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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.
Click here for BeInCrypto’s latest crypto market analysis.
Disclaimer
While BeInCrypto strives to provide accurate and up-to-date information, BeInCrypto is not responsible for any factual omissions or inaccuracies. YOU AGREE AND UNDERSTAND THAT YOU MUST USE THIS INFORMATION AT YOUR OWN RISK. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
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