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Frax Share (FXS) and Decentraland (MANA) Are at the Forefront of the Crypto Market Recovery This Week

2 mins
Updated by Geraint Price
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In Brief

  • Frax Share (FXS) moved above its range high.
  • Decentraland (MANA) is following a descending resistance line.
  • Curve DAO (CVX) and Enjin Coin (ENJ) broke out from descending resistance lines.
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BeInCrypto looks at five altcoins that increased the most from the entire crypto market this week, specifically from Jan. 13 to 20.

These digital assets have stolen the crypto news and crypto market spotlight:

  1. Frax Share (FXS) price increased by 53.19%
  2. Decentraland (MANA) price increased by 42.96%
  3. Convex Finance (CVX) price increased by 39.98%
  4. Enjin Coin (ENJ) price increased by 36.47%
  5. Curve DAO Token (CRV) price increased by 34.35%

FXS Leads Crypto Market Altcoin Gainers

The Frax Share (FXS) price had traded below the $7.55 area since May 26. After three unsuccessful breakout attempts, it moved above it on Jan. 15, reaching a high of $10.67 five days later. 

If the upward movement continues, the next closest resistance would be at $17.50. If the rally loses momentum, the FXS price could return to the $7.55 area. 

While the RSI is overbought, it has not generated any bearish divergence yet, suggesting that the upward movement will continue.

Frax Share (FXS) Price Breakout
FXS/USDT Daily Chart. Source: TradingView

MANA Struggles with Resistance Line

The Decentraland (MANA) price has increased since reaching a low of $0.28 on Dec. 30. The upward movement has been swift, and the price reached a high of $0.76 on Jan. 21. However, it was rejected by a descending resistance line (red icon) and has fallen since. This also caused the RSI to decrease and nearly crash below 70. 

If the downward movement continues, the closest support area would be at $0.40. If the MANA price breaks out from the resistance line, it could increase to the $1.12 resistance area.

Decentraland (MANA) Resistance
MANA/USDT Daily Chart. Source: TradingView

CVX Breaks out From Resistance Line

The Convex Finance (CVX) price has increased since Jan. 6. On Jan. 15, it broke out from a descending resistance line and reached a high of $5.39 the next day. This also caused the RSI to move above 70.

If the upward movement continues, the closest resistance would be at $5.85. If the rally loses momentum, the CVX price could return and validate the resistance line as support.

Convex Finance (CVX) Altcoin Breakout
CVX/USDT Daily Chart. Source: TradingView

ENJ Attempts to Move Above $0.41

The Enjin Coin (ENJ) price has increased since Dec. 30. The upward movement accelerated on Jan. 11, and the ENJ price broke out from both a descending resistance line and the $0.30 horizontal area.

So far, the ENJ price has reached a high of $0.47. However, it created a long upper wick and fell below the $0.41 area. If it successfully moves above it, the Enjin price could increase to $0.55.

If it gets rejected, the price could fall to $0.30.

Enjin Coin (ENJ) Gain Precedes Crypto Market Rally
ENJ/USDT Daily Chart. Source: TradingView

CRV Rounds off Five Best Altcoin Gainers

The Curve DAO (CRV) price has increased since Nov. 22. It created a higher low on Dec. 30 and accelerated its rate of increase afterward. On Jan. 13, the CRV price broke out from both the descending resistance line and the $0.70 horizontal resistance area.

If the upward movement continues, the closest resistance would be at $1.03. A breakout above it could send the price dashing toward $1.50. 

On the other hand, if the rally falters, the CRV price could drop to $0.70.

Curve DAO Token (CRV) Price Breakout
CRV/USDT Daily Chart. Source: TradingView

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

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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
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)