The BeInCrypto editorial staff compiled the top list of altcoins that showed the highest gains during the week of May 12-19
The list of altcoins that were lucky this week, despite the overall bearish mood of the crypto market, includes:
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- Render Token (RNDR) +42.39%
- Pepe (PEPE) +35.33%
- Lido Dao (LDO) +30.96%
- Mask Network (MASK) +30.21%
- Conflux (CFX) +24.63%
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Render Token (RNDR) at the forefront of successful altcoins
The Render Render Token first appeared on the media radar this past January amid AI hype and the growing popularity of ChatGPT.
While many other projects returned to relative obscurity after the first hype faded, Render continued to strengthen its position in the second quarter of 2023.
As the results of technical analysis show, the price of RNDR has been rising since the beginning of the year.
In April it rose above the horizontal resistance zone of $2.10, but almost immediately fell back below it.. This suggested that the rise was only a price deviation.
In spite of this move, the RNDR rallied back above this area of resistance on May 17.
In spite of this move, RNDR moved back above this area of resistance on May 17. This area is now expected to provide support for the token.
If the rise continues, the next resistance will come into play at $3.10. However, if the RNDR loses its footing, it could fall back to the $2.10 support area.
Pepe (PEPE) Recovers Above Important Level
The new star of the crypto market, the memcoin PEPE, does not want to give up its position, although this memcoin topped the list of altcoins losers the previous week.
The price has been falling since hitting a high of $0.0000019 on May 5.
The decline eventually led to a low of $0.0000010 on May 12. That seemed to set up a breakout of the support at $0.0000013.
But almost immediately thereafter the price rebounded and recovered above that area, which is now expected to become support again.
If PEPE launches gains, it could move towards the next resistance area at $0.0000020. However, if it loses momentum, it could fall back to the support area of $0.0000013.
Lido Dao (LDO) failed to break resistance
LDO is the native token of liquid-stacking platform Lido. Since the beginning of February, the price has been trading inside a downward wedge.
A downward wedge is considered a bullish pattern, which means in most cases it ends in a bullish breakout.
In early May (red circle), the LDO rebounded from the support line of this pattern.
This initiated an upward movement that seemed to lead to a bullish breakout on May 17. However, the price could not rise above the resistance line of the wedge.
Instead, it formed a long upper wick and fell.
If the decline continues, the LDO could reach the $1.80 support area again. However, if there is a bullish breakout, a rise to $2.80 is likely.
The BeInCrypto editorial staff previously published detailed instructions on how to steak Ethereum on Lido
Mask Network (MASK) rescued from bearish breakout with a bounce
The price of MASK has been rising since May 12. On May 17, it moved above the downward resistance line that has been on the chart since November 2022.
While the price had previously broken above that line, it dipped below it in early May.
Two days later, the market hit a new high of $4.88. It was formed slightly below the horizontal resistance area of $5.05.
If the MASK price breaks above this area, it could reach the next resistance at $6.80. If the rally reverses, a drop to the resistance line at $3.80 would be possible.
Conflux (CFX) closes the list of growth leaders
The CFX token closes the top list of altcoins of the week. Conflux is a first-tier blockchain created as a competitor to Ethereum with the active support of the Chinese government.
In February, it partnered with state telecom heavyweight China Telecom to develop and produce blockchain-enabled SIM cards.
It’s noteworthy that a week earlier it was among the top 5 altcoin losers, along with Pepe.
Conflux price drops from March 19. On April 21, it rebounded from the $0.32 horizontal area and hit a low of $0.22 on May 12.
Although the token rebounded after that, it failed to regain the $0.32 area.
The future trend for the coin may depend on whether the CFX recovers above that resistance area or is pushed back from it. In case of a successful recovery, the price might rise to the next.
In the meantime, in case of a bounce, a fall to the horizontal support area of $0.14 is likely.