BeInCrypto looks at five altcoins that increased the most from the entire crypto market last week, specifically from Dec. 23 – 30.
- BitDAO (BIT) has increased by 17.17%
- has increased by 13.75%
- Internet Computer (ICP) has increased by 8.89%
- Classic (LUNC) has increased by 6.67%
- has increased by 6.64%
BIT is The Biggest Altcoin Gainer
The BIT price had decreased below a descending resistance line since Aug. 5. The downward movement led to a low of $0.26 on Nov. 28.
After some consolidation, the BIT price broke out from the line on Dec. 29 and reached a high of $0.38 the next day. After a slight drop, it is currently in the process of reclaiming the $0.33 horizontal resistance area.
If it is successful in doing so, it could increase to the next resistance at $0.45. On the other hand, failure to do so could send the BIT price back toward a new yearly low.
Moves Above Crucial Resistance
The OKB price has been moving upward since June 2022. Initially, it struggled to move above the $22.50 resistance area, making three unsuccessful breakout attempts (red icon). However, the OKB price finally moved above it on Dec. 22 and accelerated its rate of increase.
If the upward movement continues, the next closest resistance would be at $32.50.
On the other hand, a daily close below the $22.50 area would mean that the upward movement is done.
Breaks Out Above Resistance Line
The ICP price had been falling below a descending resistance line since July 31. This led to a low of $3.35 on Dec. 19. However, the ICP price bounced afterward and broke out from the line on Dec. 23.
Despite the breakout, the ICP price faces crucial resistance at $5. As a result, the trend cannot be considered bullish until it reclaims this level.
Failure to do so could lead to a new all-time low.
Fails to Move Above Resistance
The LUNC price began an upward movement on Dec. 16, creating a long lower wick (green icon). The increase led to a high of $0.00018 on Dec. 27. However, the price failed to break out above the $0.000185 resistance area and was rejected instead.
The LUNC price is now close to the $0.000135 support area. A breakdown below it could lead to a new all-time low. On the other hand, a breakdown above the $0.000185 resistance area would mean that the trend is bullish.
Altcoin Could Break Below Support
The LDO price broke out from a descending resistance line on Oct. 17. However, the upward movement could not be sustained and the LDO price fell shortly afterward, validating the line as support on Nov. 9 (green circle).
Currently, the LDO price is in the process of breaking down from the $0.92 horizontal support area. A breakdown from it could lead to lows near $0.63 while a bounce could lead to an upward movement toward the $1.25 resistance area.
