The crypto world has come to the fore as an effect of the recent crashes of various financial institutions. While many cryptocurrencies are still waking from their slumber, some cryptocurrencies have performed remarkably throughout the week. Crypto analyst Tobith Tom looks at the best-performing altcoin projects for this week and examines the background to their success.
Top performing altcoin projects of the week
Mask Network (MASK)
Ranked first among the top performing cryptocurrencies, MASK is currently priced at $6.24, witnessing a massive increase of 45.56% in seven days. MASK has a market cap of $474,514,314, up 17.78% in one day. Meanwhile, MASK’s trading volume jumped abruptly 70% in 24 hours, reaching $360,773,409. This is proof that traders show great interest in this coin.
Looking at the 4-hour chart, MASK is currently in a bullish trend as the candlesticks are above the EMA indicators. Also, recently the 50EMA and 200EMA formed a ‘golden cross’ which indicates the upside momentum has started. As more buyers entered the market, the increasing popularity of MASK pushed its price up. However, traders are skeptical about next week.
Although MASK appears to be forming a pattern, it is difficult to predict price momentum without confirmation of the pattern. At this time, there may be a possibility of a double top formation to occur. However, this situation could be reversed if a double bottom occurs. Looking at the MA indicators, the gap between 200MA and 50MA continues to widen, which could also confirm that a double bottom will form instead of a double top and hence the price will go up. Therefore, traders should closely monitor price patterns and indicators over time.
Ripple (XRP)
XRP made an unexpected entry into the market, proving to be one of the best performing cryptocurrencies this week. Although XRP generally moves sideways, this digital token showed an unexpected increase this week. Currently, XRP is priced at $0.4265, up 14.51 percent in just seven days. However, it saw a 3.75% drop in 24 hours. Also, trading volume dropped 41.40% to $1,722,409,614, which indicates that demand for XRP is declining.
The 4-hour chart shows XRP to be below the 200EMA and 50EMA, but on Tuesday XRP made a huge jump of 26.89%. This was one of XRP’s biggest breakthroughs as it moved sideways for a long time and stayed below the $0.4 resistance level. After reaching 0.4745, the price dropped to $0.4065. Since then, the price has been struggling to stay above the $0.4 resistance level.
Looking at the 50EMA and 200EMA, there was a ‘golden cross’ in XRP’s huge bounce on Tuesday. This confirmed that XRP will work with the bulls. But the gaps between these indicators are narrowing, indicating that XRP’s bull run is coming to an end soon. Traders should be wary of altcoin price action as it is an indication that XRP may drop to support level and continue to move sideways for a while.
Litecoin (LTC)
cryptocoin.comAs you follow, altcoin has had an incredible performance this week. LTC is up 13.36% in a week, with its current price at $92.87. With a market cap of $6,737,193,994, LTC has observed a slight price increase of 4.61% in 24 hours. LTC has a trading volume of $1,018,656,937, but it’s down 12.19% in one day. This shows that the demand of traders for Litecoin is decreasing.
Looking at the 4-hour chart, the altcoin is facing an uptrend as prices are above the 200 EMA and 50 EMA. While the 200 EMA is above the 50 EMA, which is considered a signal for a bear trap, the gaps between these indicators continue to narrow. If the MA indicators cross and form a ‘golden cross’, this will confirm that LTC will continue with the bulls for a while.
Also, the RSI is valued at 64.27, which indicates that LTC has a strong trend as buyers continue to show demand and enter the market. However, the RSI is trending to the downside, which could mean it could deviate from the overbought zone. Traders have often shared the view that the 50 to 70 region is the ideal range, expecting the price to continue to rise. However, traders should be careful as the trend can reverse at any time.
Cardano (ADA)
ADA had a tremendous performance this week. The altcoin is currently priced at $0.3617, up 5.95% in seven days. ADA has a market cap of $12,576,730,244 but is down 2.66%. Similar to XRP, traders’ interest in ADA is waning as trading volume drops 38.26% in 24 hours to $377,078,995.
