Cryptocurrencies have been a leading player in the adoption of Blockchain technology. However, investors often see cryptocurrencies as a chance to earn passive income and are always looking for the best performing projects. In this article, let’s take a look at the latest situation in AGIX and 9 altcoins, which raised massive funds throughout the week.
AGIX, MKR, XEM, DYDX and STX were the focus of major investors this week
This week, many top cryptocurrencies were in consolidation. Artificial intelligence project SingularityNET (AGIX) was competing in the last places among the top 10 best performing coins at the beginning of the week. However, he made a surprise comeback after taking first place in this race.
The weekly chart shows AGIX facing an upward trajectory and gradually climbing to the top. AGIX’s race for first place as an AI coin shows that the crypto community is still interested in the latest features of AI. AGIX is currently down 5%, trying to hold the $0.40 levels after rising 25% at one point in the last seven days. Still, it’s holding an incredible 125% gain in value over the past month.
The hourly price chart shows that AGIX against other AI cryptos remains in a bull market after reaching new year highs. Like many AI coins, AGIX witnessed a massive price increase earlier this month. AGIX was initially below the 200 EMA and 50 EMA, but a golden gross formed on Monday that marked the start of the bull run.
AGIX price starts rising after golden cross formation
SingularityNET (AGIX) took a big leap forward on Tuesday to become one of the top-performing cryptocurrencies and continued to rise. However, at the beginning of March, AGIX started to form a double top pattern. This pattern is often considered a signal for traders to sell as the price may drop.
Also, the RSI is at 46.25, which is neither oversold nor overbought. This may indicate that the trend of AGIX is unpredictable. While AGIX has had a great performance this week, the market sentiment for AGIX remains unpredictable for now.
Maker (MKR)
Most cryptocurrencies were in the bull race earlier in the week, but Maker started the run late. On the second day of the competition, Maker had just crossed the 200 EMA indicator, the day the golden cross formed, signaling a possible bull run.
MKR is currently trading at $882.24, up 23% in seven days. It also gained 30% for 30 days.
After the golden cross was formed, Maker started to slowly move upwards. On Wednesday, it posted a price increase from $791.49 to $927.93 the next day. While MKR is currently bearish, there is a notable disparity between the 50 EMA and the 200 EMA, giving an indication that it will take some time for the death cross to form.
The RSI is currently at 47.28 but the trend is up. If the RSI crosses the SMA, it could enter overbought territory and push MKR prices further in the coming days. If the RSI reaches the overbought zone while the price is rising, traders can see this as an ideal opportunity to sell MKR.
NEM (XEM)
Similar to the MKR, the XEM made a surprising entry into the race with a giant leap from $0.4131 to $0.6199. XEM’s price surge on Monday placed it in third place among the best-performing tokens this week. NEM (XEM) is currently trading at $0.04221980 with a moderate correction after closing its last 7-day gains close to 15%.
Looking at the hourly price charts, the NEM is currently just below the 200 EMA line, which may indicate that the bulls will strengthen soon. XEM had a golden cross earlier in the week, just when XEM took a giant leap forward. From Tuesday, however, XEM has witnessed higher highs and lower lows forming as it continues to slide in its current position.
The 50 EMA and 200 EMA are slowly approaching, eventually forming a golden cross that indicates a bear season may be coming for XEM. Also, the RSI could support market sentiment as soon as it appreciates at 33.63, which is close to XEM’s oversold zone.
Although the RSI is currently above the SMA, it is pointing downwards indicating that its current trajectory may go deeper into the oversold zone. This could also be a market hiccup as XEM may witness a trend reversal also observed on Monday. According to analysts, investors should prefer to wait a few days after XEM’s price action indicators get confirmation.
dYdX (DYDX)
While many cryptocurrencies remain at a standstill, layer 2 protocol DYDX (dYdX) started the week with a gradual rise. But on Sunday it started forming an ascending wedge pattern as higher highs (HH) and high lows (HL) could be observed starting. With a market cap of $418 million for the entire week, dYdX has been residing in the green zone of the crypto world, but is facing a 5% drop at the time of writing.
Moving to the hourly chart, dYdX formed a golden cross where the 50 EMA and 200 EMA intersect. The golden cross gave a signal that dYdX will continue to run with the bulls throughout this week. However, at the peak of the ascending wedge formation, dYdX started falling. On Friday, it dropped from $3,039 to $2,607 and the 50 EMA and 200 EMA are likely to converge soon.
The RSI is currently at 25.29, which is in the oversold region. It also confirms that market sentiment could be a downtrend soon. However, RSI data is pointing up, indicating that it may soon leave the oversold zone as prices rise.
Stacks (STX)
While many major altcoins fell at the start of the week, Stacks (STX) made a significant jump. This momentum has made STX one of the best performing cryptos of the week. Looking at the weekly charts, STX, which was in the red zone, continued its rise towards the green zone. STX was initially a leader, but at the weekend it took fifth place in this week’s top 10 crypto races. However, it still performed remarkably well, with a 170% price increase in 30 days.
