BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from May 12 to 19.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins have stolen the crypto news and cryptocurrency market spotlight this week as the biggest gainers:
- Render Token (RNDR) price increased by 42.39%
- Pepe (PEPE) price increased by 35.33%
- Lido Dao (LDO) price increased by 30.96%
- Mask Network (MASK) price increased by 30.21%
- Conflux (CFX) price increased by 24.63%
Render Token (RNDR) Price Leads Bullish Altcoin Gainers
The RNDR price has increased since the beginning of the year. At the start of end of April, it moved above the $2.10 horizontal resistance area. However, it fell back below it almost immediately afterward. This suggested that the previous increase was only a deviation.
Despite this movement, RNDR moved above the resistance area again on May 17. Now, the area is expected to provide support again.
If the increase continues, the next resistance will be at $3.10. However, if RNDR loses its footing, it can fall to the $2.10 support area again.
Pepe (PEPE) Reclaims Important Support
The PEPE price has fallen since reaching a high of $0.0000019 on May 5. The decrease led to a low of $0.0000010 on May 12. This seemingly caused a breakdown from the $0.0000013 support area.
However, the price bounced almost immediately afterward and reclaimed the area, which is now expected to provide support again.
If an increase occurs, PEPE can move to the next resistance area at $0.0000020. However, if it loses momentum, a drop to the $0.0000013 support area could occur again.
Lido Dao (LDO) Price Fails to Clear Resistance
The LDO price has traded inside a descending wedge since the beginning of February. The descending wedge is considered a bullish pattern, meaning that it leads to breakouts most of the time.
At the beginning of May (red circle), LDO bounced at the patterns support line.
This initiated an upward movement that seemingly caused a breakout on May 17. However, the PEPE price failed to move above the wedge’s resistance line. Rather, it created a long upper wick and fell.
If the decrease continues, LDO could fall to the $1.80 support area again. However, if a breakout transpires, an increase to $2.80 will likely transpire.
Mask Network (MASK) Saves Breakdown With Bounce
The MASK price has increased since May 12. On May 17, it moved above a descending resistance line that had been in place since November 2022.
While the price had previously broken out above this line, it fell below it at the beginning of May.
Then, it reached a new high of $4.88 two days later. The high was slightly below the $5.05 horizontal resistance area.
If the MASK price breaks out above this area, it can increase to the next resistance at $6.80. However, if the rally reverses, a drop to the resistance line at $3.80 will be likely.
Conflux (CFX) Concludes Altcoin Gainers
The Conflux price has fallen since March 19. On April 21, it broke down from the $0.32 horizontal area and proceeded to reach a low of $0.22 on May 12.
While it bounced afterward, it failed to reclaim the $0.32 area.
Whether the price reclaims this resistance area or gets rejected will likely determine the future trend. If the price reclaims it, it can increase to the next resistance at $0.48.
However, if it gets rejected, a drop to the $0.14 horizontal support area will likely transpire.
For BeInCrypto’s latest crypto market analysis, click here.
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/top-5-altcoins-in-challenging-market/