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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:
- Casper (CSPR) price increased by 11.53%
- Rocket Pool (RPL) price increased by 7.06%
- Tron (TRX) price increased by 5.65%
- Stacks (STX) price increased by 3.24%
- 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.
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.
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.
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.
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.
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.