Five Altcoins That Led the Bullish Crypto Market
BeInCrypto looks at five altcoins that rose the most in this week’s crypto market, specifically from March 31 to 7 April.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These altcoins have stolen the crypto news and spotlight in the cryptocurrency market:
- Solar (SXP) price increased by 46.46%
- Injective price (INJ) increased by 21.24%
- Dogecoin (DOGE) price increased by 14.13%
- Frax Share (FXS) price increased by 13.98%
- The price of Casper (CSPR) increased by 13.47%
Solar (SXP) Price Leads Altcoin Gainers
SXP price has risen rapidly since breaking out of a descending resistance line on March 29. The breakout led to a high of $0.94 on April 3.
However, the price failed to break out of the $0.93 area and was rejected instead.
If decline continues, SXP may find support at 0.382 Fib retracement support level at $0.66.
On the other hand, if it breaks out, the next closest resistance will be $1.40.
Injective (INJ) Price approaches annual high
The INJ price has been increasing at a rapid rate since the March 10 low (green icon) of $2.45. On April 2, the price broke out from a rising resistance line. Afterwards, it validated it as support on April 6 (green icon).
If the rise continues, the next resistance will be at $6.50.
However, if the rally loses momentum, INJ price could drop to the horizontal support area of $4.40.
Dogecoin (DOGE) Price Breaks Out of Resistance
Dogecoin price broke out from a descending resistance line on April 3rd. However, it was rejected by the 0.382 Fib retracement resistance level at $0.10.
Currently, the DOGE is in prices to validate the previous resistance line as support. If successful, it will likely break out of the $0.10 area. If so, it will likely rise to the 0.618 Fib retracement resistance level at $0.12.
However, if the DOGE price falls below the descending resistance line, it is likely to drop to $0.07.
Frax Share (FXS) Altcoin bounces at support
FXS price has rallied since jumping the horizontal support area of $7.50 on March 10. After creating a higher low, it is now trying to break out of the $10 resistance area.
If it breaks out, FXS could rise to $12.80. However, if it is rejected, a drop to $7.50 could follow.
Casper (CSPR) follows the resistance line
The CSPR price has followed a descending resistance line since October 2022. The line has caused a series of rejections, most recently on April 4 (red icon). Since opponents get weaker each time they are touched, an eventual breakout is expected.
If the CSPR price breaks out, it could rise to at least $0.50.
However, if another decline follows, CSPR could fall to the $0.34 support area.
For BeInCrypto’s latest crypto market analysis, click here.
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.
