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Since the current bear market has negatively impacted the performance of many altcoins in the top 100, this analysis focuses on lesser-known coins outside of this category. Recently, several altcoins have gained attention in the cryptocurrency market including Kava.io (KAVA) which has seen a price increase of 9.76%.
KAVA’s price has been in a descending channel since January 19, indicating a corrective movement. A breakout from this channel is expected and the current position of the price in the upper portion of the channel increases the chances of this happening. If there is a breakout, the price could go up to $1.06. Conversely, if there is a rejection, the price could drop to the channel’s support line at $0.70.
KAVA/USDT Daily Chart on Binance
Meanwhile, the DAO Maker (DAO) has also observed a price increase of 6.80%. DAO’s price has risen after breaking out from a descending resistance line earlier this year, reaching a high of $1.90 on March 8. However, the 0.618 Fib retracement resistance level caused rejection and a bearish candlestick was created. This rejection could potentially lead to a reversal, with the price falling to the nearest support level at $1.35. If the price moves past $1.85, it could rise to $2.50.
DAO/USDT Daily Chart on Binance
Simultaneously, Liquity’s (LQTY) price increased by 2.89%. While LQTY’s price has been trading below a descending resistance line since March 6, it is currently slightly above the $1.70 horizontal support level. If the price breaks below this support, it may fall to $1.40. Alternatively, if LQTY breaks above the resistance line, it may start a relief rally towards the 0.5 Fib retracement resistance level at $2.08.
XRP also experienced a gain in its value by 0.45%. XRP’s price has also been following a descending parallel channel similar to KAVA, since December 16. The channel’s resistance line caused a rejection on March 8 and 9, resulting in long upper wicks (red circle). If the price continues to decrease, it may reach the channel’s support line and the $0.33 support area. Conversely, if there is a breakout, the price may rise sharply toward $0.42.
Lastly, Bone ShibaSwap (BONE) has also grown by 0.23%. BONE’s price made unsuccessful attempts to break above $2 at the end of February, causing long upper wicks (red circle) indicating selling pressure, and bearish divergence in the RSI (green line).
Later, the price dropped to a $1.45 support level but rebounded. Currently, it trades between $1.45 and $2, with a potential breakout or breakdown determining the future trend. A breakout may lead to a rapid rise to $2.60, while a breakdown could cause a fall toward $1.17.