BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from Feb. 24 to March 3
These popular altcoins have stolen the crypto news and cryptocurrency market spotlight:
- Maker (MKR) price increased by 22.73%
- ssv.network (SSV) price increased by 13.13%
- SingularityNet (AGIX) price increased by 10.10%
- Casper (CSPR) price increased by 9.38%
- Threshold (T) price increased by 9.12%
Maker (MKR) Leads Altcoin Gainers
The Maker price has fallen under a descending resistance line since July 2022. The line caused numerous rejections so far, the most recent on March 2. Then, the digital asset created a long upper wick. It has fallen since.
If the downward movement continues, the closest support area would be at $788. However, if the MKR price breaks out from the resistance line, an increase toward $1,200 could follow.
ssv.network (SSV) Breaks Out Above Resistance
The SSV price broke out from a descending resistance line on March 3. It reached a high of $45.90 the same day.
However, the price has not moved above the 0.618 Fib retracement resistance level at $44.73. If it does, it could increase to $50.
However, if the price gets rejected, it could fall down to the $41 support area.
SingularityNet (AGIX) Risks Breakdown From Channel
The AGIX price fell after reaching a high of $0.67 on Feb. 8. Afterward, it began its recovery on Feb. 13. It has increased inside an ascending parallel channel since. Such channels usually contain corrective movements. Therefore, a breakdown from it would be the most likely scenario. This is supported by the rejection from the channel’s resistance line on March 1 (red icon), which also coincided with the 0.618 Fib retracement resistance level.
If the AGIX price breaks down from the channel, it could fall toward $0.30. However, a breakout from the channel would invalidate this bearish forecast and could lead to an increase toward $0.80.
Casper Network (CSPR) Altcoin Creates Double Top Pattern
The Casper (CSPR) price created a double top pattern on Feb. 4 and March 6, respectively. Besides being a bearish pattern, the double top was combined with bearish divergence in the daily RSI (green line). Therefore, a rejection and decrease is the most likely outline for the future movement.
If that occurs, the CSPR price could fall to the 0.618 Fib retracement support level at $0.033.
However, in case the previous upward movement resumes, the CSPR price could increase to the next resistance at $0.05.
Threshold (T) Breaks Out Above Resistance
The Threshold price has increased since breaking out from a descending resistance line on Jan. 23. The upward movement led to a high of $0.065 on Jan. 26.
However, the price created a long upper wick, getting rejected by the $0.054 resistance area.
After a bounce at the 0.618 Fib retracement support level of $0.033, the price is currently making another attempt at breaking out. If it is successful, the price could increase to the next resistance at $0.08.
However, if the Threshold price breaks down from the 0.618 Fib retracement support level, it could fall toward $0.023.
For BeInCrypto’s latest crypto market analysis, click here.
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.