5 bullish altcoins in the crypto market this week
BeInCrypto looks at five altcoins that have risen the most in the crypto market this week, specifically from May 26 to June 3.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins stole the crypto news and cryptocurrency market spotlight this week as the biggest winners:
- Injective (INJ) price increased by 27.88%
- Quant (QNT) price increased by 21.46%
- XDC Network (XDC) price increased by 17.13%
- Aptos (APT) price increased by 13.82%
- The price of the chart (GRT) is up 13.56%
Injective (INJ) price leads to bullish Altcoin gains
The INJ price has risen significantly since the beginning of the year. The increase may be part of a five-wave (white) upward movement. If so, INJ is currently in its fifth and final wave.
Technical analysts use Elliott Wave theory as a means of identifying recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
If the count is correct, the INJ price could go to $11 or $14.30. The targets are found by combining the 1:0.618 and 1:1 lengths of waves one and three. A breakout of the current channel would confirm the bullish outlook.
Despite this bullish INJ price forecast, a drop below the wave one high at $4.54 (redline) will mean the trend is bearish. In that case, the price can drop to $2.50.
Quant (QNT) Price clears resistance
The QNT price had fallen below a descending resistance line since early February. The decline led to a low of $96.50 on May 26.
However, the price broke the line after two days, suggesting that the correction is complete.
If the rise continues, the price could move towards the next $155 resistance. However, if the price breaks below the resistance line, a drop towards USD 70 could take place.
XDC Network (XDC) Price saves interference
The XDC price has been moving up next to a rising support line since December 2022. The increase led to a high of $0.047 in March 2023.
The price has since fallen and appeared to break off the line in May. However, an upward move followed soon after and the price recaptured the line and reached the $0.042 resistance area.
Whether the price bounces on the line or drops below it will determine the future trend.
A bounce will lead to a retest of the $0.042 area, while a break could lead to a drop to $0.026.
Aptos (APT) price may break resistance
The APT price has fallen below a descending resistance line since January. The downward movement led to a low of $7.70 on May 12.
However, the price created a higher low and is now breaking out of line. If successful, it could lead to a sharp rise to the next resistance at $13.20.
If the price breaks out of the line, an increase to the next $13.50 resistance could occur.
However, if it is rejected and closes below the $8 support area, the APT price could drop to $4.50.
The chart (GRT) concludes bullish altcoins
The GRT price has fallen below a descending resistance line since Feb. 7. The decline led to a low of $0.10 on March 10.
While the price has risen several times since it failed to clear the descending resistance line. More recently, it was rejected by him on June 1 (red icon).
If the price breaks out, it could rise to the next resistance at $0.175. However, if the rejection continues, a drop to the $0.110 area could occur.
Click here for the latest crypto market analysis from BeInCrypto.
disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.