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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from March 31 to April 7.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These altcoins have stolen the crypto news and cryptocurrency market spotlight:
- Solar (SXP) price increased by 46.46%
- Injective (INJ) price increased by 21.24%
- Dogecoin (DOGE) price increased by 14.13%
- Frax Share (FXS) price increased by 13.98%
- Casper (CSPR) price increased by 13.47%
Solar (SXP) Price Leads Altcoin Gainers
The SXP price has increased rapidly since breaking out from a descending resistance line on March 29. The breakout led to a high of $0.94 on April 3.
However, the price failed to break out from the $0.93 area and was rejected instead.
If the decrease continues, SXP could find support at the 0.382 Fib retracement support level at $0.66.
On the other hand, if it breaks out, the next closest resistance would be at $1.40.
Injective (INJ) Price Approaches Yearly High
The INJ price has increased at a rapid rate since its March 10 low (green icon) of $2.45. On April 2, the price broke out from an ascending resistance line. Afterward, it validated it as support on April 6 (green icon).
If the increase continues, the next resistance will be at $6.50.
However, if the rally loses momentum, the INJ price could decrease to the $4.40 horizontal support area.
Dogecoin (DOGE) Price Breaks Out From Resistance
The Dogecoin price broke out from a descending resistance line on April 3. However, it was rejected by the 0.382 Fib retracement resistance level at $0.10.
Currently, DOGE is in the prices of validating the previous resistance line as support. If it is successful, it will likely break out from the $0.10 area. If so, it will likely increase to the 0.618 Fib retracement resistance level at $0.12.
However, if the DOGE price falls below the descending resistance line, it will likely decrease to $0.07.
Frax Share (FXS) Altcoin Bounces at Support
The FXS price has increased since bouncing at the $7.50 horizontal support area on March 10. After creating a higher low, it is now attempting to break out from the $10 resistance area.
If it breaks out, FXS can increase to $12.80. However, if it gets rejected, a drop to $7.50 could follow.
Casper (CSPR) Follows Resistance Line
The CSPR price has followed a descending resistance line since October 2022. The line has caused numerous rejections, most recently on April 4 (red icon). Since resistances get weaker each time they are touched, an eventual breakout is expected.
If the CSPR price breaks out, it could increase to at least $0.50.
However, if another rejection follows, CSPR could fall to the $0.34 support area.
For BeInCrypto’s latest crypto market analysis, click here.