The editors of BeInCrypto have compiled a top list of altcoins that showed the maximum gain for the week from February 17 to February 24.
In addition to Stacks, the list of these altcoins includes:
- Stacks (STX) +125%
- Conflux (CFX) +86%
- Ankr (ANKR) +50.30%
- Klaytn (KLAY) +27%
- Neo (NEO) +32%
Stacks (STX) at the forefront of successful altcoins
Stacks is a first-level blockchain solution that adapts smart contracts and decentralized applications (dApps) for the Bitcoin (BTC) network, importing them with full functionality. It is noteworthy that in July 2019, the US SEC for the first time in the history of crypto projects approved Blockstack’s application for a token sale in accordance with the established “A +” provision, creating the first such precedent.
STX token has been skyrocketing since Feb 18, technical analysis shows. In five days, the size of the rally at the peak was 150%. The price rises in a parabola.
However, despite the aggressive run, Stacks has not yet reached the key resistance area of $0.98. In case of a successful bullish breakout, the market could reach $1.55. Meanwhile, a rebound from here may cause a fall to the Fibo level of 0.382 by $0.62. The current exchange rate is $0.71.
Source: TradingView
Conflux (CFX) broke through an important area
Conflux is a first-level blockchain created as a competitor to Ethereum with active government support from China. Last week, the project partnered with state-owned heavyweight telecom China Telecom to develop and release blockchain-enabled SIM cards.
For the past two days, the CFX rate has shown an aggressive rally. During this time, the price broke through the $0.20 horizontal area, which has been playing the role of resistance for more than a year.
The trend will be considered bullish as long as the price remains above this level.. The next resistance is $0.60.
However, a close below CFX $0.20 would be a signal that the breakout was false.. In this case, the token may fall to $0.05. The current rate is $0.26
Source: TradingView
Ankr (ANKR) hits 10-month high
It was revealed this week that decentralized blockchain infrastructure provider Ankr has partnered with Microsoft to provide a new enterprise node hosting service on the Microsoft Azure Marketplace.
ANKR rate has been growing vigorously since the beginning of the year. On February 21, growth accelerated, pushing the market to a high of $0.057. However, a long upper wick formed on the chart, and after that the price declined.
Key resistance is located around $0.057. Since the beginning of 2022, it has alternately acted as support and resistance. ANKR Could Hit $0.08 In Case Of Bullish Breakout. A break below the Fibo 0.5 retracement at $0.036 indicates further downtrend.
Note also that several long upper wicks and the subsequent drawdown put the token among the biggest losers of the last 24 hours, despite a decent intraweek result.. The current KLAY rate is $0.027.
Source: TradingView
Klaytn (KLAY) struggles with resistance
Klaytn is a service-oriented, enterprise-grade open blockchain designed for metaverses and game economies. It allows users to create their own metaverses and play or work in them.
KLAY has been trading below the $0.34 resistance area since May 2022. Despite the aggressive growth over the past week, so far it has not been able to close above this level.. If successful, the market could rise to a high of around $0.47.
Meanwhile, if KLAY fails, it could fall back to support at $0.24.
Source: TradingView
Neo (NEO) broke through resistance
Closes the top list of altcoins of the week is the NEO blockchain token, also known as the “Chinese Ethereum”. On February 17, the price broke through the descending resistance line and has been rising ever since. On February 21, the market made a high of $15.80, but after that it began to pull back.
NEO dropped below the $1.20 horizontal area. If it manages to get back above that mark, a rally to $15.50 is possible.
Key support is at $11. The current rate of NEO is $11.72
Source: TradingView