BinaryX (BNX), XDC Network (XDC) and Radicle (RAD) lead the charge in the best performing altcoins
BeInCrypto analyzes the five altcoins that increased the most in the entire crypto market last week, specifically from December 16 to 23.
These digital assets have taken the spotlight of crypto news and the crypto market:
- BinaryX (BNX) price increased by 21.26%
- XDC Network (XDC) price increased by 10.23%
- Radicle (RAD) price increased by 5.61%
- iExec RLC (RLC) price increased by 5.54%
- Toncoin (TON) price increased by 0.97%
BNX leads the altcoin rally
The BNX price has fallen since reaching a high of $175.60 on November 24. Five days later, it broke out of an ascending parallel channel and accelerated its rate of decline. This led to a low of $48.40 on December 11, a 72% drop in just 18 days.
However, the BNX price bounced afterwards, validating a long-term rising support line (green icon) that has been in place since January 2022.
If the bullish move continues, the nearest resistance area would be at $95.
If the BNX price recaptures this area or breaks out of the ascending support line, it will likely determine the direction of the future trend.
XDC Attempt Break
XDC price has declined below a descending resistance line since Aug. 11. The move lower led to a low of $0.02 on December 7. Due to the overlap in the move (red line), the decline is likely to be a full ABC corrective structure (black). This is supported by the strong bounce after the Dec 7 lows, which pushed the XDC price to the resistance line.
A break of the line would likely lead to an up move towards $0.036
Conversely, falling below the $0.070 low would invalidate this bullish assumption.
RAD is rejected by the resistance
RAD price has declined below a descending resistance line since May 28. The line has caused numerous rejections so far (red icons), most recently on December 17.
The nearest support area is at $1.45. The area has acted as the yearly minimum support. As a result, a break below could accelerate the rate of decline.
If the RAD price breaks out of the resistance line or falls below the $1.45 area it will probably determine the direction of the future trend.
RLC breaks above resistance
The RLC price had declined below a descending resistance line since early August. The move lower led to a low of $0.748 on November 14.
The RLC price has risen ever since and broke out of the resistance line on December 17. It also triggered a recovery from the $1.05 resistance area.
If the bullish move continues, the next closest resistance area would be at $1.55.
Conversely, breaking out of the $1.05 area would indicate that the trend is down.
TON is one of the few altcoins with bullish setups
The TON price has been moving higher at a brisk pace since hitting a low of $1.33 on Nov. 10. The bullish move triggered a break above the $1.95 resistance area, further accelerating the rate of rise.
So far, the price of TON has reached a high of $2.90.
The up move looks like a five wave up structure, where TON is in wave three (black) and secondary wave five (white). A potential target for the top of the move higher is at $3.44.
A decline below the high of wave one (red line) would invalidate the bullish assumption.
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Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but will not be responsible for missing or inaccurate information. You agree and understand that you must use any part of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
