Top 5 Altcoin Winners Despite Crypto Market Slowdown
BeInCrypto looks at five altcoins that rose the most in the crypto market week, specifically from April 14 to 21.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins have stolen the crypto news and spotlight in the cryptocurrency market this week as the biggest winners:
- OKB (OKB) price increased by 14.81%
- Render Token (RNDR) price increased by 12.61%
- Casper (CSPR) price increased by 9.91%
- Injective price (INJ) increased by 7.89%
- Ziliqa (ZIL) price increased by 5.67%
OKB (OKB) Rate Leads Bullish Altcoin Gainers
OKB price has been stuck in an upward movement since June 2022. The increase led to a new annual high of $58.85 on February 18.
After a brief fall, the price broke out of a symmetrical triangle on April 14. It is possible that OKB is now in the fifth and final wave of an upward movement. If so, it could reach a top near $72.23.
To determine the direction of a trend, technical analysts use the Elliott Wave theory, which involves studying recurring long-term price patterns and investor psychology.
However, if the price falls below the wave high of $23 (red line), it will nullify the bullish count and could lead to a drop to $14. This is because Elliott Wave rules state that wave four cannot overlap with wave one.
Render Token (RNDR) Price falls after annual high
The RNDR price has fallen since hitting an annual high of $2.19 on April 20. On the same day, it created a long upper wick. Such weeks are considered signs of selling pressure since it means that buyers were unable to sustain the price. Instead, sellers took over and pushed it down, creating the wick.
If the decline continues, the digital asset could fall to the nearest support at $1.70. On the other hand, if the momentum returns, RNDR could increase to its previous high of $2.19.
Casper (CSPR) price returns to support
Like RNDR, the CSPR price has fallen since hitting a new annual high of $0.060 on April 16. Currently, the price is trading within the horizontal support area of $0.049.
When horizontal resistance levels are breached, they are expected to provide support when price retests them. This is the case for the $0.049 area.
If the CSPR price bounces, it could move to the $0.060 area again. However, a drop to $0.037 could follow if it breaks down.
Injective (INJ) Price is rejected at pattern resistance
INJ price has been a bullish altcoin since the beginning of the year. During this time, it increased inside a rising parallel channel.
When such channels contain price movements, the price bounces at the resistance and support lines several times before a decisive move takes it outside the pattern.
In the case of INJ, the channel’s resistance line rejected the price on April 17 (red icon).
If the decline continues, INJ could fall to $6. However, if the price regains its footing, it could reach the channel’s resistance line again at $12.
Ziliqa (ZIL) fails to remove horizontal level
ZIL price has been falling since it was rejected by the $0.035 horizontal resistance area on April 19 (red icon). The area is crucial as it had previously served as resistance since September 2022.
If the downward movement continues, ZIL could fall to $0.026. However, if the price breaks out, it could reach $0.045.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with Trust Project guidelines, this price analysis article is 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.
