LINK continued its parabolic growth. Who else from altcoins was lucky this week
Date: 2023-07-23 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The list of the most successful altcoins this week, in addition to LINK, includes:
Synthetix (SNX) +31,04%
XDC Network (XDC) 25,23%
Maker (MKR) +23,17%
BitDAO (BIT) 15,80%
Chainlink (LINK) +13,05%
Synthetix (SNX) at the forefront of successful altcoins
As the results of technical analysis show, on July 17, the SNX price made a breakout of the descending resistance line and confirmed it as support (green icon). After that, the price began a sharp rebound and has continued to rise ever since. SNX is currently trading just below the $3.10 resistance area, from where it is now making a second breakout attempt.
If successful, the token could head to the next resistance at $4.30. However, in the event of a rebound, the most likely outcome would be a fall towards the resistance line at $2.60.
If SNX makes a net bullish breakout, then the next resistance will come into play at $1120. However, if the price closes below the $950 level, it could sink to the next nearest support at $800.
XDC Network (XDC) is approaching a one-year high
The price of XDC rose after breaking the descending resistance line on July 13. The upward movement led to the July 21 price reaching a high of $0.043. This is only slightly below the annual high of $0.048.
The market is fast approaching the $0.045 resistance level. This is the last line of defense before the aforementioned annual maximum.
If it breaks through, XDC could reach the next resistance at $0.066. This would mean an increase of 52% from current levels.
However, in the event of a rebound, the price could fall sharply to $0.0380.
Can Maker (MKR) grow another 100%
On June 10, the price of MKR formed a low of $511 and has since risen by 125%. MKR is now trying to break through the $1150 resistance area, which has been on the chart since May 2022.
If MKR takes this barrier, then the next resistance will come into play at $2400, which would mean an increase of another 100% from the current price.
However, if the MKR price bounces off here, it could fall towards the horizontal support area of $750.
BitDAO (BIT) is trying to reach a yearly high
The price of BIT has been rising since June 27. On July 13, the price broke through the descending resistance line, which had been present on the chart since the end of February. Thus, its breakout is a signal of the end of the previous correction and the beginning of a new uptrend.
Currently, BIT is approaching an annual high of $0.64.
In the event of a bullish breakout, the price could rise to the next resistance level at $0.80. However, there will be a rebound, the price may fall to the level of $0.48.
Chainlink (LINK): Last on the list, but not in importance
The LINK token closes the top list of altcoins of the week. Since June 10, LINK has been rising along the parabolic support line. On July 20, the price formed a massive bullish candle and is now approaching an annual high of $8.80.
If it absorbs it, then the next resistance will be at $9.40. This is a very long-term area of resistance that has existed since May 2021. Therefore, its breakthrough can significantly accelerate the price growth in the direction of the $15 mark.
However, a close below the parabolic support line would mean that the uptrend is over and the price will correct towards the $6 level.
