Top 5 altcoins of the week
BeInCrypto examines five altcoins that have risen the most in the crypto market this week, specifically from April 28th to May 5th.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins stole the attention of crypto news and the cryptocurrency market this week as the biggest gainers:
- Casper (CSPR) price up 11.53%
- Rocket Pool (RPL) price up 7.06%
- Tron (TRX) price up 5.65%
- Stacks (STX) price up 3.24%
- PAX Gold (PAXG) price up 3.02%
Casper (CSPR) price leads bullish altcoin gainers
CSPR price has been rising since recovering from the $0.047 horizontal resistance area, which in turn confirms it as support (green icon). The breakout led to a fresh yearly high of $0.064 on April 30th.
There is very little overhead resistance, which means that the price may accelerate its rate of increase in the near term. In this case, the closest resistance area is $0.098.
CSPR/USDT daily chart. Source: TradingView
However, if the rally loses momentum, CSPR price can dip back into the $0.047 area.
Rocket Pool (RPL) struggles in correction pattern
RPL price has risen in a parallel ascending channel since the beginning of the year. The ascending parallel channel is a bearish pattern, which means it usually leads to breakdowns.
Additionally, the price action shows that the RPL price is trading in the lower part of the pattern, adding to the bearish sentiment.
There is a confluence of support levels at $43 created by a horizontal area of support and the channel’s support line.
RPL/USDT daily chart. Source: TradingView
If the RPL price collapses below that, it can drop to $30. However, an upward move to $70 may follow if it reclaims the center line of the channel.
Tron (TRX) is breaking out of bullish pattern
TRX price has been rising along an ascending support line since March 10th. This, combined with the $0.068 horizontal area, has created an ascending triangle, which is considered a bullish pattern.
On May 1st, the price moved above the $0.068 area, confirming that it has broken out of the triangle. A raise that extends the full height of the pattern takes the price to $0.080.
TRX/USDT daily chart. Source: TradingView
On the other hand, a close below the $0.068 area means that the breakout was not valid. In this case, TRX price would likely break away from the ascending support line and drop to $0.060.
Stacks (STX) price breaks out above resistance
STX price broke out of a descending resistance line on May 2nd. The line had previously been in effect since March 20. Consequently, a break above it can catalyze a significant surge.
If the upward move continues, the next resistance is $1 created by a horizontal resistance area and Fib resistance level.
STX/USDT daily chart. Source: TradingView
However, if STX price breaks below the resistance line, it means the breakout was invalid. In this case, the STX price can drop to $0.40.
Pax Gold (PAXG) bullish altcoin nearing all-time high
Concluding this week’s list of bullish altcoins, PAXG price is nearing a new all-time high after breaking out of the $2,020 resistance area. Currently, the price is in the process of validating the area as support.
PAXG/USDT daily chart. Source: TradingView
If the rise continues, the closest resistance will be $2,365. However, a close below the $2,020 area may result in a drop towards $1,910.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In accordance with the guidelines of the Trust Project, this price analysis article is for informational purposes only and should not be taken as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.
