Specifically, from January 27 to February 3, five altcoins jumped across the entire market this week. These popular altcoins have stolen the crypto agenda and spotlight in the cryptocurrency market. Here are the altcoins that gained the most value this week and the levels to expect according to analyst Valdrin Tahiri…
dYdX profits for altcoin investors
DYDX, which rose 40 percent on a weekly basis, became the most profitable altcoin last week. The DYDX price has skyrocketed since the beginning of the year. On January 30, the price broke out of the $2.50 resistance area and reached $3.67 two days later. However, it created a long upper wick and downtrend with signs of selling pressure. If a downside move starts, DYDX price could test the $2.50 support area once again. On the other hand, if the uptrend continues, the price could move up to $4.40.
Mina price tries to break through resistance
MINA price, which gained 30 percent this week, broke out of a descending resistance line on January 25 and confirmed as support two days later. Then, it started the current bullish move and reached $0.97 on February 1. The high confirmed the $0.97 area as resistance and created a long upper wick. If the downward move continues, the nearest support area will be $0.77. On the other hand, the uptrend could push the cryptocurrency to $1.15.
Optimism (OP) will reach record highs
The OP price, which rose 32 percent this week, has increased at an accelerating rate since the start of the year. It broke out of the $2 resistance area on Jan. 21. He then returned three days later to confirm as support. As cryptokoin.com reported, the OP price reached an all-time high of $3.13 on February 2. The high was very close to the external Fib retracement resistance of $1.61 at $3.23. A break above this could accelerate the upside rate towards the $2.61 Fib extension from the $4.83 low. On the other hand, a rejection from the zone could lead to a drop towards $2.
Altcoin Loopring clears resistance
After three failed attempts, LRC price broke out of a descending resistance line on January 24. LRC, which is up 30 percent this week, hit $0.45 on Feb. The up move also resulted in a break from the $0.34 horizontal resistance area. If the upside continues, the next resistance will be at $0.50. However, if the upside movement loses momentum, the altcoin could drop to the $0.34 region.
Convex rose 100 percent in January
The CVX price, which rose 20 percent this week, doubled in January. It broke out of a descending resistance line on January 14 and rose to $7.26 on February 2. The upward move also resulted in a recovery of the $5.90 resistance area. The $5.90 region is likely to provide support if the up move loses momentum. On the other hand, if the upside continues, the next resistance will be at $7.80.
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