BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from June 30 to July 7.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins have stolen the crypto news and cryptocurrency market spotlight this week as the biggest gainers:
- Maker (MKR) price increased by 41.99%
- eCash (XEC) price increased by 25.46%
- BitDAO (BIT) price increased by 19.68%
- Flow (FLOW) price increased by 17.70%
- Frax Share (FXS) price increased by 15.56%
Maker (MKR) Price Leads Bullish Altcoins
The MKR price has increased since breaking out from a descending resistance line and validating it as support on June 10. The price created a higher low on July 1 and accelerated its rate of increase afterward. On July 5, MKR reached a new yearly high of $1,080.
However, the price has created several long upper wicks despite the increase. These wicks are considered signs of selling pressure and often occur at a local top.
Additionally, it is uncertain whether MKR has decisively broken out above the $950 resistance area or if the current breakout is merely a deviation.
If MKR decisively breaks out, the next resistance will be at $1,120. However, if the price closes below $950, it could decrease to the next closest support at $800.
eCash (XEC) Breaks out but Fails to Clear Resistance
The XEC price movement is similar to that of MKR. The price broke out from a descending resistance line on June 30 and reached a new yearly high of $0.000045 the next day.
However, the price failed to break out from the $0.000041 resistance area, creating a long upper wick (red icon). As stated prior, this is considered a sign of selling pressure.
While the XEC price bounced after the rejection, it still traded below the $0.000041 area.
If the bounce continues, XEC can reach the aforementioned resistance at $0.000041. However, XEC could fall to the closest support at $0.000032 if the rally loses steam.
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BitDAO (BIT) Struggles at Resistance
The BIT price has increased since it bounced on July 27 and reclaimed the 0.618 Fib retracement support level. Despite the increase, the price was rejected by a descending resistance line on July 5 (red icon). It fell the next day, creating a bearish candlestick.
If the decrease continues, BIT can fall to the 0.618 Fib level at $0.40. However, if the price breaks out, it can increase to the $0.64 high.
Flow (FLOW) Price Struggles at Resistance
The FLOW price began an upward movement on June 10. After creating a higher low, the price reached a high of $0.79 on July 3 before falling. Currently, the FLOW price trades in the middle of a horizontal range between $0.50 and $0.75.
Therefore, the trend’s direction will be determined by whether the price breaks out above or below the range. In case of a breakout, the price can quickly surge to $1.10. However, if FLOW breaks down, a drop to $0.30 will likely be on the cards.
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Frax Share (FXS) Concludes Bullish Altcoins
The FXS price broke out from a 144-day descending resistance line on July 3. While a breakout from such a long-term structure is expected to accelerate the rate of increase greatly, the FXS price has struggled to sustain it.
Rather, the price created a long upper wick on July 6 and fell afterward.
The decrease may be just a retest of the line as support, after which the upward movement will continue. The FLOW price can move to the $8 resistance after creating a higher low.
However, a drop below the June 15 low of $4.59 will mean that the breakout was invalid and the trend is bearish. In that case, the drop could accelerate to $3.
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