5 Altcoins on the rise this week
BeInCrypto looks at five altcoins that rose the most in this week’s crypto market, specifically from 17.-24. February.
These popular altcoins have stolen the crypto news and spotlight in the cryptocurrency market:
- Stacks (STX) price increased by 142.98%
- Conflux (CFX) price increased by 91.06%
- Ankr (ANKR) price increased by 50.30%
- Klaytn (KLAY) price increased by 36.31%
- Neo (NEO) price increased by 34.83%
Stacks (STX) Price Leads Altcoin Gainers
The Stacks price has been moving rapidly upwards since February 18th. In five days it increased by 150%. The slope of the upward movement is completely parabolic.
Despite the increase, the digital asset has yet to reach the main resistance area of $0.98. If it manages to break out, STX could go all the way to $1.55. However, if it does not, a drop to the 0.382 Fib retracement support level of $0.62 could follow.
Conflux (CFX) price is moving above the crucial area
The Conflux price has been stuck in a massive increase for the past two days. During this time, it also broke out of the $0.20 horizontal area, which had served as resistance for more than a year.
The trend is considered bullish as long as the altcoin is above this range. In this case, the next resistance would be $0.60.
However, if the CFX price closes below $0.20, it would mean that the breakout was illegitimate. This could lead to a drop to $0.05.
Ankr (ANKR) reaches highest price in 10 months
ANKR has increased rapidly since the beginning of the year. The upward movement accelerated on February 21, leading to a high of $0.057. However, the price created a long upper week and has fallen since.
The main resistance area is at $0.057. It has acted as both support and resistance since early 2022. If ANKR price breaks out, it could move to $0.08. However, if a rejection occurs, ANKR could fall to the 0.5 Fib retracement support level at $0.036.
It is worth mentioning that the presence of several long upper weeks and the subsequent fall made the crypto-asset the biggest loser in the last 24 hours, despite an overwhelmingly positive performance in the last week.
Klaytn (KLAY) fails to break out above resistance
KLAY price has been trading below the $0.34 resistance area since May 2022. Despite a massive rally last week, KLAY still failed to close above this level. Doing so could lead to a top near $0.47.
However, if KLAY price does not break out, it may fall back to the $0.24 support level.
Neo (NEO) Altcoin Breaks Out of Resistance
NEO price has rallied since breaking out of a descending resistance line on February 17. The upward movement led to a high of $15.80 on February 21. However, the price has since fallen.
Currently, NEO is trading just above the horizontal support area of $1.20. If it bounces, it could rise back to $15.50.
However, if a breakdown follows, the price may return to the previous ascending parallel channel at $11.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
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