See More

These 5 Altcoins Managed to Shine Despite Massive Crypto Market Crash

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Kava.io (KAVA) and XRP are trading in descending parallel channels.
  • Liquity (LQTY) is following a descending resistance line.
  • Bone ShibaSwap (BONE) fell to its range low.
  • promo

BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from March 3 to 10.

Due to the ongoing bear market, there aren’t five altcoins in the top 100 that had a positive performance. As a result, lesser-known coins from outside the top 100 are considered for this analysis. These altcoins have stolen the crypto news and cryptocurrency market spotlight:

  1. Kava.io (KAVA) price increased by 9.76%
  2. DAO Maker (DAO) price increased by 6.80%
  3. Liquity (LQTY) price increased by 2.89%
  4. XRP price increased by 0.45%
  5. Bone ShibaSwap (BONE) price increased by 0.23%

Kava.io (KAVA) Price Leads Crypto Market Altcoin Gainers

The KAVA price has decreased inside a descending parallel channel since Jan. 19. Such channels usually contain corrective movements, meaning an eventual breakout from it is expected.

The price is currently in the upper portion of the channel, increasing the possibility of a breakout.

If one occurs, the KAVA price could increase to $1.06. On the other hand, if a rejection follows, KAVA could fall to the channel’s support line at $0.70.

Kava.io (KAVA) Altcoin Gainer
KAVA/USDT Daily Chart. Source: TradingView

DAO Maker (DAO) Fails at Fib Resistance

The DAO price has increased since breaking out from a descending resistance line at the beginning of the year. The upward movement led to a high of $1.90 on March 8.

However, the price was rejected by the 0.618 Fib retracement resistance level (red icon) and created a bearish candlestick.

If the rejection begins a reversal, DAO could fall to the closest support area at $1.35. On the other hand, if it moves above $1.85, the price could increase to $2.50.

DAO Maker (DAO) Price Breakout
DAO/USDT Daily Chart. Source: TradingView

Liquity (LQTY) Shows Signs of Weakness

The LQTY price has decreased under a descending resistance line since March 6. Currently, it is trading slightly above the $1.70 horizontal support area.

If the price breaks down, it could fall down to $1.40.

On the other hand, if LQTY breaks out from the resistance line, it could begin a relief rally toward the 0.5 Fib retracement resistance level at $2.08.

Liquity (LQTY) Altcoin market drop
LQTY/USDT Daily Chart. Source: TradingView

Ripple XRP Falls in Descending Channel

Similar to KAVA, the Ripple XRP price has decreased inside a descending parallel channel since Dec. 16. The channel’s resistance line rejected the price on March 8 and 9, creating long upper wicks (red circle).

If the price continues its decent, it could fall to the channel’s support line and the $0.33 support area. On the other hand, a breakout could lead to a sharp increase toward $0.42.

XRP Price Crypto Market Channel
XRP/USDT Daily Chart. Source: TradingView

Bone ShibaSwap (BONE) Falls to Range Low

At the end of February, the BONE price made several unsuccessful attempts at breaking out above $2. These created numerous long upper wicks (red circle), which are considered signs of selling pressure. Moreover, they were combined with a bearish divergence in the RSI (green line).

Afterward, the price fell to the $1.45 support area and bounced. 

Currently, the altcoin is trading in a range between $1.45 and $2. Whether it breaks out or down could determine the future trend. A breakout could lead to a rapid increase to $2.60, while a breakdown could lead to a fall toward $1.17.

Bone ShibaSwap (BONE) Trading Range
BONE/USDT Daily Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored