This week’s list of top performing altcoins, in addition to LINK, included:
- Synthetix (SNX) +31.04%
- XDC Network (XDC) 25.23%
- Maker (MKR) +23.17%
- BitDAO (BIT) 15.80%
- Chainlink (LINK) +13.05%
Synthetix (SNX) is at the forefront of successful altcoins
According to technical analysis, SNX price made a breakout of the descending resistance line on July 17 and confirmed it as support (green icon). The price then began a sharp rebound and has been rising ever since. SNX is currently trading just below the $3.10 resistance area, from where it is now making its second attempt at a breakout.
If successful, the token could head towards the next resistance at $4.30. However, in the event of a rebound, the most likely outcome would be a fall to the resistance line at $2.60.
The most likely outcome would be a fall to the $2.60 resistance line.
Source: TradingView
If SNX makes a clean bullish breakout, the next resistance will come into play at $1120 level. However, if the price closes below the $950 level, it could sag to the next closest support at $800.
At the same time, XDC Network (XDC) is approaching a yearly high.
XDC Network (XDC) is approaching a one-year high
The price of XDC has rallied after breaking the descending resistance line on July 13. The upward movement took the price to a high of $0.043 on July 21. This is only slightly below the yearly high of $0.048.
The market is quickly approaching the $0.045 resistance level. It’s the last line of defense before the aforementioned yearly high.
And it’s the last line of defense before the aforementioned yearly high.
Source: TradingView
If it is broken, XDC could reach the next resistance at $0.066. This would represent a 52% rise from current levels.
But in the event of a rebound, the price could fall sharply to $0.0380.
Can Maker (MKR) grow another 100% higher
The price of MKR formed a low of $511 on June 10 and has risen 125% since then. MKR is now attempting a break of the $1150 resistance area, which has been present on the chart since May 2022.
If MKR takes this barrier, the next resistance will come into play at the $2400 level, which would mean a rise of another 100% from the current price.
If MKR takes this barrier, the next resistance will come into play at $2400, which would mean a rise of another 100% from the current price.
Source: TradingView
But if the MKR price bounces from here, it could fall towards the $750 horizontal support area.
BitDAO (BIT) is trying to hit a yearly high
The price of BIT has been rising since June 27. On July 13, the price broke the descending resistance line, which had been present on the chart since the end of February. Thus, its breakout is a signal of the end of the previous correction and the beginning of a new uptrend.
BIT is currently approaching the yearly high at $0.64.
Source: TradingView
In case of a bullish breakout, the price could rise to the next resistance level at $0.80. However, there will be a rebound, the price may fall to the $0.48 level.
Chainlink (LINK): last on the list, but not by importance
The top altcoin of the week is LINK token. Since June 10, LINK has been rising along a parabolic support line. On July 20, the price formed a massive bullish candle and is now approaching the yearly high at $8.80.
At $8.80.
If it absorbs it, the next resistance will be at $9.40. This is a very long term resistance area that has existed since May 2021. Therefore, its breakthrough may significantly accelerate the price growth towards $15.
.
Source: TradingView
A close below the parabolic support line, however, would mean that the uptrend is over and the price will correct to $6.
ETH will outperform BTC