Maker has risen in price by 42%. Who else from altcoins was lucky this week
Date: 2023-07-08 Author: Karina Ziganova Categories: BLOCKCHAIN
This week's list of the most successful altcoins includes:
Maker (MKR) +41,99%
eCash (XEC) +25,46%
BitDAO (BIT) +19,68%
Flow (FLOW) +17,70%
Frax Share (FXS) +15,56%
Maker (MKR) at the forefront of successful altcoins
As the results of technical analysis show, the MKR rate rose after rebounding from the downward resistance line and confirming it as support on June 10. The price set an upward low on July 1 and then accelerated the pace of growth. On July 5, MKR reached a new yearly high of $1080.
However, despite the increase, the price has formed several long upper wicks. Such wicks are considered signs of pressure from sellers and often occur in the area of the local top.
In addition, it is unclear whether the token has made a net breakout of the $950 resistance area or if it is only a price deviation.
If MKR confirms the bullish breakout, the next resistance will come into play at $1120. However, if the price closes below $950, it could sink to the next nearest support at $800.
eCash (XEC) can't overcome resistance
The dynamics of XEC are similar to the movement of MKR. On June 30, the price broke the downward resistance line and reached a new annual high of $0.000045 the next day.
However, it failed to break through the $0.000041 resistance area, forming a long upper wick (red icon). As previously stated, this is considered a sign of sales pressure.
Although the XEC price was able to reverse after the rebound, it is still trading below the $0.000041 area.
If the rebound continues, XEC could reach the aforementioned resistance at $0.000041. However, if the rally weakens, XEC could fall to the nearest support at $0.000032.
BitDAO (BIT) Fights Resistance
The price of BIT is rising after a rebound on July 27 and a recovery above the 0.618 Fibo support level. Despite the growth, on July 5, the price bounced off the downward resistance line (red icon). The next day, it fell, forming a bearish candle.
If the decline continues, BIT could fall to the Fibo level of 0.618 at $0.40. However, if the price makes a bullish breakout, it will target a high of $0.64.
Flow (FLOW) also faced resistance
The FLOW price started its upward movement on June 10. After forming a rising low, it reached a high of $0.79 on July 3 and then fell. Currently, the FLOW rate is trading in the middle of the horizontal range of $0.50 – $0.75.
Accordingly, the direction of the trend will be determined by which of the boundaries of this range the price breaks through. In the event of a bullish breakout, it could quickly jump to $1.10. However, in the event of a bearish breakout, there is likely to be a drop to $0.30.
Frax Share (FXS) closes the top list of the week
Rounding out the top list of altcoins of the week is the algorithmic stablecoin FXS. On July 3, the price broke the 144-day downward resistance line.
On the contrary, on July 6, the price formed a long upper wick and then fell. Perhaps this is just a retest of the broken line as support, after which the upward movement will continue in the direction of the $8 resistance after the formation of an upward low.
However, absorbing the June 15 low at $4.59 would mean that the breakout was false and the trend remains bearish. In this case, the fall may accelerate in the direction of $3.
