This week’s list of the most successful altcoins includes:
- Maker (MKR) +41.99%
- eCash (XEC) +25.46%
- BitDAO (BIT) +19.68%
- Flow (FLOW) +17.70%
- Frax Share (FXS) +15.56%
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Maker (MKR) at the forefront of successful altcoins
As indicated by technical analysis, MKR rose after rebounding from the downward resistance line and confirming it as support on June 10. The price set a rising low on July 1 and has since accelerated the pace of growth. On July 5, MKR reached a new yearly high of $1080.
Despite the rise, however, the price has formed some long upper wicks. Such wicks are considered signs of selling pressure and often occur near a local top.
In addition, it is unclear whether the token has made a clean breakout of the $950 resistance area or whether it is just a price deviation.
Source: TradingView
If MKR confirms a bullish breakout, the next resistance will come into play at $1120. However, if the price closes below $950, it could sag to the next closest support at $800.
eCash (XEC) can’t overcome resistance
The dynamics of XEC are similar to MKR.. On June 30, the price broke the downward resistance line and hit a new yearly high of $0.000045 the next day.
But it failed to break through the $0.000041 resistance area, forming a long upper wick (red icon). As stated earlier, this is considered a sign of selling pressure.
Although the XEC price was able to turn around after the rebound, it is still trading below the $0.000041 area.
Source: TradingView
If the rebound continues, XEC could reach the aforementioned resistance at $0.000041. However, if the rally weakens, the XEC could fall to the nearest support at $0.000032.
If the rally weakens, the XEC could fall to the nearest support at $0.000032.
BitDAO (BIT) struggles with resistance
The BIT price is rising after rebounding on July 27 and recovering above the 0.618 retracement Fibo support level. Despite the increase, on July 5 the price bounced from the downward resistance line (red icon). The next day it fell, forming a bearish candle.
Source: TradingView
If the decline continues, BIT could fall to the Fibo level of 0.618 at $0.40. However, if the price makes a bullish breakout, it will target the high of $0.64.
Flow (FLOW) is also facing resistance
The FLOW price began an upward move on June 10. After forming a rising low, it hit a high of $0.79 on July 3, and then fell. FLOW is currently trading in the middle of a horizontal range of $0.50 to $0.75.
Source: TradingView
So the direction of the trend will be determined by which of the limits of this range the price will break through. In the case of a bullish breakthrough, it could quickly jump to $1.10. However, in the event of a bearish breakout, a drop to $0.30 is likely.
Frax Share (FXS) closes the top list of the week
The FXS Algorithmic Stablecoin closes the top altcoin list of the week. On July 3 the price broke the 144-day descending resistance line. In theory, the exit from such a long-term structure should have significantly accelerated the pace of growth, but FXS found it difficult to consolidate that breakout.
In contrast, on July 6, the price formed a long upper wick, and then fell.
On the contrary, on July 6, the price formed a long upper wick and then fell. It might just be a retest of the broken line as support, after which the upward movement will continue towards $8 resistance after the formation of the rising low.
Source: TradingView
However, the absorption of the June 15 low at $4.59 would mean that the breakout was false and the trend remains bearish. In this case, the fall could accelerate towards $3.
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