BeInCrypto is looking at five cryptocurrencies that increased the most in the crypto market this week, specifically from April 28th to May 5th.
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:
- Casper (CSPR) price up 11.53%
- Rocket Pool (RPL) price increased by 7.06%
- Tron (TRX) price increased by 5.65%
- Stacks (STX) price up 3.24%
- PAX Gold (PAXG) price increased by 3.02%
Casper Price (CSPR) is leading the altcoin’s bullish gainers
CSPR price has moved higher since its rebound at the $0.047 horizontal resistance area, which in turn confirms as support (green symbol). The breakout led to a new yearly high of $0.064 on April 30.
There is very little overhead resistance, which means 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, CSPR price could drop back to the $0.047 area.
Rocket Pool (RPL) combat in corrective pattern
RPL price has been rising in a parallel upward channel since the beginning of the year. An ascending parallel channel is a bearish pattern, which means that it usually leads to breakdowns.
Moreover, the price action shows that the RPL price is trading at the bottom of the pattern, adding to the downside.
There is a confluence of support levels at $43, which was created by a horizontal support area and channel support line.
If the price of RPL collapses from it, it could drop to $30. However, the upward move to $70 could follow if it regains the center line of the channel.
Tron (TRX) is breaking out of the bullish pattern
TRX price has been rising along with an ascending support line since March 10th. When combined with the horizontal area of $0.068, it created an ascending triangle, which is considered a bullish pattern.
On May 1, the price moved above the $0.068 area, confirming that it had broken out of the triangle. An increase that goes through the entire height of the pattern will take the price to $0.080.
On the other hand, closing below the $0.068 area would mean that the breakout was not valid. In this case, TRX price is likely to collapse from the ascending support line and drop to $0.060.
Stacks (STX) price breaks resistance
STX price broke out from the descending resistance line on May 2nd. The line had previously been in place since March 20. As a result, penetration from it can stimulate a significant increase.
If the upward movement continues, the nearest resistance will be at $1, which is created by a horizontal resistance area and a Fibonacci resistance level.
However, if the price of STX falls below the resistance line, that means the breakout was invalid. In this case, STX price could drop to $0.40.
Pax Gold (PAXG) Altcoin’s bullish action is close to an all-time high
Concluding the bullish altcoin list this week, PAXG price is nearing a new all-time high after breaking above the $2020 resistance area. Currently, the price is in the process of validating the area as support.
If the increase continues, the next nearest resistance will be at $2,365. However, closing below the $2020 region could lead to a decline towards $1,910.
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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.