Equally everybody focuses on the contempo price activeness of Bitcoin (BTC), some other cryptocurrencies are deciding to intermission out of their long term downtrend. Notably, Initial Exchange Offerings (IEOs) and Binance IEOs, in item.

Crypto market data

Crypto market data. Source: Coin360

IEOs are similar to ICOs except that they are immediately launched on an exchange. The phenomenon started to gain attention at the showtime of 2022 through the launch of the Binance Launchpad.

Matic Network biggest performer

MATIC BTC 12-hour chart

MATIC BTC 12-hour chart. Source: TradingView

Ane of these IEO's is called Matic Network (MATIC), which has been providing some exciting setups during 2022. In the past ten days, the cryptocurrency provided an upwards surge of nearly 100%.

Does it mean that it'south an automatic purchase here? No.

Rule number one in trading: never buy an explosive greenish candle and never FOMO (fear of missing out) later on the fact. At that place's always a retrace.

Interestingly enough, MATIC broke back into a large range here.

MATIC BTC 6-hour chart

MATIC BTC 6-hour nautical chart. Source: TradingView

In that regard, defining support and resistance levels can exist quite unproblematic. From this perspective, I'd be aiming for a potential long entry at the 265 satoshis zone. If that doesn't hold, I'm pointing the range low at 220-225 satoshis for a possible entry zone.

What would be the target and resistance from here? The range high is structured through 345-350 satoshis (the carmine line).

Fetch.AI starting to follow arrange

FET BTC 6-hour chart

FET BTC 6-60 minutes chart. Source: TradingView

One of the starting time IEOs was Fetch.AI (FET). But while it has seen a significant dump since the list, it's now starting to show signs of a trend reversal on some timeframes as well.

As seen in the chart, the impressive volume is showing upwardly in the final weeks showing indications of interest at this level. A 4-calendar month downtrend was broken upwards, retested and confirmed every bit back up earlier a 47% surge towards the next resistance expanse.

I'd exist highly interested if we backtest some of the previous resistance levels as support. In that case, I'd be watching 560-570 and 610-620 satoshis levels. I'd besides be monitoring if this level can flip into support (685 satoshis zone).

Harmony also breaking pregnant downtrends

ONE BTC 6-hour chart

ONE BTC half-dozen-hour chart. Source: TradingView

Another IEO, Harmony (ONE), is also showing forcefulness as it surged 47% in the by four days.

Like signals can be seen with FET as it dumped quite severely after the listing. Notwithstanding, the volume has recently been picking upwardly for I and the trend is starting to reverse as nosotros can run into in the chart above.

In the green zones, several support/resistance flips are shown in which the trend reversed, resulting in the recent push.

So what is needed right now? I'chiliad expecting to run across some backtesting of previous resistance levels for support. In that regard, I'd be aiming to see support at the 80 satoshis level first. If that doesn't agree, I'd be aiming for 74 satoshis.

If the coin can hold either of the 2 levels every bit support, further upward moves can exist expected towards resistance at 105 and possibly 120 satoshis.

ONE USDT 6-hour chart

ONE USDT vi-hour nautical chart. Source: TradingView

The USDT chart is showing some interesting movement. Harmony has broken its downtrend since list for the showtime fourth dimension. Did it start trending upward immediately? No, it's quite reasonable to have an aggregating flow starting time (sideways price activity) before a motion upwardly.

In that regard, the range is defined through the light-green ($0.005 surface area) and scarlet ($0.0065) zones. Breaking the cerise zone would provide plenty space for a potential motion towards the next resistance effectually $0.01.

Elrond shaping up as well?

ERD BTC 6-hour chart

ERD BTC vi-60 minutes nautical chart. Source: TradingView

Another IEO, Elrond (ERD), is showing similar signals equally Ane. Withal, it seems to be lagging behind. Interestingly, ONE was showing these support/resistances flips likewise prior to surging 47% in a matter of days.

Every bit tin can exist seen in this chart, Elrond starting to present a similar setup suggesting that it might see a similar move upwards.

What does the chart say? Information technology shows that the green zone flipped support after a range-bound menses of iv months.

At this point, a like motility must occur where the upper green zone at 24 satoshis should become support. If the price tin practice that, a move towards the 32-35 satoshis level is likely to occur.

Band Protocol: some other laggard?

BAND BTC 6-hour chart

Band BTC 6-60 minutes chart. Source: TradingView

It ain't all sunshine and rainbows, but some other IEO is too showing some impressive buying pressure: Band Protocol (BAND). In the past two days, it gained 48%.

This cryptocurrency made a beautiful double lesser structure in the green zone before a big motility upwardly to the range high. The question is whether this level can be immediately flipped into back up or whether a retracement is in order.

In that regard, aiming the middle green zone around 3500 satoshis (if 3800-3900 doesn't concord) would be a expert level to start looking.

Conclusion

Equally Bitcoin has been showing weakness with the contempo move to $half-dozen.5K, other altcoins are showing significant movements and potential setups. Time to FOMO? No, always define a proper risk/advantage ratio according to your risk management rules.

Yet, the IEOs are providing some exciting setups that could spark a whole new market place bicycle similar to what ICOs did in 2022/2017.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves take chances. Y'all should conduct your own enquiry when making a conclusion.