These 5 Altcoins Posted Gains Despite Bearish Market
BeInCrypto looks at five altcoins that rose the most in this week’s crypto market, specifically from 24 February to 3 March
These popular altcoins have stolen the crypto news and spotlight in the cryptocurrency market:
- Maker price (MKR) increased by 22.73%
- ssv.network (SSV) price increased by 13.13%
- SingularityNet (AGIX) price increased by 10.10%
- Casper (CSPR) price increased by 9.38%
- Threshold price (T) increased by 9.12%
Maker (MKR) Leads Altcoin Gainers
Maker price has fallen below a descending resistance line since July 2022. The line caused many rejections so far, most recently on March 2. Subsequently, the digital asset created a long upper wick. It has since fallen.
If the downward movement continues, the nearest support area will be $788. However, if the MKR price breaks out from the resistance line, a rise towards $1200 could follow.
ssv.network (SSV) breaks out above resistance
The SSV price broke out from a descending resistance line on March 3. It hit a high of $45.90 on the same day.
However, the price has not moved above the 0.618 Fib retracement resistance level at $44.73. If it does, it could increase to $50.
However, if the price is rejected, it could drop down to the $41 support area.
SingularityNet (AGIX) Risk breakdown by channel
AGIX price fell after reaching a high of $0.67 on February 8th. Then, on February 13, that recovery began. It has been increasing in an ascending parallel channel since. Such channels usually contain corrective movements. Therefore, a breakdown from that would be the most likely scenario. This is supported by the rejection from the March 1 channel resistance line (red icon), which also coincided with the 0.618 Fib retracement resistance level.
If the AGIX price breaks down from the channel, it could fall towards $0.30. However, a breakout from the channel would invalidate this bearish forecast and could lead to a rise towards $0.80.
Casper Network (CSPR) Altcoin Creates Double Top Pattern
Casper (CSPR) price created a double top pattern on February 4th and March 6th respectively. In addition to being a bearish pattern, the double top was combined with bearish divergence in the daily RSI (green line). Therefore, a rejection and reduction is the most likely outline for the future movement.
If that happens, the CSPR price could fall to the 0.618 Fib retracement support level at $0.033.
However, in case the previous upward movement resumes, the CSPR price may rise to the next resistance at $0.05.
Threshold (T) breaks out above resistance
The threshold price has risen since it broke out from a descending resistance line on January 23. The upward movement led to a high of $0.065 on January 26.
However, the price created a long upper wick, which was rejected by the $0.054 resistance area.
After a bounce at the 0.618 Fib retracement support level of $0.033, the price is currently making another attempt to break out. If successful, the price could rise to the next resistance at $0.08.
However, if the threshold price breaks down from the 0.618 Fib retracement support level, it could fall towards $0.023.
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Disclaimer
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