BeInCrypto looks at the five altcoins that gained the most in the crypto market this week, specifically from May 19 to May 26.
The term Altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins stole the crypto news and cryptocurrency market spotlight this week as the biggest gainers:
- Render Token (RNDR) increased in price by 15.40%
- Kava (KAVA) price increased by 14.59%
- TRON (TRX) price increased by 9.49%
- SingularityNET (AGIX) increased in price by 6.06%
- IOTA (IOTA) price increased by 5.45%
Render Token (RNDR) Price Led Bullish Altcoin Gainers
The RNDR price has been on an upward trend since the beginning of the year. On May 11, it bounced back from a low of $1.62 and its growth rate accelerated. It hit a new yearly high of $2.95 on May 21.
After a brief decline, the price recovered from its levels, and it is now making another attempt to reach a new yearly high.
According to the wave count, the price may reach a high of $3.33 before correcting lower. By studying recurring long-term price patterns and investor psychology, technical analysts use the Elliott Wave principle to determine trend direction.
The target is found by giving wave five the same length as waves 1 and 3 combined.
Despite this bullish RNDR price forecast, a break below the local low of $2.25 (red line) would mean that the trend is bearish.
In that case, a decrease to $1.70 would be the most likely scenario.
Kava attempts to clear price resistance
The price of KAVA has risen sharply from the low of $0.66 on 8 May. The upward momentum intensified on May 23, reaching a high of $1.55 on the same day, leading to a breakout from the $1.10 resistance area.
However, the rise could not be sustained and the price retraced to the $1.10 horizontal zone, validating it as a support.
Whether Kava breaks or bounces may determine the future trend.
In case of a breakdown, KAVA could decline to the nearest support area at $0.75.
However, if the price bounces back, it could once again retest the $1.50 high.
TRON (TRX) Price Clears Key Resistance
TRX price has been rising since March 11. While the price initially struggled to clear the $0.071 area, it finally managed to do so on May 20.
This pushed it to a new yearly high of $0.080 on May 23.
TRON price is now trading in the range of $0.071-$0.088.
If the rally loses momentum, TRX could decline towards the $0.071 area. However, if the upside momentum continues, the price could rise towards the next resistance at $0.087.
SingularityNet (AGIX) price surge in support of corrective pattern
AGIX price has been in a downtrend since February 8 inside a descending parallel channel. The descending parallel channel is considered a corrective pattern. Hence, a breakout from it is the most likely scenario.
On May 12, the price bounced off the confluence of the support level (green icon) formed by the support line of the channel and the $0.23 support area.
If the price breaks out of the channel, it could correct an increase to the next resistance at $0.57.
However, if there is a break above the $0.23 area and channel, a decline towards the $0.16 support area would be on the cards.
IOTA marches towards price resistance
The price of IOTA has increased since May 22. On the same day, it reclaimed the $0.18 horizontal zone, which is now expected to act as a support.
If the rise continues, the next nearest resistance will be at $0.205. However, if the rally loses momentum, IOTA could decline again towards the $0.18 support area.
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In line with 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 do your research and seek professional advice before making any financial decisions.