Here are the 5 most impressive altcoins that have outshined the entire cryptocurrency market this week
BeInCrypto’s editorial team has meticulously curated a comprehensive list of altcoins that have witnessed a substantial surge in their value during the week spanning from March 10 to March 17.
The list of these altcoins includes:
Conflux (CFX) +101.36%
Stacks (STX) +85.04%
SingularityNET (AGIX) +55.81%
ImmutableX (IMX) +54.53%
Render Token (RNDR) +40.46%
Conflux (CFX) at the forefront of successful altcoins
Conflux is a blockchain that operates at the same level as Ethereum and was created with the intention of competing with it. Interestingly, the project has the backing of the Chinese government.
Recently, in February, Conflux announced a collaboration with China Telecom, a state-owned heavyweight telecom company, to develop and launch blockchain-enabled SIM cards, a move that could significantly boost the adoption of blockchain technology in China.
As per technical analysis, on March 11, the CFX price rebounded from the $0.145 horizontal support level and has been on the rise ever since.
Two days later, the price broke through the descending resistance line. On March 15, CFX reached its peak at $0.366 but formed a long upper wick (red icon).
This, coupled with the level on February 20, resulted in the appearance of a double top on the chart, which is generally considered a bearish pattern.
If the price continues to decline, it may reach the $0.145 support area. Alternatively, if there is sustained growth, CFX could rise to $0.511.
TradingView Stacks (STX) forms a double top
Conflux (CFX) is an altcoin that has been gaining traction in the cryptocurrency market.
It was designed as a direct competitor to Ethereum, and has received significant support from China.
Recently, the project partnered with China Telecom to create blockchain-enabled SIM cards, which has garnered a lot of attention from investors.
On March 11, the CFX price dropped to $0.145, but quickly rebounded from this horizontal support level.
Since then, the price has been steadily increasing and on March 13, it broke through the descending resistance line.
However, on March 15, CFX hit a high of $0.366 but formed a long upper wick, which is seen as a bearish pattern when combined with the level from February 20. This formed a double top on the chart, indicating the possibility of a price drop.
If the price continues to decline, it could reach the support level at $0.145. However, if the upward trend continues, CFX may soar to a new high of $0.511.
Overall, Conflux (CFX) is proving to be a successful altcoin in the blockchain industry, with its strong technological capabilities and support from prominent players in the industry.
Source: TradingView SingularityNET (AGIX) attempts a bullish breakout
Stacks (STX) forms a double top
Stacks (STX) has recently formed a double top pattern, which is a notable occurrence in technical analysis.
Stacks is a blockchain solution that operates at the first level and enables the adaptation of smart contracts and decentralized applications (dApps) for the Bitcoin (BTC) network by providing full functionality.
In July 2019, Blockstack, the company behind Stacks, made history when the US SEC approved its application for a token sale under the established “A+” provision, marking the first time a crypto project received such approval.
Similar to CFX, STX has also formed a double top pattern, which is indicated by the red icons on the chart.
However, what makes this pattern distinct is the long upper wick that emerged on March 15th. If this prompts a price drawdown, the coin could fall to the Fibo level of 0.618 correction at $0.73.
On the other hand, if the coin continues to rise, it could potentially target bullish investors at $1.50.
TradingView ImmutableX (IMX) breaks key resistance
SingularityNET (AGIX) attempts a bullish breakout
According to a recent report by BeInCrypto, AI tokens have been on the rise this week in response to the announcement of the release of the upgraded ChatGPT chatbot, GPT-4.
Among these tokens, SingularityNET’s (AGIX) performance stood out as particularly strong.
Since February 8, AGIX has been experiencing a decline in its rate along a descending resistance line.
The price has bounced off this line three times, as indicated by red icons. The movement of the price below this resistance line appears to have formed a completed A-B-C corrective structure, leading experts to anticipate a bullish breakthrough of this line.
If successful, it’s predicted that the token’s value could rise to $0.90. However, if AGIX encounters another bounce off this resistance line, it’s possible that the token may experience a pullback to $0.29.
Source: TradingView ImmutableX (IMX) breaks key resistance
ImmutableX (IMX) Breaks Key Resistance
The value of IMX, the protocol token for the Ethereum ImmutableX network, has been steadily increasing since March 11.
It reached a significant milestone on March 17, when it surged past the $1.25 resistance level, although it has not yet managed to close above this price point.
If this positive momentum persists, the next major hurdle for IMX will be to break through the $1.86 resistance level.
However, if the price drops back below $1.25, there could be a risk of a retest of recent lows around $0.90.
Source: TradingView Render Token (RNDR) Completes Correction
Render Token (RNDR) completes the correction
As with all cryptocurrencies, it’s important to approach investing with caution and to keep a close eye on market trends and news updates.
The list of top altcoins for the week sees the RNDR token holding the bottom spot. Despite experiencing parabolic growth until February 8, the token has been on a downward trend ever since, hitting a low of $0.89 in March.
However, there seems to be some positive movement as the token shows signs of growth, possibly indicating the completion of its corrective A-B-C structure.
To confirm this, a bullish break of the descending resistance line is needed, which would allow the token’s price to potentially reach the $2 mark. On the other hand, a new downward trend could see the RNDR token drop even further to $0.75.
Source: Trading View