The word “altcoin” describes crypto assets other than BTC. This week, five altcoins have performed tremendously to become the top gainers. Let’s take a deeper look at them.
Synthetix (SNX)
This crypto asset has had a good run over the last seven days, breaking above the downtrend line on Thursday. Synthetix is up 27% to trade at $2.98 as of this writing. If it crosses above the $3.09 resistance level, the token may rally toward the second barrier at $4.20. Conversely, if SNX reverses and drops below the $2.61 support level, it would mean an end of positive momentum, and this may cause the digital asset to fall further to $2.18.
XDC Network (XDC)
Similar to SNX, XDC Network also broke above the downtrend line this week. The 7-day rally of 51% has caused the token to hit $0.049 for the first time since May 2022. With the first resistance ($0.046) already overcome, the bulls make another attempt to get XDC to retest the $0.067 resistance. A price above this level makes a rally to $0.09 possible. However, if the bears start selling at $0.067, a sharp decline to $0.038 is likely.
Also read:Maker (MKR)
MKR has been on an uptrend since dropping to and bouncing off from $584 on June 10. Data from CoinGeicko shows the token is currently valued at $1,106 after growing by 26% this week. The bulls are trying to thrust the token above $1,151, a resistance level that has not been retested since June 2022. If MKR breaks above that price, it may rise to retest the $2,360 key resistance level. However, if MRK reaches $1,151 and retraces, a decline to $760 is predicted.
BitDAO (BIT)
BitDAO had a breakout above the downtrend line on July 14, suggesting the start of an uptrend. The altcoin is up 16% this week to $0.578. The bulls aim to drive BIT to the $0.649 resistance level. If they defeat the sellers here, a rally to $0.804 may happen. However, we’re looking at a drop to $0.482 if BIT retraces from $0.649.
Chainlink (LINK)
LINK is up 17% over the past seven days to trade at $8.02 as of this writing. More buying pressure could help the token reach $9 for the first time since last August. But Chainlink has to overcome a barrier at $8.20 first. If it reaches this level and reverses, we anticipate a drop to $6.5.
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