5 Altcoins That Surged Despite Crypto Market Crash
BeInCrypto looks at five altcoins that rose the most in this week’s crypto market, specifically from 3 to 10 March.
Due to the ongoing bear market, not five altcoins in the top 100 had a positive performance. As a result, lesser-known coins from outside the top 100 are considered for this analysis. These altcoins have stolen the crypto news and spotlight in the cryptocurrency market:
- Kava.io (KAVA) price increased by 9.76%
- DAO Maker (DAO) price increased by 6.80%
- The Liquidity Price (LQTY) increased by 2.89%
- XRP price increased by 0.45%
- Bone ShibaSwap (BONE) price increased by 0.23%
Kava.io (KAVA) Rate Leads Crypto Market Altcoin Winners
The KAVA price has been falling in a descending parallel channel since January 19. Such channels usually contain corrective movements, which means that an eventual breakout from it is expected.
The price is currently in the upper part of the channel, which increases the possibility of a breakout.
If that happens, the KAVA price could increase to $1.06. On the other hand, if a rejection follows, KAVA could fall to the channel support line of $0.70.
DAO Maker (DAO) fails at fib resistance
The DAO price has rallied since breaking out of a descending resistance line at the beginning of the year. The upward movement led to a high of $1.90 on March 8.
However, the price was rejected by the 0.618 Fib retracement resistance level (red icon) creating a bearish candlestick.
If the rejection starts a reversal, DAO could fall to the nearest support area of $1.35. On the other hand, if it moves above $1.85, the price can increase to $2.50.
Liquidity (LQTY) is showing signs of weakness
The LQTY price has fallen below a descending resistance line since March 6. Currently, it is trading slightly above the horizontal support area of $1.70.
If the price breaks down, it could fall to $1.40.
On the other hand, if LQTY breaks out from the resistance line, it could begin a relief rally towards the 0.5 Fib retracement resistance level at $2.08.
Ripple XRP falls in descending channel
Like KAVA, the Ripple XRP price has fallen into a descending parallel channel since December 16. The channel’s resistance line rejected the price on March 8 and 9, creating long upper wicks (red circle).
If the price continues to be decent, it may fall to the channel support line and support area at $0.33. On the other hand, a breakout could lead to a sharp rise towards $0.42.
Bone ShibaSwap (BONE) falls to low territory
In late February, the BONE price made several unsuccessful attempts to break out above $2. These created many long upper wicks (red circle), which are considered signs of selling pressure. Moreover, they were combined with a bearish divergence in the RSI (green line).
Afterwards, the price dropped to the $1.45 support area and bounced.
Currently, the altcoin is trading in a range between $1.45 and $2. Whether it breaks out or down can determine the future trend. A breakout could lead to a quick rise to $2.60, while a breakdown could lead to a drop towards $1.17.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
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