The activity continues in the altcoin world. We have selected 5 altcoins for you this week that are making big gains. Let’s look at the details.
Winners of the altcoin world
MKR and XEC have emerged from significant diagonal resistance levels. However, they have not yet overcome their main horizontal resistance. FLOW and BIT are both struggling at key resistance levels. Their failure to debut does not bode well for future trend prospects. FXS finally broke out of the 144-day descending resistance line. However, it has not yet been able to increase its growth rate. In particular, the five altcoins that increased the most from June 30 to July 7 draw attention. Here they are:
- Maker (MKR) price increased by 41.99%.
- eCash (XEC) price increased by 25.46%.
- BitDAO (BIT) price increased 19.68%.
- Flow (FLOW) price increased by 17.70%.
- The price of Frax Share (FXS) rose 15.56 percent.
Maker (MKR) leads cryptocurrencies that are rising in price
MKR price has rallied since it broke out of a descending resistance line and confirmed it as support on June 10. The price formed a higher bottom on July 1. It also accelerated the rate of increase afterwards. MKR reached its annual high of $1,080 on July 5. However, the price formed a few long upper wicks despite the increase. These suppositories are considered signs of selling pressure. It also usually occurs at a local peak.
Additionally, it remains unclear whether MKR has steadily climbed above the $950 resistance area or if the current breakout is just a divergence. If MKR breaks out steadily, the next resistance will be $1,120. However, if the price closes below $950, it could decline to the next nearest support at $800.
Altcoin eCash (XEC) debuted but failed to break through resistance
XEC price action is similar to that of MKR. The price broke out of a descending resistance line on June 30. On the other hand, it reached a new year high of $0.000045 the next day. However, the price failed to break out of the $0.000041 resistance area. Accordingly, it created a long upper wick (red icon). As mentioned earlier, this is considered a sign of selling pressure. While XEC price bounced after being rejected, it is still trading below the $0.000041 area.
If the bounce continues, altcoin XEC could reach the aforementioned resistance at $0.000041. However, if the rally loses momentum, XEC could drop to the nearest support at $0.000032.
BitDAO (BIT) struggles with resistance
The altcoin BIT price has risen since the jump on July 27. Accordingly, it retraced the 0.618 Fib retracement support level. Despite the increase, the price was rejected by a descending resistance line on July 5. It fell the next day, forming a bearish candlestick.
If the decline continues, BIT could decline to the 0.618 Fib level at $0.40. However, if the price breaks, it could rally to $0.64.
Flow (FLOW) price struggles with resistance
FLOW price started an upward move on June 10. After forming a higher low, the price hit a high of $0.79 on July 3 before falling. Currently, altcoin FLOW price is trading in the middle of a horizontal range between $0.50 and $0.75.
Therefore, the direction of the trend will be determined by whether the price breaks above or below the range. In the event of a breakout, the price could quickly rally to $1.10. However, if the altcoin FLOW drops, there will likely be a drop in the cards to $0.30.
Frax Share (FXS) is the end of rising altcoins
Altcoin FXS price broke out of the 144-day descending resistance line on July 3. While a breakout from such a long-term structure was expected to greatly accelerate the rate of increase, altcoin FXS price struggled to sustain it. Instead, the price formed a long upper wick on July 6 and then fell. The bearish is about to retest the line as support. Then the upward movement will continue. FLOW price could move towards the $8 resistance after forming a higher low.
However, a break below the June 15 low of $4.59 will mean the breakout is invalid. Moreover cryptocoin.com When we look at it, it will show that the trend is in the downward direction. In this case, the decline can accelerate to $ 3 .
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.