BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from May 19 to 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) price increased by 15.40% Kava (KAVA) price increased by 14.59% TRON (TRX) price increased by 9.49% SingularityNET (AGIX) price increased by 6.06% IOTA (IOTA) price increased by 5.45% rose
Render Token (RNDR) Price Leads Bullish Altcoin Winners
The RNDR price has been moving upwards since the beginning of the year. On May 11, it bounced back to a low of $1.62 and accelerated its rate of rise. This led to a new yearly high of $2.95 on May 21st.
After a brief dip, the price regained its footing, and is now making another attempt to reach a new annual high.
According to the wave count, the price could reach a high of $3.33 before going down. By studying recurring long-term price patterns and investor psychology, technical analysts use the Elliott Wave theory to determine the trend’s direction.
The target is found by giving wave five the same length as waves one and three combined.
Despite this bullish RNDR price forecast, a drop below the local low of $2.25 (red line) would mean the trend is bearish.
In that case, a decline to $1.70 would be the most likely scenario.
Kava (KAVA) Price Attempts to remove resistance
The KAVA price has risen rapidly since a low of $0.66 on May 8. The upward movement accelerated on May 23, leading to a high of $1.55 the same day, triggering a breakout of the $1.10 resistance area.
However, the rise could not be sustained, and the price is back at the $1.10 horizontal area, seemingly confirming it as support.
Whether KAVA breaks or bounces can determine the future trend.
In the event of a collapse, KAVA may drop to the nearest support area at $0.75.
However, if the price bounces, it could retest the $1.50 highs.
TRON (TRX) Price clears major resistance
The TRX price has been increasing since March 11th. While the price initially struggled to clear the $0.071 area, it was finally successful in doing so on May 20.
This led to a new annual high of $0.080 on May 23.
The TRON price is now trading in the middle of its $0.071-$0.088 range.
TRX could drop to the $0.071 area if the rally loses momentum. However, if the upward movement continues, the price may rise to the next resistance at $0.087.
SingularityNET (AGIX) Price bounce at support of corrective pattern
The AGIX price has been falling within a descending parallel channel since February 8th. The descending parallel channel is considered a corrective pattern. Therefore, an outbreak of it is the most likely scenario.
On May 12, the price rebounded on a confluence of support levels (green icon), created by the channel’s support line and the $0.23 support area.
If the price breaks out of the channel, it could rise to the next resistance at $0.57.
However, if it breaks down from the $0.23 area and the channel, a decline to the $0.16 support area would be on the cards.
IOTA price marches towards resistance
The IOTA price has increased since May 22. The same day, it reclaimed the $0.18 horizontal area, which is now expected to provide support.
If the increase continues, the next closest resistance will be at $0.205. However, if the rally loses momentum, IOTA could drop back to the $0.18 support area.
Click here for BeInCrypto’s latest crypto market analysis.
Disclaimer
In accordance with the Trust Project Guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimers have been updated.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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