Top Altcoins that Increased the Most in the Crypto Market This Week
If you’re looking for altcoins that have made significant gains in the crypto market this week, here are five that you should pay attention to:
- Bitcoin SV (BSV) – price increased by 61.07%
- Stacks (STX) – price increased by 32.97%
- MX TOKEN (MX) – price increased by 27.70%
- Solana (SOL) – price increased by 23.84%
- Injective (INJ) – price increased by 15.91%
BSV Price Leads Crypto Gainers
The BSV price has been on an upward trend since June, following an ascending support trendline. The recent validation of this trendline on October 9 indicates a strong bullish sentiment.
On October 20, the price reached a high of $55.88, breaking through the $56 resistance level. If the breakout continues, it could potentially increase by 25% and reach the next resistance at $66. However, if there is a rejection, the price may fall by 26% to the $40 support area.
STX Price Breaks Out from Multiple Resistances
The STX price recently broke out from a descending resistance trendline at the end of September. Following this breakout, there was a gradual increase contained within an ascending parallel channel.
On October 20, STX broke out from the channel with a large bullish candlestick formation. If the upward movement continues, the price could potentially increase by another 35% and reach the $0.88 resistance area. However, if the increase is not sustained, there could be a 28% drop to the support line at $0.50.
MX Token Completes Correction
According to technical analysts using the Elliott Wave theory, the MX token has completed a corrective structure and has started a new upward movement.
The next target for this increase is $4.40, which is 56% above the current price. However, if there is a rejection from the $2.90 resistance area, there may be a 25% drop to the closest support at $2.10.
Solana Breaks Out from Bullish Pattern
SOL has been trading within an inverse head and shoulders pattern since March. This pattern is considered bullish, indicating a potential breakout in the future.
Currently, SOL is in the process of breaking out from the pattern’s neckline. If the breakout continues, it could lead to a 50% increase from the current price, reaching $40. However, if there is a close below the neckline, there may be a 27% drop to the ascending support trendline at $21.
Injective Concludes Crypto Gainers
The INJ price has been trading within a long-term symmetrical triangle since April. Based on wave count analysis, this triangle is likely part of an upward movement.
If this count is correct, INJ may break out from the triangle and reach a high of $25, close to its all-time high. This would represent a 200% increase from the current price. However, if there is a breakdown from the triangle, it could result in a 50% drop to the closest support at $4.
Hot Take: Altcoins Shine as Bitcoin Dominance Declines
Altcoins have been making significant gains in the crypto market this week, outperforming Bitcoin. With altcoins like BSV, STX, MX, SOL, and INJ leading the way, it’s clear that investors are diversifying their portfolios and seeking opportunities beyond Bitcoin. As these altcoins continue to show bullish signs and break out from key resistance levels, it will be interesting to see how they perform in the coming weeks. If you’re looking for potential investment opportunities in the crypto market, these altcoins should definitely be on your radar.
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