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Top 5 Altcoin Winners of the Week in the Bearish Market

3 mins
Updated by Ryan James
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In Brief

  • CSPR, TRX and PAXG are some of the biggest gainers this week and cleared crucial horizontal resistance areas.
  • STX and RPL are struggling despite increasing in the beginning of the week.
  • These top 5 altcoins enjoyed bullish price action this week making them the top gainers.
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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from April 28 to May 5.

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:

  1. Casper (CSPR) price increased by 11.53%
  2. Rocket Pool (RPL) price increased by 7.06%
  3. Tron (TRX) price increased by 5.65%
  4. Stacks (STX) price increased by 3.24%
  5. PAX Gold (PAXG) price increased by 3.02%

Casper (CSPR) Price Leads Bullish Altcoin Gainers

The CSPR price has increased since bouncing at the $0.047 horizontal resistance area, in turn validating it as support (green icon). The breakout led to a new yearly high of $0.064 on April 30.

There is a very small amount of overhead resistance, meaning that the price can accelerate its rate of increase in the near future. If so, the next closest resistance area will be at $0.098. 

Casper (CSPR) Altcoin Price Movement
CSPR/USDT Daily Chart. Source: TradingView

However, if the rally loses momentum, the CSPR price can again fall to the $0.047 area.

Rocket Pool (RPL) Struggles in Corrective Pattern

The RPL price has increased in an ascending parallel channel since the beginning of the year. The ascending parallel channel is a bearish pattern, meaning that it usually leads to breakdowns.

Furthermore, the price action shows that RPL price trades in the lower portion of the pattern, increasing the bearish sentiment.

There is a confluence of support levels at $43, created by a horizontal support area and the channel’s support line.

Rocket Pool Price Movement
RPL/USDT Daily Chart. Source: TradingView

If the RPL price breaks down from it, it can fall to $30. However, an upward movement to $70 can follow if it reclaims the channel’s midline.

Tron (TRX) Breaks Out From Bullish Pattern

The TRX price has increased alongside an ascending support line since March 10. When combined with the $0.068 horizontal area, this created an ascending triangle, considered a bullish pattern.

On May 1, the price moved above the $0.068 area, confirming that it broke out from the triangle. An increase that travels the entire pattern’s height will take the price to $0.080.

Tron Altcoin Price Movement
TRX/USDT Daily Chart. Source: TradingView

On the other hand, a close below the $0.068 area will mean that the breakout was not valid. In that case, the TRX price would likely break down from the ascending support line and drop to $0.060.

Stacks (STX) Price Breaks Out Above Resistance

The STX price broke out from a descending resistance line on May 2. The line had previously been in place since March 20. As a result, a breakout from it can catalyze a considerable increase.

If the upward movement continues, the closest resistance will be at $1, created by a horizontal resistance area and a Fib resistance level.

Stacks (STX) Price Movement
STX/USDT Daily Chart. Source: TradingView

However, if the STX price falls below the resistance line, it will mean that the breakout was invalid. In that case, the STX price can fall to $0.40.

Pax Gold (PAXG) Bullish Altcoin Nears All-Time High

Concluding the list of bullish altcoins this week, the PAXG price is nearing a new all-time high after breaking out above the $2,020 resistance area. Currently, the price is in the process of validating the area as support.

Pax Gold (PAXG) Movement
PAXG/USDT Daily Chart. Source: TradingView

If the increase continues, the next closest resistance will be at $2,365. However, a close below the $2,020 area can lead to a drop toward $1,910.

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

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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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