Few Altcoins are struggling to keep up with the crypto market with CoinEdition

• Most cryptos have been rallying since the beginning of the year.
• After recent consolidation, a few altcoins have failed to keep up with the pace of the market.
• divergence and price rejection are among the reasons why some altcoins failed to sustain the momentum.

Bitcoin has had an impressive year, with most cryptocurrency markets following suit. The first surge in January 2023 was universal, with almost all altcoins registering gains. After consolidating in the first week of February, a few altcoins have failed to capture the rediscovered momentum.

According to analysts, divergence and price rejection are among the factors that have caused the affected altcoins to fail to maintain momentum in the second leg of the rally. As reported, Frax Share (FSX) is among the biggest losers in this rediscovered market strength. After reaching $14.69 on February 9, FXS has been unable to push higher.

A downward price movement has pushed the token below resistance at $11.40. That qualifies the initial breakout as a divergence and threatens to force the FXS price towards the $8 region. Analysts believe that if the token can turn around and climb above $11.40, it will open the possibility of moving towards $15.

The analysts also identified NEO (NEO) as one of the few cryptos that have struggled during this period. A descending resistance line on NEO established in June 2022 proved too strong for the crypto again, despite the strong market momentum.

Failure to climb above resistance could see NEO fall to $7.60, analysts say. However, a breakout above the line could see NEO reach the $12.20 price region.

A third outlier noted by the analysts is OSMOSIS (OSMO) which came on board with the crypto market in the early days of 2023, reaching $1.26 in the process. OSMO fell with the rest of the crypto market during the consolidation. However, analysts noted that a unique development for OSMO is in the form of a descending resistance line.

According to predictions, the symmetrical triangle created by the resistance line will play a significant role in how OSMO prices develop. A breakout to the upside would mean a price rally that could push the price to $1.10. Otherwise, the price will fall to $0.80 if it breaks out from the base.

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