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Toncoin (TON) and Bitcoin SV (BSV) Lead the Altcoins Posting the Weakest Gains

3 mins
Updated by Geraint Price
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In Brief

  • TON is increasing alongside an ascending support line.
  • BSV broke out from a descending resistance line.
  • XDC, CAKE and GT are still following descending resistance lines.
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BeInCrypto looks at five altcoins that increased the least from the entire crypto market this week, specifically from Jan. 6 to 12.

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

  1. Toncoin (TON) price increased by 0.41%
  2. Bitcoin SV (BSV) price increased by 0.60%
  3. XDC Network (XDC) price increased by 7.53%
  4. GateToken (GT) price increased by 7.63%
  5. PancakeSwap (CAKE) price increased by 8.30%

Due to the bullish conditions in the crypto market last week, none of the altcoins from the top 100 market cap rankings decreased. As a result, the article will outline the five altcoins that posted the lowest rates of increase.

TON Is the Weakest Performing Altcoin

The TON price has increased alongside an ascending support line since the beginning of Aug. On Dec. 11, the price broke out from the resistance area at an average price of $2 and reached a high of $2.90 three days later. However, the price has fallen since. 

On Dec. 29, the altcoin bounced at the $2 support area, validating it as support, and began the current rally.

If the TON price closes below the $2 support area, it could fall to the ascending support line at $1.80. On the other hand, if the bounce continues, the next closest resistance would be at $2.70.

Toncoin (TON) Altcoin Performs Badly
TON/USDT Daily Chart. Source: TradingView

BSV Price Direction Uncertain

The BSV price broke out from a descending resistance line on Dec. 11 but failed to move above $47.50 resistance area. Next, the price fell and validated the resistance line twice, on Dec. 28 and Jan. 11, respectively (green icons). The latter created a long lower wick, which is considered a sign of buying pressure.

The direction of the trend will likely be determined by whether the BSV price breaks out or gets rejected from the $47.50 resistance area. A breakout could lead to the acceleration of the upward movement toward $63.50. On the other hand, a rejection could lead to a fall that takes the BSV price below $30.

Crypto Market Bitcoin SV (BSV) Price Breakout
BSV/USDT Daily Chart. Source: TradingView

XDC Completes Correction

The XDC price has fallen under a descending resistance line since Aug. 11. During this period, it completed an A-B-C corrective structure (black). Since Dec. 7, the price has moved upwards, suggesting that the correction is complete.

However, the altcoin made three unsuccessful attempts at breaking out (red icons) from the resistance line. Since lines get weaker each time they are touched and the correction seems complete, the most likely outline for the future price is a breakout from the descending resistance line.

If that occurs, the XDC price could increase all the way to $0.036. If it is unsuccessful, a drop toward the $0.024 support area could commence.

XDC Network (XDC) Resistance Line
XDC/USDT Daily Chart. Source: TradingView

GT Defies Expectations of a Fall

The GT price broke down from the $3.45 horizontal support area on Dec. 27, falling to a low of $2.91 three days later. Since the $3.45 area had been in place since June, it was expected that this breakdown could catalyze a sharp fall. However, the price regained its footing shortly afterward and is now in the process of reclaiming the area.

Currently, the $3.45 area also coincides with a descending resistance line, further increasing its importance.

As a result, if the GT price successfully breaks out from the resistance line and the $3.45 area, it could increase toward the $3.90 – $4.14 resistance area. If not, a drop toward $3 would be likely.

GateToken (GT) Price Breakdown. Crypto market
GT/USDT Daily Chart. Source: TradingView

CAKE Could Increase to $4

On Dec. 17 and 29, the CAKE price created a double bottom pattern inside the $3.20 horizontal support area. Besides being a bullish pattern, the double bottom was combined with bullish divergence in the RSI (green line), further increasing its legitimacy.

Afterward, the altcoin began an upward movement, taking it to a descending resistance line on Jan. 13.

If the CAKE price successfully breaks out, it could increase all the way to $4. If it gets rejected, a drop and a re-test of the $3.20 area would be expected.

PancakeSwap (CAKE) Price Bounce. Crypto market
CAKE/USDT Daily Chart. Source: TradingView

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

Top crypto platforms in the US | February 2024

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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.

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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)
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