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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from June 16 to 23.
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:
- Pepe (PEPE) price increased by 71.44%
- Stacks (STX) price increased by 46.11%
- Conflux (CFX) price increased by 40.13%
- Bitcoin Cash (BCH) price increased by 35.80%
- WOO Network (WOO) price increased by 25.01%
Pepe (PEPE) Price Leads Bullish Altcoin Gainers
The PEPE price had fallen under a descending resistance line since May 11. The drop led to a low of $0.0000008 on June 13. However, the price has increased since and cleared the descending resistance line on June 21. This is a sign that the correction has ended.
After the breakout, the price reached a high of $0.0000015. PEPE is attempting to clear the 0.5 Fib retracement resistance at $0.0000015.
If it is successful, PEPE could move to the next resistance at $0.0000021. However, a drop that validates the resistance line at $0.0000011 will be expected if it gets rejected.
Stacks (STX) Price Bounces After Drop
The STX price fell sharply after a high of $1.31 on March 20. The decrease was swift, leading to a low of $0.44 on June 10. The price bounced afterward and has increased since. The increase caused it to reclaim and validate the $0.55 area as support. On June 22, STX reached a high of $0.88.
The wave count supports the continuing increase. Since November 2022, the STX price completed a five-wave increase. Then, the ensuing 82-day drop resembles a completed correction.
If so, the STX price has now begun a new upward movement that will take it to at least $1.40.
However, despite this bullish STX prediction, a drop below $0.44 will mean that the trend is still bearish. In that case, the STX price will likely fall to $0.25.
Conflux (CFX) Price Could Break Out From Corrective Pattern
The CFX price has fallen inside a descending parallel channel since March 19. The channel is considered a corrective pattern, meaning that it leads to breakouts most of the time.
On June 10, the price bounced at the channel’s support line and began an upward movement. Currently, the price trades just above the channel’s midline, a sign that could lead to a future breakout.
If CFX breaks out, the closest resistance will be $0.44. However, if the price gets rejected by the channel’s resistance line, a drop to the closest support at $0.14 will be on the cards.
Bitcoin Cash (BCH) Completes Correction
The Bitcoin Cash (BCH) price has increased since falling to a low of $90.3 on June 10. The increase was swift, creating a long lower wick the same day and a breakout from the descending resistance line on June 21.
Furthermore, the movement since November 2022 looks like a completed five-wave increase and an A-B-C correction afterward. This suggests that the price has begun a new upward movement, taking it to a new yearly high.
If the increase continues, the BCH price can move to the next resistance at $190. However, if BCH fails to close above $140, a drop to the next closest support at $115 could transpire.
WOO Network (WOO) Price Concludes Bullish Altcoins
The WOO price has increased alongside an ascending support line since the end of November 2022. The line has been validated numerous times. More recently, the price validated it and bounced on June 14 (green icon).
The bounce initiated the current increase.
Presently, WOO is breaking out from a shorter-term descending resistance line. If successful, this could initiate an increase to $0.32.
However, if the WOO price gets rejected, it could drop to the ascending support line at $0.17 again.