Here are 5 Altcoins That Challenge the Bear Market and Jump!

Most altcoins underperformed in March, but XRP, XLM, CFX, XDC and MASK challenged the trend by posting double-digit gains. Crypto analyst Nivesh Rustgi examines these altcoins in detail.

Bitcoin dominance increased

Bitcoin’s dominance over the crypto market, which represents market share by total cryptocurrency market cap, rose from around 44% in March to 48%. cryptocoin.comAs you follow, Bitcoin’s price rose 22.7% during the month, with most altcoins yielding below-average or negative returns. However, there were some outliers showing positive momentum in the second month. For example, while investors await a positive outcome in the US court against the SEC and in favor of Ripple, XRP has recorded steady positive momentum.

Top altcoin: Conflux Network (CFX)

Conflux Network continued its positive trend in February, nearly doubling its price in March. The project team continued to strengthen their partnership in China by acquiring XCMD, the world’s third largest manufacturer of construction machinery, and Zen Spark Technology. The Conflux team also supports the development of unauthorized applications. Established a grant program to support ecosystem development.

The CFX token tested the support between $0.10 and $0.20 and continued its positive trend, reaching a year high of $0.46. The market structure of the higher and higher lows token looks bullish with a potential target of $0.80. It represents the casting level of the 2021 bull run.

Ripple (XRP) on the agenda with the SEC lawsuit

Ripple’s chances of winning the lawsuit against the Securities Exchange Commission (SEC) increased after court chair Analisa Torres on March 21 decided to exclude an expert’s opinion from explaining how XRP could become a security. On March 27, another US regulatory move was a blessing in disguise for XRP holders. The Commodity Futures Trading Commission (CFTC) in the US has accused Binance of non-compliance with compliance procedures and market manipulation.

The regulatory agency classified Bitcoin, Ethereum, and Litecoin as commodities in the filing. Some believe this classification will extend to XRP. Thus, it effectively refutes the SEC’s claim that XRP is a security. The market expectation that Ripple won its lawsuit against the SEC pushed the price of XRP to new year highs. If Ripple is more likely to win the case against the SEC, the bullish momentum in XRP will likely continue in the medium to long term.

XRP is currently facing resistance from 2022 highs at around $0.53. A successful break above this level could start the price towards previous support and resistance levels near $0.65 and $0.90. Measuring the momentum of price movements by volume, the Relative Strength Indicator (RSI) shows that XRP has reached overbought levels. It raises the possibility of a correction towards the $0.45 level.

The third winner is altcoin Stellar (XLM)

Stellar’s XLM token has benefited primarily because of its strong positive correlation with XRP. The correlation coefficient between XLM and XRP price action usually stays above 0.7. Behind the scenes, the Stellar Organization is making efforts to increase the adoption of Stellar Network for money transfers in third world countries such as Africa. Stellar is also working with international payments provider Money Gram to integrate Stellar Network into facilitating global payments.

Technically, XLM climbed above the $0.10 resistance level. If buyers consolidate above this level, the pair could aim for an increase of $0.15 and $0.24. On the flip side, if the bullish breakout fails, XLM could bounce back to the $0.08 support.

XDC Network (XDC)

XDC Network combines a permissioned and public blockchain that addresses scalability and security. The XDC token is the fuel of the network used to pay network fees and deploy applications. The network supports EVM compatible smart contracts, protocols and atomic cross-chain token transfers. It also fully complies with the ISO-20022 message standard, an internationally recognized standard for electronic data exchange between financial institutions.

Among the top public blockchains in the XDC ecosystem are Ecoin, Stasis Euro and Gobiance Exchange. These are relatively lesser known projects that are traded on second-tier exchanges like HitBit and BitMart. It paints a boring picture of the ecosystem development of the project with permissionless Blockchains.

On the corporate side, the project has established good partnerships with brands such as Travala and Guarda Visa cards. Factors spurring the recent price hike include the introduction of a DAO and the active role played by management firm XinFin, responsible for the development and management of Blockchain. XinFin recently decided to centralize the governance of Blockchain by creating a DAO. After the distribution in May 2023, the community will decide on the distribution of ecosystem funds to support development. A Web3 meetup in Dubai organized by XDC Network with more than 60 developers worldwide also supported the ecosystem growth of Blockchain.

XDC’s technical setup suggests it is on the verge of a bullish breakout. If buyers break above the $0.045 level, the altcoin is likely to move to 0.064 and beyond. On a downside, the $0.02 support level will be crucial for buyers. The Klinger Oscillator, a momentum indicator, paints a similar picture with a reading at zero. Positive buying action from current levels will move the indicator into positive territory, which is usually a bullish sign.

Latest altcoin, Mask Network (MASK)

Mask Network bridges Web2 and Web3, enabling cryptocurrency transactions directly through Web2 websites. More than 40,000 users have installed the Mask Network Chrome extension. The browser extension currently supports several decentralized apps (dApps), including Uniswap and SushiSwap, and is compatible with many social media platforms, including Twitter and Facebook.

The network’s Facebook integration has faced some complaints. After the acquisition of Elon Musk, it mainly benefits from Twitter integrations and the hype about cryptocurrency integrations on the social media platform. This adds significant speculation to the price of the token, as the nature of Twitter adoption is still unknown. On March 9, the token gained a listing on the BTSE exchange, increasing the liquidity and volume of the token. The project was one of the ARB airdrop recipients who received 257,540 ARB tokens.

MASK is the governance token for the project, which is discouraging as it does not generate returns from network usage. However, over 76% of the token supply is already in circulation; It has a relatively low inflation rate.

MASK climbed above the 2022 high of $6.10, a positive sign for technical buyers. The RSI indicator is in the bullish zone and is cooling off from the overbought zone, providing room for more bullishness.

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