Top 5 Bullish Altcoins That Dominated This Week
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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from April 21 to 28.
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 36.87%
Cronos (CRO) price increased by 18.87%
Injective (INJ) price increased by 14.53%
MutliversX (EGLD) price increased by 12.37%
WOO Network (WOO) price increased by 9.09%
Render Token (RNDR) Price Leads Bullish Altcoin Gainers
The RNDR price broke out from the $2.15 horizontal resistance area on April 26, reaching a new yearly high of $2.55 two days later. Due to the lack of overhead resistance, the price action suggests that the upward movement can accelerate further.
If it does, the next closest resistance area will be at $3.80.
However, if the rally loses momentum, RNDR could fall back to the $2.15 horizontal area, which is now expected to provide support.
Cronos (CRO) Price Breaks Out Above Resistance
The CRO price has increased alongside an ascending support line since the beginning of the year. More recently, it bounced at the line on April 24 (green icon).
The price successfully broke out from the $0.073 resistance area on April 27. Now, the area is expected to provide support.
If the increase continues, CRO could reach the next resistance at $0.086. However, if the rally loses steam, CRO could drop to the $0.073 area, which is now expected to provide support.
Injective (INJ) Approaches Pattern’s Resistance
The INJ price has increased inside an ascending parallel channel since the beginning of the year. An ascending parallel channel is a type of corrective pattern in which the price bounces between two parallel lines before eventually breaking down most of the time.
However, the fact that the price keeps trading in the upper portion of the channel by bouncing at its midline (green icon) makes a breakout slightly more likely.
If the price gets rejected at the channel’s resistance line, it could fall to the midline again. However, if a breakout above the resistance line transpires, an increase to $15 could follow.
MultiversX (EGLD) Price Altcoin Fails to Break Out
The EGLD price has decreased under a descending resistance line since Feb. 13. More recently, EGLD made a breakout attempt on April 27.
However, that was unsuccessful, and the price created a long upper wick. This is a bearish signal since it means that the buyers were not able to sustain the price. Rather, sellers took over and pushed it down.
If a breakout occurs, EGLD could increase to $50. However, if the line causes another rejection, a drop to $38 will be on the cards.
WOO Network (WOO) Price Bounces at Support
Concluding the list of bullish altcoins this week, Woo Netrowrk wraps up the list. Similarly to INJ, the WOO price has traded inside an ascending parallel channel since the beginning of the year.
The price was rejected by the channel’s resistance line on April 15 and has fallen since.
However, WOO bounced at the $0.26 horizontal support area on April 24 (green icon) and began an upward movement.
If the increase continues, WOO can reach the channel’s resistance line at $0.36. However, if the rally loses momentum, WOO could fall to the $0.26 area again.
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.
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