These 5 Altcoins made profit despite bearish market
BeInCrypto looks at the five altcoins that gained the most in the crypto market this week, notably February 24 to March 3
These popular altcoins have stolen the crypto news and cryptocurrency market spotlight:
- Maker (MKR) price increased by 22.73%
- ssv.network (SSV) increased in price by 13.13%
- SingularityNet (AGIX) price increased by 10.10%
- Casper (CSPR) price gained 9.38%
- Threshold (T) value increased by 9.12%
Maker (MKR) Leads the Altcoin Gainers
From July 2022, the maker’s price has settled below a descending resistance line. The line has caused several rejections so far, most recently on 2 March. Then, the digital asset formed a long upward spiral. It has since fallen.
If the downside momentum continues, the nearest support area lies at $788. However, if MKR price breaks above the resistance line, there could be an increase towards $1,200.
MKR/USDT Daily Chart. Source: TradingView
ssv.network (SSV) breaks above resistance
SSV price broke above the descending resistance line on March 3. It reached a high of $45.90 on the same day.
However, the price failed to rise above the 0.618 Fibonacci retracement resistance level at $44.73. If this happens, it can increase to $ 50.
However, if the price gets rejected, it could decline towards the $41 support area.
SSV/USDT Daily Chart. Source: TradingView
SingularityNet (AGIX) risks breaking out of the channel
AGIX price fell after reaching a high of $0.67 on February 8. After this, its recovery started on 13 February. Since then it has risen within an ascending parallel channel. Such channels usually have corrective activities. Hence, breaking out of it would be the most likely scenario. This is supported by the rejection from the resistance line of the channel on March 1 (red icon), which coincides with the 0.618 Fibonacci retracement resistance level.
If AGIX price breaks out of the channel, it is likely to decline towards $0.30. However, a breakout from the channel will invalidate this bearish forecast and a move towards $0.80 is possible.
AGIX/USD Daily Chart. Source: TradingView
Casper Networks (CSPR) Altcoin Forms Double Top Pattern
Casper (CSPR) price formed a double top pattern on February 4 and March 6 respectively. In addition to being a bearish pattern, the double top was coupled with a bearish divergence in the daily RSI (green line). Therefore, rejection and decrease are the most likely contours of the future movement.
If this happens, the CSPR price could decline further towards the $0.033 Fibonacci retracement support level at $0.618.
However, if the previous upward momentum resumes, the CSPR price could rise to the next resistance at $0.05.
CSPR/USDT Daily Chart. Source: TradingView
Breaks resistance above threshold (T)
There has been an increase in the threshold price since it broke out from the descending resistance line on Jan 23. The upward movement reached a high of $0.065 on January 26.
However, the price formed a long upside downtrend when it was rejected by the $0.054 resistance area.
After bouncing above the $0.033 Fibonacci retracement support level at $0.618, the price is currently making another attempt to break above. If it succeeds, the price could rise further towards the next resistance at $0.08.
However, if there is a threshold price above the $0.618 Fibonacci retracement support, there could be a decline to $0.023.
T/USDT Daily Chart. Source: TradingView
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Source: beincrypto.com
