Top 5 Altcoins With The Most Price Increase of The Week

    These are the 5 altcoins that gained the most in the crypto market this week, namely from February 24 to March 3.

    Maker (MKR) – Up 22.73%

    Maker price has fallen below the descending resistance line since July 2022. The line has caused multiple rejections so far, the most recent being on March 2. Then, the digital asset created a long upper wick. It has fallen since then.

    If the downtrend continues, the nearest support area will be at $788. However, if the MKR price breaks out of the resistance, a rally to $1,200 is likely to happen.

    Source: TradingView (SSV) – Up 13.13%

    SSV price broke the descending resistance on March 3 and then reached a high of $45.90 on the same day.

    However, the price failed to move above the 0.618 Fib retracement resistance level at $44.73. if the price is rejected, it can drop to the $41 support area.

    Source: TradingView

    SingularityNet (AGIX) – Up 10.10%

    After reaching a high of $0.67 on Feb. 8, AGIX’s price started to fall. It then began to recover on Feb. 13 and increased inside an ascending parallel channel since. Such channels usually contain corrective movements. Therefore, the most likely scenario is a breakdown from the channel. This is supported by the rejection from the channel’s resistance line on March 1 (red icon), which also coincided with the 0.618 Fib retracement resistance level. 

    If the AGIX price breaks down from the channel, it could fall toward $0.30. However, a breakout from the channel would invalidate this bearish forecast and could lead to an increase toward $0.80.

    Source: TradingView

    Casper Network (CSPR) – Up 9.38%

    The Casper (CSPR) price created a double top pattern on Feb. 4 and March 6, respectively. Besides being a bearish pattern, the double top was combined with a bearish divergence in the daily RSI (green line). Therefore, a rejection and decrease is the most likely scenario for the future movement.

    If this happens, the CSPR price could fall to the 0.618 Fib retracement support level at $0.033. However, in case the previous upward movement resumes, the CSPR price could increase to the next resistance at $0.05.

    Source: TradingView

    Threshold (T) – Up 9.12%

    Threshold price has increased since breaking out of the descending resistance line on January 23. The upward movement led to a high of $0.065 on January 26.

    However, the price created a long wick above, which was rejected by the $0.054 resistance area. After bouncing up at the 0.618 Fib retracement support level of $0.033, the price is now making another attempt to break out. If this occurs, the price can rally to the next resistance level at $0.08.

    However, if the Threshold price breaks down from the 0.618 Fib retracement support level, it can drop to $0.023.

    Source: TradingView

    (Reference: beincrypto)

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