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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from April 14 to 21.
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:
- OKB (OKB) price increased by 14.81%
- Render Token (RNDR) price increased by 12.61%
- Casper (CSPR) price increased by 9.91%
- Injective (INJ) price increased by 7.89%
- Ziliqa (ZIL) price increased by 5.67%
OKB (OKB) Price Leads Bullish Altcoin Gainers
The OKB price has been mired in an upward movement since June 2022. The increase led to a new yearly high of $58.85 on Feb. 18.
After a brief drop, the price broke out from a symmetrical triangle on April 14. It is possible that OKB is now in the fifth and final wave of an upward movement. If so, it could reach a top near $72.23.
To determine the direction of a trend, technical analysts use the Elliott Wave theory, which involves studying recurring long-term price patterns and investor psychology.
However, if the price falls below the wave one high of $23 (red line), it will invalidate the bullish count and could cause a drop to $14. This is because Elliott Wave rules state that wave four cannot overlap with wave one.
Render Token (RNDR) Price Falls After Yearly High
The RNDR price has fallen since reaching a yearly high of $2.19 on April 20. The same day, it created a long upper wick. Such wicks are considered signs of selling pressure since it means that buyers were not able to sustain the price. Rather, sellers took over and pushed it down, creating the wick.
If the decrease continues, the digital asset could fall to the closest support at $1.70. On the other hand, if momentum returns, RNDR could increase to its previous high at $2.19.
Casper (CSPR) Price Returns to Support
Similarly to RNDR, the CSPR price has fallen since reaching a new yearly high of $0.060 on April 16. Currently, the price trades inside the $0.049 horizontal support area.
When horizontal resistance levels get broken, they are expected to provide support once the price retests them. This is the case for the $0.049 area.
If the CSPR price bounces, it could move to the $0.060 area again. However, a drop to $0.037 could follow if it breaks down.
Injective (INJ) Price Gets Rejected at Pattern Resistance
The INJ price has been a bullish altcoin since the beginning of the year. During this time, it increased inside an ascending parallel channel.
When such channels contain price movements, the price bounces at the resistance and support lines numerous times before a decisive movement takes it outside the pattern.
In the case of INJ, the channel’s resistance line rejected the price on April 17 (red icon).
If the decrease continues, INJ could drop to $6. However, if the price regains its footing, it could reach the channel’s resistance line again at $12.
Ziliqa (ZIL) Fails to Clear Horizontal Level
The ZIL price has fallen since it was rejected by the $0.035 horizontal resistance area on April 19 (red icon). The area is crucial since it had previously acted as resistance since September 2022.
If the downward movement continues, ZIL could drop to $0.026. However, if the price breaks out, it could reach $0.045.
For BeInCrypto’s latest crypto market analysis, click here.