BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from March 3 to 10.
Due to the ongoing bear market, there aren’t five altcoins in the top 100 that had a positive performance. As a result, lesser-known coins from outside the top 100 are considered for this analysis. These altcoins have stolen the crypto news and cryptocurrency market spotlight:
- Kava.io (KAVA) price increased by 9.76%
- DAO Maker (DAO) price increased by 6.80%
- Liquity (LQTY) price increased by 2.89%
- XRP price increased by 0.45%
- Bone ShibaSwap (BONE) price increased by 0.23%
Kava.io (KAVA) Price Leads Crypto Market Altcoin Gainers
The KAVA price has decreased inside a descending parallel channel since Jan. 19. Such channels usually contain corrective movements, meaning an eventual breakout from it is expected.
The price is currently in the upper portion of the channel, increasing the possibility of a breakout.
If one occurs, the KAVA price could increase to $1.06. On the other hand, if a rejection follows, KAVA could fall to the channel’s support line at $0.70.
DAO Maker (DAO) Fails at Fib Resistance
The DAO price has increased since breaking out from a descending resistance line at the beginning of the year. The upward movement led to a high of $1.90 on March 8.
However, the price was rejected by the 0.618 Fib retracement resistance level (red icon) and created a bearish candlestick.
If the rejection begins a reversal, DAO could fall to the closest support area at $1.35. On the other hand, if it moves above $1.85, the price could increase to $2.50.
Liquity (LQTY) Shows Signs of Weakness
The LQTY price has decreased under a descending resistance line since March 6. Currently, it is trading slightly above the $1.70 horizontal support area.
If the price breaks down, it could fall down to $1.40.
On the other hand, if LQTY breaks out from the resistance line, it could begin a relief rally toward the 0.5 Fib retracement resistance level at $2.08.
Ripple XRP Falls in Descending Channel
Similar to KAVA, the Ripple XRP price has decreased inside a descending parallel channel since Dec. 16. The channel’s resistance line rejected the price on March 8 and 9, creating long upper wicks (red circle).
If the price continues its decent, it could fall to the channel’s support line and the $0.33 support area. On the other hand, a breakout could lead to a sharp increase toward $0.42.
Bone ShibaSwap (BONE) Falls to Range Low
At the end of February, the BONE price made several unsuccessful attempts at breaking out above $2. These created numerous long upper wicks (red circle), which are considered signs of selling pressure. Moreover, they were combined with a bearish divergence in the RSI (green line).
Afterward, the price fell to the $1.45 support area and bounced.
Currently, the altcoin is trading in a range between $1.45 and $2. Whether it breaks out or down could determine the future trend. A breakout could lead to a rapid increase to $2.60, while a breakdown could lead to a fall toward $1.17.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
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