The 4-hour chart shows an ascending wedge formation as higher highs (LH) and higher lows (HL) are formed as STX gradually moves up. Although currently in an uptrend, STX may face a bearish in the coming days, weeks or months. However, the 200 EMA indicates that STX may continue in an uptrend as there is a significant gap between the price and the indicator.
Also, the RSI is currently below the SMA, which could be an indication of a bearish signal. The RSI is at 54.34, which is generally considered neutral territory by many traders. The trajectory of the RSI is currently flat which makes it difficult to predict the behavior of the market. Investors should be careful when trading STX in the coming weeks as there is a possibility of a bear attack soon.
Synthetix (SNX)
This week, Synthetix (SNX) has also managed to establish itself among the top performing cryptocurrencies. SNX started the week trading at $2.64 and reached $3.05 during the week. However, it later faced a 9.56% drop and is trading at $2.97 at the time of writing.
The hourly chart shows that SNX is currently below the 200 EMA line, which could indicate that the price is facing a downtrend. Earlier, earlier this week, SNX crossed the 200 EMA and remained above it. This signaled that the forces belonged to the bulls as the price continued to rise. By Friday, however, SNX had returned to the support zone, which ranged from $2.56 to $2.60.
Also, the RSI is valued at 32.55, which is close to the oversold zone, which is considered the ideal time to buy. While observing the trajectory of the RSI, it fell below the SMA into the oversold zone; But he survived the pit. SNX is currently suffering from bear attack. Bull bear strength also confirms downtrend sentiment as it is currently at negative 0.204, indicating bears are in strength.
Still, SNX, which continued to grow until Thursday, made a short increase in its price throughout the week. This unexpected increase helped SNX become one of the top 10 performing cryptos this week.
Frax Share (FXS)
A common thing most top-performing coins experience is that they face bearish on the last day of this weakness. Similar to the cryptos listed above, Frax (FXS) has also dropped from the top of the ascending wedge that formed over the course of the week.
Looking at its performance over the week, FXS started out in the red zone but has made a temporary slot in the green area as of Monday. At the time of writing, FXS is trading at $10.09, down 2.5% from the last 24 hours.
The hourly chart of FXS shows that the price has made a big jump, breaking above the 200 EMA on Monday. These price movements have been taking shape since it started forming an ascending wedge pattern with many higher high (HH) and higher low (HL) formations.
Once FXS reached the top of the rising wedge and started to dip below the 200 EMA which marked the start of the bear season. As the RSI is currently at 32.19, it may soon enter the oversold territory. This will prove that FXS will face the bear season for a while.
ssv.network (SSV)
SSV was another trending coin that has performed over 100% in the last 30 days. For example, as of Saturday, SSV started to experience an upward trend while continuing to grow. SSV also observed a decline on Tuesday, but also rose again on Wednesday. Finally, the SSV broke below the 200 EMA indicator, but this was a false signal on the bearish sentiment.
The false signal was the formation of a double bottom formation that caused the SSV to rise above the 200 EMA again. Also, the price of SSV is currently above the 200 EMA, which may indicate that it will move with the bulls for a while.
One of the reasons why SSV is among the top-performing cryptocurrencies is that it can recover immediately after falling during the week. It is also one of the few top-performing altcoins currently in an uptrend while others are starting to dip below the 200 EMA.
Additionally, the RSI is currently at 57.42, which is considered neutral territory for many traders. The trajectory is also pointing down which could drop below the SMA which could be a sign that the SSV is witnessing a descent soon. However, the price of this crypto could also reverse soon. Investors should follow the indicators closely as price action can change immediately.
Casper (CSPR)
CSPR is currently down around 4% from the last 24 hours. As of Monday, he started accenting over 200 EMAs. This price action also caused CSPR to start climbing towards the top, but faced a massive slide that touched the surface of the 200 EMA on Friday.
CSPR bounced off the 200 EMA indicator and recovered from the big drop and is currently moving upwards. CSPR’s recovery and steady price growth has led CSPR to become one of the top performing cryptocurrencies.
Also, the RSI is at 56.97, which is neutral territory for investors. However, a golden cross occurred when the RSI hit the SMA on its journey into the overbought zone. The RSI is also pointing upwards which could indicate that the uptrend will continue until the RSI reaches overbought. At that time, CSPR could make a price correction again. The market behavior of CSPR can only be verified after observing the indicators for a while.
Litecoin (LTC)
While many of the popular cryptocurrencies are showing signs of consolidation and bear season, Litecoin was the only altcoin among the top-ranked cryptos to exhibit tremendous behavior this week. LTC has been constantly struggling to stay afloat above the 200 EMA as it continues to decline throughout this week. However, it eventually formed a double bottom pattern, the first positive sign of an uptrend.
LTC gained some momentum as a spike in price was seen on Tuesday, but fell below the 200 EMA. Finally, on Wednesday, LTC continued to climb above the 200 EMA.
Finally, LTC corrected sharply from the $95 region to $89. One of the reasons LTC remains on this list is because it struggles to stay in an uptrend. Currently, the RSI is in the oversold zone at 26.99. However, the current trajectory of the RSI indicates that it will converge with the SMA and eventually begin its journey to exit the oversold zone. As Kriptkokoin.com, we have mentioned that technical analysis has been detecting bull signals in Litecoin for a while.
52164
