BeInCrypto looks at five altcoins that gained the most in the crypto market this week, specifically from March 17 to March 24.
The term Altcoin refers to cryptocurrencies other than Bitcoin (BTC). These altcoins have stolen the crypto news and cryptocurrency market spotlight:
- Mask Network (MASK) price increased by 45.38%
- XDC Network (XDC) has gained 17.32% in price
- Ripple XRP price has increased by 17.12%
- Dash (DASH) has increased in price by 15.41%
- The price of Stax (STX) has increased by 13.32%
Mask Network (MASK) Leads Crypto Market Altcoin Gainers
There has been a sharp increase in the price of MASK since November 2022. While the rally got halted below the $5.95 resistance area, the price finally broke above it. It is currently in the process of validating it as resistance. If the rise continues, the next nearest resistance area will be at $13.80.
However, if the utility coin breaks below the $5.90 area, it could drop further towards $2.90.
XDC Network (XDC) Altcoin Price Breaks Down
XDC price has risen since the beginning of the year, making a higher low in March. It broke out from the $0.036 resistance area and formed a new yearly high at $0.047 on March 21.
However, the price made a long upside move and has since declined slightly. It looks like it is in the process of retesting the $0.036 area.
If the price consolidates again, it could retest the $0.047 area again.
Ripple breaks above XRP resistance
XRP price broke above the descending resistance line on March 21. The price reached a new yearly high at $0.493 before correcting lower. Then, the price validated the $0.430 area as a support before the bounce.
If the rise continues, the next nearest resistance will be at $0.505.
However, if the crypto asset closes below $0.430, it will put the entire upward move at risk and could lead to a further decline to $0.30.
Dash (DASH) price reclaims previous support
Dash (DASH) price bounced above the $48 support area on March 14, starting the current upward movement. It reclaimed an ascending support line on March 23.
Currently, the digital asset trades with the 0.618 Fibonacci retracement resistance at $65. If there is an upside break, the price could continue to rise towards the next resistance at $75. However, if there is a rejection, DASH could drop to $48.
Stax (STX) price could hit a top
The price of the stack has increased significantly since the beginning of the year. It reached a new yearly high of $1.31 on 20 March.
However, the higher was paired with a bearish divergence in the daily RSI (green line). Furthermore, the price may have completed wave three of a five-wave upward movement (white).
If so, there could be a decline to the 0.5-0.618 Fibonacci retracement support level at $0.63-$0.76. On the other hand, a close above $1.31 would invalidate this bearish forecast. In that case, STX price could rise to $1.80.
For the latest crypto market analysis from BeInCrypto, click here.
BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.