Five Altcoins That Led the Bullish Crypto Market
BeInCrypto looks at five altcoins that rose the most in the crypto market week, specifically from March 24 to 31.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These altcoins have stolen the crypto news and spotlight in the cryptocurrency market:
- Ripple XRP price increased by 23.68%
- Stellar (XLM) price increased by 20.35%
- Conflux (CFX) price increased by 12.24%
- Hedera (HBAR) price increased by 11.79%
- Flare (FLR) price increased by 11.30%
Ripple XRP Price Leads Altcoin Gainers
The XRP price broke out of a descending resistance line on March 21 and reached a new annual high of $0.585 on March 29. This was the highest price since September 2022. Currently, the price is trying to validate the horizontal area of $0.530 as support.
If successful, the price could rise to the next major resistance at $0.870.
However, if the digital currency closes below $0.530, it will jeopardize the entire bullish structure and could lead to a drop to the $0.425 support.
Stellar (XLM) price clears major resistance
XLM price has risen since it jumped a rising support line on March 10 (green icon). On March 28, it broke out of a horizontal resistance area at $0.095, leading to a new annual high of $0.107 the next day. The $0.095 area is now expected to provide support.
During this price action, the daily RSI also broke out from its bearish divergence trendline (green).
If the rise continues, the digital asset could move to the next resistance at $0.115. However, if the price closes below the $0.095 support area, it will invalidate the bullish structure and could lead to a drop to the rising support line at $0.080.
Conflux (CFX) Altcoin Price Makes Lower High
Conflux price has rallied since validating the $0.330 horizontal area as support on March 26. The increase led to a peak of $0.443 on March 30. This is a lower high compared to the price on March 19.
If the rally continues, CFX could rise to a high of $0.600, created by the 1.61 external Fib retracement of the last drop.
However, if the rally loses momentum, the CFX price may retest the $0.330 support area.
Hedera Hashgraph (HBAR) trades with corrective pattern
The HBAR price has been rising in an ascending parallel channel since March 11. Such channels usually contain corrective movements, which means that an eventual breakdown from it is expected.
On March 31, the HBAR price was rejected by both the channel resistance line and the 0.382 Fib retracement resistance level at $0.071.
If a breakout from the channel occurs, the crypto token could move to the 0.618 Fib retracement resistance at $0.081. However, if the price breaks down, a drop towards $0.045 is likely.
Flare (FLR) Price Attempt to find support
The FLR price has rallied since hitting a low of $0.023 on March 15. The upward movement led to a high of $0.044 on March 28. Despite the significant increase, the price failed to break out above the $0.043 resistance area. It is currently trying to find support above a rising support line.
If FLR bounces, it may make another attempt to reach the $0.043 resistance area. However, if it breaks down, FLR could fall to the 0.618 Fib retracement support level at $0.031.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
