Another week has passed around the SEC lawsuits. In the period of June 10-16, while BTC and ETH were relatively low, the altcoins that jumped out of the green board are as follows.
- Kaspa (KAS): +30.3%
- Beldex (BDX): +10.0%
- KuCoin (KCS): +7.0%
- TomiNet (TOMI): +6.6%
- Maker (MKR): +4.0%
Kaspa (KAS) leads altcoin gains this week
KAS price has been rising since $0.0136 reached on June 6, 2023. As the close of the daily candle is higher than the May 23 candle, the bottom gave a bullish signal. Thus, it formed a higher low (LH) and started an uptrend.
In the following days, KAS price sharply broke the key resistance level at $0.0190. It is currently in the process of creating a higher level. However, it faced resistance at $0.0228, which peaked in early May. If it can be surpassed, the next resistance will be the ATH level at $0.0428 set on April 2, according to technical analyst Jakub Dziadkowiec.
However, if the bullish momentum fades, KAS could correct a correction from the $0.0193 high to the 0.382 Fib retracement level. It now converges with the aforementioned resistance level, which will likely act as support.
Beldex (BDX) continues to gain support from altcoin bulls
The BDX price managed to maintain its upward momentum last week, where it was also included in the top 5 altcoins list. Last week, the altcoin managed to break the falling resistance line that has been in effect since March 2023 (orange circle). The up move led to initial resistance at $0.052, which was broken this week. Currently, BDX price is facing another key area at $0.055, which has historically been confirmed as resistance and support (blue arrows).
On the upside, the next areas of resistance are near the $0.058 and $0.062 levels. However, if it breaks, a correction could take it to the $0.052 level, then the $0.048 and $0.045 levels.
KuCoin (KCS) rebounds despite Fud news around exchanges
KuCoin exchange’s native token KCS has been in a long-term downtrend since reaching its ATH of $28.83 on December 1, 2021. The bottom of the bear market hit $5.56 so far on November 13, 2022. However, recent concerns caused by the SEC’s regulatory actions have directly affected the KCS price. It lost the long-term support at $7.28. The altcoin then almost dropped to a new low. It then reached $5.85 on June 12.
However, after a few days there was a strong jump. KCS is currently retesting the $7.28 area, which is acting as a resistance. If this move doesn’t just turn out to be a bearish test and the level is retraced, KCS price will rise to $7.73 and potentially the next key area to $9. However, if the bearish scenario materializes, it will reach new lows of the ongoing cycle.
TomiNet (TOMI) crosses the parabola and continues its rise
TOMI was also featured in our top 5 cryptocurrencies of the previous week. Back then, we looked at the impressive growth parabola that potentially led to a new ATH. However, it failed to sustain its parabolic trend. Because of this, TOMI’s price has dropped. However, a minor correction only resulted in confirmation of the 0.382 Fib retracement level at $4.17. TOMI then recovered strongly. It is currently bearish test again at the parabolic support line that has been in effect since January 2023.
If a rejection occurs and TOMI price loses the aforementioned support at $4.17, the next support will be at $3.41. However, if the altcoin manages to rebuild its uptrend, it’s likely to launch a new parabola. His next target will be ATH levels.
Maker (MKR) defends critical support for altcoin bulls
Like KCS, MKR price is in a long-term downtrend. The altcoin reached its ATH at $6292 on May 3, 2021 and has been in a decline ever since. So far, the bottom of this cycle has been reached at $502 on January 3, 2023. However, recent developments in the cryptocurrency market have pushed MKR price to a slightly higher low at $511 on June 10. The long alt wick that day increased the buying pressure and the altcoin started a bounce.
Currently, the price broke the next resistance at $653. If the upside continues, the next smaller areas of resistance are at $683, 726 and $802, respectively. On the other hand, if MKR price declines, the long-term support at $615 should limit losses.
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