Altcoins That Increased the Most in This Week’s Crypto Market
In the crypto market from August 4 to 11, several altcoins have experienced significant price increases. Here are the top gainers:
- Shiba Inu (SHIB) price increased by 19.38%
- THORChain (RUNE) price increased by 16.59%
- OKB price increased by 14.50%
- dYdX (DYDX) price increased by 12.91%
- Synthetix Network (SNX) price increased by 8.92%
Shiba Inu (SHIB) Price Leads Altcoin Gainers
The SHIB price has been on the rise since hitting a yearly low on June 10. It has reclaimed the $0.0000080 horizontal area and moved above the support line of a previous long-term symmetrical triangle. There are signs of a bullish trend, and if the upward movement continues, the price may reach the triangle’s resistance line at $0.0000113 (a 12% increase).
However, a decrease could cause the SHIB price to drop 13% to the triangle’s support line at $0.0000090.
THORChain (RUNE) Price Increases After Higher Low
The RUNE price has been increasing since June 14, creating a higher low on July 30. It is now trading within the $1.10 horizontal resistance area, which has previously provided support. If it breaks out from the current resistance line, it could increase by over 50% and reach the next resistance at $1.70. However, if it gets rejected, a 25% drop to the yearly lows is likely.
OKB Price Trades in Continuation Pattern
The OKB price has been trading within a symmetrical triangle since February. This pattern often leads to continuation, and if the price breaks out, a 50% increase to the next resistance at $72 is expected. This would result in a new all-time high for the altcoin. On the other hand, a rejection could cause a 16% drop to the triangle’s support line at $40.
DYDX Approaches Resistance Line
The DYDX price has been under a descending resistance line since February, causing multiple rejections. If it breaks out, it could increase to the next resistance at $3.20 (a 45% increase). However, a rejection may lead to a 35% decrease to the $1.40 horizontal support area.
Synthetix Network (SNX) Price Concludes Altcoin Gainers
The SNX price has fallen under a descending resistance line since March but has shown signs of recovery. If it continues to increase, it may reach the resistance line at $2.90 (a 14% increase). However, a close below the $2.50 area could result in a 23% decrease to the $2 support area.
Hot Take: These altcoins have demonstrated significant price increases, offering potential opportunities for investors. However, market conditions can change rapidly, so it is important to conduct thorough research and consider the risks before making any investment decisions.
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