BeInCrypto presents the top 5 altcoins that increased the most in the cryptocurrency market during the last 7 days. Specifically, the relevant period is June 10-16, 2023.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). The top 5 cryptocurrencies that have stolen the crypto news and market spotlight this week as the biggest gainers are:
- Kaspa (KAS) price increased by 30.3%
- Beldex (BDX) price increased by 10.0%
- KuCoin (KCS) price increased by 7.0%
- tomiNet (TOMI) price increased by 6.6%
- Maker (MKR) price increased by 4.0%
Kaspa (KAS) Leads the Top 5 Cryptocurrencies Ranking
The KAS price has been increasing since the bottom at $0.0136 reached on June 6, 2023. The bottom provided a bullish signal because the close of the daily candle was higher than the May 23 candle. Thus, KAS generated a higher low and initiated an uptrend.
During the following days, the KAS price sharply broke through the important resistance level at $0.0190 and is in the process of generating a higher high. However, it has encountered resistance at $0.0228, which peaked in early May. If it can be surpassed, the next resistance will be the all-time high (ATH) at $0.0428 set on April 2.
However, if the bullish momentum fades, KAS could experience a correction to the 0.382 Fib retracement level at $0.0193. It is in confluence with the aforementioned resistance level, which will now likely serve as support.
Beldex (BDX) Continues Upward Trend
The BDX price managed to maintain the bullish momentum from the previous week when it also appeared in the top 5 cryptocurrencies list. Last week, the altcoin managed to break out of the falling resistance line, which had been in place since March 2023 (orange circle).
The upward movement led to the first resistance at $0.052, which was broken this week. Currently, the BDX price faces another important area at $0.055, which has historically been validated as resistance and support (blue arrows).
Should the cryptocurrency break out above, the next areas of resistance are at the $0.058 and $0.062 levels. However, if it were to break down, a correction could take it to the $0.052 level first, followed by the $0.048 and $0.045 levels.
KuCoin (KCS) Rebounds Strongly Despite Exchange FUD
The KuCoin exchange native token KCS has been in a long-term downtrend since reaching its ATH of $28.83 on December 1, 2021. The bear market bottom so far reached $5.56 on November 13, 2022.
However, the recent exchange FUD caused by the American SEC’s regulatory actions has affected the KCS price. It lost long-term support at $7.28. The token then almost fell to a new low, reaching $5.85 on June 12.
However, there was a strong bounce a few days later, and KCS is currently retesting the $7.28 area, which is now acting as resistance.
If this move does not turn out to be just a bearish re-test, and the level is reclaimed, the KCS price could rise further to $7.73, and potentially even to the next important area at $9. However, if the bearish scenario plays out, the KCS price could reach new lows of the ongoing cycle.
TOMI Price Breaks Parabola but Does Not End Upward Trend
The TOMI token also appeared in our previous top 5 cryptocurrencies of the week. Back then, we looked at its impressive growth parabola, which could potentially lead to a new ATH.
However, the parabolic trend could not be sustained, and the price of TOMI dropped. However, a small correction only led to the approval of the 0.382 Fib retracement level at $4.17. TOMI then rebounded strongly. It is currently making a bearish re-test of the parabolic support line, which has been in place since January 2023.
If a rejection occurs and the TOMI price loses the aforementioned support at $4.17, the next support will be the $3.41 level. However, if the altcoin manages to rebuild its uptrend, it could initiate a new parabola and reach the next ATH soon.
Maker (MKR) Defends an Important Support Level
The MKR price, like KCS, is in a long-term downtrend. The altcoin reached its ATH at $6292 on May 3, 2021, and has been decreasing ever since. So far, the bottom of this cycle was reached at $502 on January 3, 2023.
However, recent developments in the cryptocurrency market have brought the MKR price to a slightly higher low at $511 on June 10. The long lower wick on that day signal increased buying pressure, and the altcoin initiated a bounce.
Currently, the price has broken through the next resistance at $653. If the upward movement continues, the next smaller areas of resistance are at $683, $726, and $802, respectively. If, on the other hand, the MKR price drops, long-term support at $615 should limit losses.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/these-top-5-altcoins-delivered-the-biggest-returns-this-week/