the ability to maintain the $0.21 support level is crucial. If KLAY Coin can reclaim the $0.2433 region, it could set its sights on targets of $0.277 and $0.292.