BeInCrypto examines the five altcoins that saw the most gains in the crypto market this week. March 3-10.
Due to the ongoing bear market, there are not even five altcoins in the top 100 that have performed positively. As a result, lesser-known coins outside the top 100 are considered in this analysis. These altcoins have stolen the crypto news and cryptocurrency market spotlight:
- Kava.io (KAVA) price up 9.76%
- DAO Maker (DAO) price increased by 6.80%
- Liquity (LQTY) price up 2.89%
- XRP price rises 0.45%
- Bone ShibaSwap (BONE) price up 0.23%
Kava.io (KAVA) Price Leads Crypto Market
KAVA price has been falling inside a descending parallel channel since January 19th. Channels like this usually include corrective moves, from which we would eventually expect a breakout.
The price is currently at the top of the channel, increasing the chances of a breakout.
In that case, the price of KAVA could rise to $1.06. On the other hand, if the denial continues, KAVA could fall to the channel’s support of $0.70.
DAO Maker (DAO) fails on Fib resistance
DAO price has been rising since breaking the descending resistance line at the beginning of the year. The upward move led to a high of $1.90 on March 8th.
However, the price was rejected by the 0.618 Fib retracement resistance level (red icon) creating a bearish candlestick.
If the denial starts to reverse, the DAO could fall to the nearest support area at $1.35. On the other hand, above $1.85, the price could rise to $2.50.
Liquity (LQTY) shows signs of weakness
The price of LQTY has fallen below falling resistance since March 6th. It is currently trading just above the horizontal support area at $1.70.
If the price falls, a drop to $1.40 is possible.
On the other hand, if LQTY breaks out of the resistance line, it could start a relief rally towards the 0.5 Fib retracement resistance level at $2.08.
Ripple XRP Falls in Descending Channel
Similar to KAVA, Ripple XRP price has been falling within a descending parallel channel since December 16th. The channel resistance line rejected the price on March 8 and 9, creating a long upper wick (red circle).
If the price remains decent, a drop to the channel support line and the $0.33 support area is likely. Meanwhile, the breakout could rise sharply towards his $0.42.
Bone ShibaSwap (BONE) falls to range low
At the end of February, BONE price made several unsuccessful attempts to break above $2. These created numerous long upper wicks (red circles) that are seen as signs of selling pressure. Moreover, they were combined with a bearish divergence of the RSI (green line).
The price then dropped to the $1.45 support area and bounced back.
Altcoins currently trade in the $1.45-$2 range. Whether it breaks out or goes down could determine future trends. A breakout can lead to a surge to $2.60, while a breakout can lead to a drop to $1.17.
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