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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from July 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:
- Synthetix (SNX) price increased by 31.04%
- XDC Network (XDC) price increased by 25.23%
- Maker (MKR) price increased by 23.17%
- BitDAO (BIT) price increased by 15.80%
- Chainlink (LINK) price increased by 13.05%
Synthetix (SNX) Price Leads Bullish Altcoins
The SNX price broke out from a descending resistance line and validated it as support (green icon) on July 17. The price began a sharp bounce afterward and has increased since. Currently, SNX trades just below the $3.10 resistance area, where it is making the second attempt at breaking out.
If the SNX price successfully breaks out, it can move to the next resistance at $4.30. However, a drop to the resistance line at $2.60 will be the most likely outcome if it gets rejected.
If SNX decisively breaks out, the next resistance will be at $1,120. However, if the price closes below $950, it could decrease to the next closest support at $800.
XDC Network (XDC) Price Approaches Yearly High
The XDC price has increased since breaking out from a descending resistance line on July 13. The upward movement led to a high of $0.043 on July 21. This is just slightly below the yearly high of $0.048.
The XDC price is rapidly approaching the resistance at $0.045. This is the final resistance area before the aforementioned yearly high.
If the XDC price breaks out, it can increase to the next resistance at $0.066. This would be an increase of 52%, measuring from the current price.
However, a sharp fall to $0.0380 will be expected if the price gets rejected.
Can Maker (MKR) Price Increase by Another 100%?
The MKR price has increased by 125% since its June 10 low. It had just fallen to a low of $511 at the time. MKR is attempting to break out from the $1,150 resistance area, which has been in place since May 2022.
If the MKR price breaks out, the next resistance will be at $2,400, another 100% increase from the current price.
However, if the MKR price gets rejected, it could fall to the $750 horizontal support area.
BitDAO (BIT) Makes Attempt at Yearly High
The BIT price has increased since June 27. The price broke out from a descending resistance line on July 13. Before the breakout, the line had been in place since the end of February. So, its breakout is a sign that the previous correction has ended and a new upward trend has begun.
Currently, BIT is approaching the yearly high resistance at $0.64.
If it breaks out, the price can increase to the next resistance at $0.80. However, if it gets rejected, the price could fall to the resistance line at $0.48, validating it as support.
Chainlink (LINK) Price Concludes Bullish Altcoins
The LINK price has increased alongside a parabolic support line since June 10. The price created a massive bullish candlestick on July 20. The price is approaching the yearly high at $8.80.
If it breaks out, the next resistance will be at $9.40. This is a very long-term resistance area that has been in place since May 2021. So, a breakout above it can greatly accelerate the rate of increase toward $15.
However, a close below the parabolic support line will mean that the upward trend has ended, and the price will correct to $6.
For BeInCrypto’s latest crypto market analysis, click here