BeInCrypto is looking for five altcoins that increased the most in the cryptocurrency market this week, specifically from June 30th to July 7th.
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:
- Maker (MKR) price up 41.99%
- eCash (XEC) price increased by 25.46%
- BitDAO (BIT) Price Up 19.68%
- Inflow price (flow) increased by 17.70%
- Frax (FXS) Share Price Up 15.56%
Maker (MKR) is driving the bullish price of Altcoins
MKR price has been rising since breaking out of the descending resistance line and validating it as support on June 10th. The price created a higher low on July 1 and the rate of increase accelerated thereafter. On July 5, MKR reached a new annual high of $1,080.
However, the price created several long upper wicks despite the increase. These wicks are signs of selling pressure and often occur at a local top.
In addition, it is uncertain whether MKR decisively broke above the $950 resistance area or if the current breakout was just an aberration.
If MKR is breached decisively, the next resistance will be at $1120. However, if the price closes below $950, it could drop to the next nearest support at $800.
eCash (XEC) broke but failed to clear resistance
XEC price action is similar to that of MKR. The price broke the descending resistance line on June 30 and reached a new yearly high of $0.000045 the next day.
However, the price failed to break out of the $0.000041 resistance area, which created a long upper wick (red icon). As mentioned earlier, this is a sign of selling pressure.
While XEC price rebounded after the rejection, it is still trading below the $0.000041 area.
If the rebound continues, XEC could reach the above resistance at $0.000041. However, XEC could drop to the nearest support at $0.000032 if the rally loses steam.
BitDAO (BIT) is struggling at resistance
BIT price has been rising since it rebounded on July 27 and reclaimed the 0.618 Fibonacci retracement support level. Despite the increase, the price was rejected by a descending resistance line on July 5 (red icon). It fell the next day, forming a bearish candlestick.
If the decline continues, BIT could drop to the 0.618 Fibonacci level at $0.40. However, if the price breaks, it could rise to $0.64.
Flow (Flow) The price is struggling at resistance
Price Flow started an upward movement on June 10th. After forming a higher low, the price reached a high of $0.79 on July 3 before turning lower. Currently, the price flow is trading in the middle of the horizontal range between $0.50 and $0.75.
Therefore, the direction of the trend will be determined by whether the price has broken above or below the range. In the event of a breakout, the price could quickly rise to $1.10. However, if the flow rate collapses, a drop to $0.30 is likely on the cards.
Frax Share (FXS) Altcoins are closing bullish
FXS price broke out from the 144-day descending resistance line on July 3. While a breakout from such a long-term structure is expected to greatly accelerate the rate of increase, FXS price has struggled to sustain it.
Instead, the price created a long upper wick on July 6th and subsequently fell.
The decline may just be a retest of the line as support, after which the upward movement will continue. Price Flow could move towards the $8 resistance after forming a higher bottom.
However, a drop below the June 15th low at $4.59 would mean that the breakout was invalid and the trend is to the downside. In this case, the drop could accelerate to $3.
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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.