BeInCrypto looks at five altcoins that increased the most from the entire crypto market this week, specifically from Jan. 6 to 12.
These digital assets have stolen the crypto news and crypto market spotlight:
- Gala (GALA) price increased by 126.54%
- Aptos (APT) price increased by 68.68%
- Lido DAO (LDO) price increased by 58.67%
- Ziliqa (ZIL) price increased by 39.45%
- Optimism (OP) price increased by 36.59%
GALA Leads Crypto Market Gainers
The GALA price has decreased under a descending resistance line since the beginning of May. The downward movement led to a low of $0.015 on Dec. 30. The price has been increasing since.
On Jan. 9, the price reached a high of $0.05, but was rejected by the descending resistance line and the $0.05 resistance area (red icon). The altcoin has fallen since.
Whether the GALA price breaks out above this resistance will determine if the future trend is bullish or bearish. A breakout from both the resistance line and area would likely lead to highs near $0.070. On the other hand, failure to do so could lead to a re-test of the $0.027 support area.
APT Price Moves Above Resistance
The APT price broke out from a descending resistance line on Jan. 8. The price accelerated its rate of increase afterward and broke out above the $5.20 resistance area. On Jan. 12, it validated it as support (green icon). If the upward movement continues, the next resistance would be at $8.
On the other hand, a close below the $5.20 area could lead to a sharp fall and re-test of the $3.50 level.
LDO Trades Inside Crucial Range
On Nov. 9, the LDO price validated a descending resistance line from which it previously broke out from. At the time, it also validated the $0.92 area as support (green icon). On Dec. 22, the price bounced at this level again, creating a double bottom pattern in the process.
The LDO price has increased since and broke out above the $1.73 resistance area on Jan. 8. It then validated it as support four days later.
Currently, the LDO price is trading in a range created by the $1.73 area and the 0.618 Fib retracement resistance at $2.26. The direction of the trend will likely be determined by which of these levels breaks first. A breakout could lead to an upward movement toward $3.10 while a breakdown could lead to a drop toward $0.90.
ZIL Reaches Important Resistance
The ZIL price has increased since Dec. 30. On Jan. 9, it reached a high of $0.027. However, the price failed to break out above the descending resistance line in place since May. Rather, it was rejected and created a long upper wick (red icon). The ZIL price is making another attempt at breaking out from the line.
If the altcoin successfully moves above this line, it would face crucial resistance at $0.032. This is an area that previously acted as support for a long time before eventually turning to resistance. Therefore, the ZIL price has to break out above it in order for the trend to be considered bullish.
Alternatively, a rejection from the line could lead to a fall toward the 0.618 Fib retracement support level at $0.020.
OP Pumps 65% in 15 Days
The OP price has increased alongside an ascending support line since Oct. 20. The price bounced at the line on Dec. 29, initiating the current upward movement. Since then, the OP price has increased by 65%.
Currently, the altcoin is attempting to move above the $1.44 horizontal resistance area. If it is successful in doing so, the next resistance would be at $2. On the other hand, a rejection could lead to a drop toward the ascending support line at $1.
For BeInCrypto’s latest crypto market analysis, click here.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.