Crypto analyst Valdrin Tahiri says SNX, XDC and BIT have broken key diagonal resistance levels. According to the analyst, a continuation of upward movements in the prices of this altcoin is possible as a result. The analyst is also looking at MKR and LINK, which are among the week’s winners.
SNX leads rising altcoins
SNX price broke out of a descending resistance line on July 17. Then confirmed it as support (green icon). The price then started to jump sharply. Thus, it has increased since then. It is currently trading just below the $3.10 resistance area where it made its second breakout attempt. If SNX price breaks successfully, it could move to the next resistance at $4.30. However, if it is rejected, a drop to the $2.60 resistance line would be the most likely outcome.
If SNX breaks decisively, the next resistance will be $4.30. However, if the altcoin price is rejected from the $3 zone, it could drop to the next closest support, $2.60.
This altcoin price is approaching yearly high
XDC Network (XDC) price broke out of the descending resistance line on July 13. It has increased since then. The upside move reached a high of $0.043 on July 21. That’s just under $0.048, the year high. XDC price is rapidly approaching the $0.045 resistance. This is the last resistance area before the aforementioned year high.
If XDC price breaks, it is possible to rise to the next resistance at $0.066. This represents a 52% increase over the current price. However, a sharp drop to $0.0380 is likely if the price is rejected.
Is another 100% increase possible for the MKR price?
The Maker (MKR) price is up 125% since its low on June 10. At the time, it was down to just $511. MKR is struggling to break out of the $1,150 resistance area that has been in place since May 2022. If the altcoin price breaks, the next resistance will be $2,400. This means a 100% increase from the current price.
However, if MKR price rejects, a drop to the $750 horizontal support area is possible.
This altcoin tried its highest level of the year
cryptocoin.comAs you follow, BitDAO (BIT) price has increased since June 27. The price broke out of a descending resistance line on July 13. Before it broke, the line had been in place since the end of February. Therefore, a breakout is a sign that the previous correction has ended and a new uptrend has begun. Currently, BIT is approaching the yearly high resistance at $0.64.
If it does, the price is likely to rise to the next resistance at $0.80. However, if rejected, the price could decline to the $0.48 resistance line and confirm this as support.
LINK is among the winners of the week
Chainlink (LINK) price has rallied near a parabolic support line since June 10. The price formed a major bullish candlestick on July 20. The price is approaching the year high of $8.80. If it does, the next resistance will be $9.40. This is a very long-term area of resistance that has been going on since May 2021. Hence, a break above this could greatly accelerate the rate of increase towards $15.
However, a close below the parabolic support line indicates the end of the uptrend. Thus, it will mean that the altcoin price will drop towards $6.
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