The 4-hour charts suggest that ADA could face a bull run after the 50 EMA and 200 EMA cut each other’s paths and form a golden cross. Also, the price is above the indicator, which also confirms that ADA’s sentiment is bearish.
However, looking at the candlesticks, they seem to be giving a double top pattern which could mean ADA could make a downward entry. Unlike many of the top performing cryptocurrencies, ADA actually formed the golden cross mid-week and the gap between the indicators continues to widen. Traders should especially watch the indicators closely and wait for confirmation on whether the price will stay in the bulls or the bears.
Wrapped Bitcoin (WBTC)
Considering the chart below, it can be noted that WBTC has experienced a golden cross at the point where the 50-day MA intersects the 200-day MA from below. If WBTC continues to rise exponentially, it could reach Resistance 1 ($40,000). WBTC’s golden cross created a spike in prices as traditional would, though WBTC’s golden cross was short-lived.
Prices dropped right after a small increase but luckily the 200-day MA provided support for WBTC so it didn’t drop any further. However, WBTC rose almost exponentially after rebounding at the 200-day MA. The RSI is at 66.74 and it is leaning towards the signal. If it falls below the signal, it could be bearish in the future. On the contrary, if the RSI is to move into the overbought zone, above 70, then we can expect the market to correct prices. Also, Bollinger bands support the previous thesis. This may be because WBTC has touched the upper Bollinger band and hence the price of WBTC has fallen. In addition, widening bands indicate that volatility will increase in the coming days. Should WBTC drop, it could seek support near $22,500.
Stacks (STX)
Considering the daily chart for Stacks, we can see that currently the coin is bullish after the Golden Cross. This behavior was seen when STX had a golden cross in May and June of 2022. Currently, the altcoin is fluctuating while taking the same pattern as it did in May-June 2022. So this makes us question whether STX is currently responding to this behavior.
If STX repeats its previous behavior as stated above, we can expect STX to break above Resistance 1 (≈$1.5) and reach resistance 2 (≈$2.4). It took approximately 77 days for STX to reach resistance 2 as shown in the chart. So the question is, will it take the same amount of time for Stacks to increase?
On the contrary, the RSI is at 64.50 but it is going down. If the RSI does not reach the overbought zone, STX may reach resistance 2, but if it does, STX may go to some consolidation. But if the bears take over the market then we can expect STX to reach Support 1. There is also the possibility of intervening STX if the 50-day MA and the 200-day MA drop, but if the bears are too strong, the altcoin could fall below these two lines.
neo (NEO)
Considering the chart below, the altcoin has been in an uptrend since late 2022. It almost exponentially makes higher lows. Previously such almost exponential behavior was in April-October 2022. Moreover, NEO shows the same behavior as it did in the time period mentioned in 2022. Therefore, this behavior may have a counterpart.
Therefore, we can expect prices to reach resistance 2 (≈$25). However, bulls will need to break through resistance 1 to reach resistance 2. There is also a possibility that NEO will be rejected at the 2nd resistor. If the previous happens, NEO is fluctuating with Resistance 1 at the current price range. Another possibility is, if NEO is rejected at resistance 2 (≈$7.5), it could drop to support.
Nexo (NEXO)
Considering the above chart where Nexo has been in a bull run since March, if this trend continues, the altcoin could reach resistance 1 (≈$1.1). But Bollinger bands do not support the previous view. This is because NEXO has touched the upper Bollinger band and such a correction is due in the near future. Hence, Nexo’s price could drop if there is a correction.
Additionally, the RSI at 59.28 shows that the trend is strong. The RSI is parallel to the horizontal axis. However, if the RSI breaks into overbought territory above 70, the market may correct prices. If the market corrects prices, the bulls can take over the market and if that happens, they can get support at the NEXO ($0.5).
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