See More

5 Cryptos Running Rampant Toward New Highs

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

In Brief

  • Optimism (OP) reached a new all-time high on Feb. 1.
  • dYdX and Mina broke out from horizontal levels.
  • Convex Finance (CVX) and Loopring (LRC) broke out from resistance lines.
  • promo

BeInCrypto looks at five cryptos that increased the most from the entire market this week, specifically from Jan. 27 to Feb. 3.

These popular altcoins have stolen the crypto news and cryptocurrency market spotlight:

  1. dYdX (DYDX) price increased by 40.88%
  2. Mina (MINA) price increased by 30.36%
  3. Optimism (OP) price 32.03%
  4. Loopring (LRC) price increased by 30.45%
  5. Convex Finance (CVX) price increased by 20.89%

dYdX Price Leads Crypto Gainers

DYDX was the top altcoin gainer last week. The DYDX price has increased rapidly since the beginning of the year. On Jan. 30, the price broke out from the $2.50 resistance area and reached a high of $3.67 two days later. However, it created a long upper wick and a bearish close (red circle), signs of selling pressure. 

If a downward movement begins, the DYDX price could test the $2.50 support area once more. On the other hand, if the increase continues, the price could move to $4.40.

dYdX (DYDX) Price Breakout
DYDX/USDT Daily Chart. Source: TradingView

Mina Struggles to Move Above Resistance

The MINA price broke out from a descending resistance line on Jan. 25 and validated it as support two days later (green icon). Afterward, it began the current upward movement, leading to a high of $0.97 on Feb. 1.

The high validated the $0.97 area as resistance and created a long upper wick (red icon).

If the downward movement continues, the closest support area would be at $0.77. On the other hand, an upward trend could lead the digital currency to a high of $1.15.

Mina (MINA) Trading Range
MINA/USDT Daily Chart. Source: TradingView

Optimism Reaches New All-Time High

The OP price has increased at an accelerated rate since the beginning of the year. On Jan. 21, it broke out from the $2 resistance area. Afterward, it returned to validate it as support three days later (green icon).

The OP price reached a new all-time high of $3.13 on Feb. 2. The high was very close to the 1.61 external Fib retracement resistance of $3.23. A breakout above it could accelerate the rate of increase toward the 2.61 Fib extension at $4.83.

On the other hand, a rejection from the area could lead to a fall toward $2.

Optimism (OP) Price Daily
OP/USDT Daily Chart. Source: TradingView

Loopring Crypto Clears Resistance

After three unsuccessful attempts (red icons), the LRC price broke out from a descending resistance line on Jan. 24. It reached a high of $0.45 on Feb. 2. The upward movement also caused a breakout from the $0.34 horizontal resistance area.

In case the upward movement continues, the next resistance would be at $0.50. However, if the upward movement loses momentum, altcoin could fall to the $0.34 area.

Loopring (LRC) crypto Price Breakout
LRC/USDT Daily Chart. Source: TradingView

Convex Increased by 100% in Jan

The CVX price doubled in Jan. On Jan. 14, it broke out from a descending resistance line, leading to a high of $7.26 on Feb. 2. The upward movement also caused a reclaim of the $5.90 resistance area. In case the upward movement loses steam, the $5.90 area would be expected to provide support.

On the other hand, the next resistance would be at $7.80 if the upward movement continues.

Convex Finance (CVX) crypto Price
CVX/USDT Daily Chart. Source: TradingView

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

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

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