Markets

Cryptocurrency market leaders this week

BeInCrypto is looking at five digital currencies that increased the most in the cryptocurrency market this week, specifically from May 19-26.

The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins stole the cryptocurrency news and spotlighted the cryptocurrency market this week as the biggest gainers:

  1. Render Token (RNDR) Price Increased 15.40%
  2. The price of kava (KAVA) increased by 14.59%
  3. Tron (TRX) price increased by 9.49%
  4. SingularityNET (AGIX) price rose 6.06%
  5. IOTA (IOTA) Price Increased 5.45%

Rendering Token (RNDR) Price is Driving Bullish Gainers in Altcoin

The price of the RNDR has increased since the beginning of the year. On May 11, it rebounded from a low of $1.62 and accelerated its rate of increase. This led to a new annual high of $2.95 on May 21.

After a short decline, the price has regained its ground, and is now making another attempt to reach a new yearly high.

Depending on the number of waves, the price could reach as high as $3.33 before going lower. By studying long-term recurring price patterns and investor psychology, technical analysts use the Elliott Wave theory to ascertain the direction of a trend.

The target is found by giving the fifth wave the same length as the first and third waves combined.

12 hour chart RNDR / USDT. source: TradingView

Despite this bullish prediction for the RNDR price, a drop below the local low of $2.25 (red line) would mean the trend is to the downside.

In this case, a drop to $1.70 would be the most likely scenario.

Kava price attempts to remove resistance

The price of KAVA has been rising rapidly since its low of $0.66 on May 8. The bullish move accelerated on May 23, which led to a rally of $1.55 on the same day, causing a breach of the $1.10 resistance area.

However, the increase could not be sustained, and the price returned to the $1.10 horizontal area, apparently validating it as support.

Whether KAVA breaks down or rebounds can determine the future direction.

Kava (KAVA) Price Action KAVA Price KAVA Price Forecast KAVA Price Analysis KAVA Bullish Price Analysis
KAVA/USDT daily chart. source: TradingView

In the event of a breakdown, KAVA could drop to the nearest support area at $0.75.

However, if the price rebounds, it could retest the $1.50 highs again.

TRON (TRX) price is clearing a major resistance

TRX price has been rising since March 11th. While the price initially struggled to clear the $0.071 area, it finally managed to do so on May 20.

This led to a new annual high of $0.080 on May 23.

TRON price is now trading in the middle of a range between $0.071 and $0.088.

Tron (TRX) TRON Price Range TRX Price TRX Price Prediction TRX Price Analysis Bullish
TRX/USDT daily chart. source: TradingView

TRX could drop to the $0.071 area if the rally loses momentum. However, if the upward movement continues, the price could rise to the next resistance at $0.087.

SingularityNET (AGIX) The price is bouncing back with the support of the corrective pattern

AJEX price has been falling inside a descending parallel channel since February 8th. The descending parallel channel is a corrective pattern. Therefore, getting out of it is the most likely scenario.

On May 12, the price bounced at the confluence of support levels (green icon), created by the channel support line and the $0.23 support area.

SingularityNET (AGIX) Price Action SingularityNET Price AGIX Price Prediction SingularityNET AGIX Price Analysis AGIX Bullish Price
AGIX/USD daily chart. source: TradingView

If the price breaks out of the channel, it could rise to the next resistance at $0.57.

However, if it breaks down from the $0.23 area and the channel, a decline towards the $0.16 support area is on the cards.

IOTA price marches towards resistance

The price of IOTA has been rising since May 22nd. On the same day, it reclaimed the $0.18 horizontal area, which is now expected to provide support.

If the increase continues, the next nearest resistance will be at $0.205. However, if the rally loses momentum, IOTA could drop to the $0.18 support area again.

IOTA (IOTA) Price Action
IOTA/USDT six-hour chart. source: TradingView

For the latest cryptocurrency market analysis from BeInCrypto, click here.

Disclaimer

In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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