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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from May 5 to 12.
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:
- Kava (KAVA) price increased by 11.61%
- Bitcoin SV (BSV) price increased by 7.23%
- FLOKI (FLOKI) price increased by 5.06%
- Aragon (ANT) price increased by 4.50%
- UMA (UMA) price increased by 3.43%
Kava (KAVA) Price Leads Bullish Altcoin Gainers
The KAVA price has increased since reaching a low of $0.66 on May 8. The increase was crucial for two reasons.
Firstly, the price reclaimed the $0.76 horizontal area. This is a crucial support area, and the price previously dropped below it. So, its reclaim is a bullish sign that often leads to sharp upward movements.
Next, the price broke out from a descending resistance line, supporting the possibility that the correction is complete.
If the upward movement continues, the next resistance will be at $0.96. However, if the rally loses momentum, KAVA could fall to the $0.76 horizontal support area again.
Bitcoin SV (BSV) Breaks Out Above Resistance
The BSV price broke out from a descending resistance line on May 12. Previously, the line had been in place since Aug. 2022. Therefore, the breakout from it is a sign that the correction has ended.
Currently, the price is in the process of validating the line as support (green icon).
If it is successful, an increase to the next resistance at $48 could follow. However, if the price falls below the resistance line, it could drop to $28.
FLOKI (FLOKI) Trades in Corrective Pattern
The FLOKI price has traded inside an ascending parallel channel since March. These channels usually contain corrective structures, meaning that an eventual breakdown from it would be likely.
Additionally, the price is trading in the lower portion of this channel, further strengthening this possibility.
If FLOKI breaks down, it will decrease to the next support at $0.00002. However, if it regains its footing, it could increase to the channel’s resistance line at $0.00005.
Aragon (ANT) Moves Above Crucial Resistance
The ANT price moved above the $3 resistance area at the end of March and reached a new yearly high of $3.97 the next month. Even though the price has fallen since it still trades above the $3 horizontal area.
If the increase continues, ANT can move toward the next resistance at $4.20.
However, if ANT closes below $3, a drop to the ascending support line at $2.50 could ensue.
Uma (UMA) Concludes Bullish Altcoins of the Week
The UMA price broke out from the $2.30 resistance area on May 5 but returned to it again on May 12. It is possible that the price is validating the area as support.
Whether the UMA price bounces or breaks down could determine the future trend.
A bounce can lead to an increase toward $3, while a breakdown will likely take the price to the ascending support line at $2.
For BeInCrypto’s latest crypto market analysis, click here.