As Cryptokoin.com reported, the crypto money market attracted attention with the rise of some altcoin projects this week! So what are these altcoins? Here are the expectations…
The top 5 altcoin projects of the week have been announced!
The crypto money market appeared before investors with interesting rises this week. These altcoin projects were among the cryptocurrencies that felt the most in the spotlight during the week:
- Render Token (RNDR) price increased by 36.87 percent
- Cronos (CRO) price increased 18.87 percent
- Injective (INJ) price increased by 14.53 percent
- MutliversX (EGLD) price increased by 12.37 percent
- WOO Network (WOO) price increased by 9.09 percent
Render Token (RNDR)
Render Token was at the top of the list with the rises it experienced throughout the week. RNDR price broke out of the $2.15 horizontal resistance area on April 26 and hit a new year high of $2.55 two days later. Due to the lack of overall resistance, price action suggests that the upward move could accelerate further. If this happens, the next closest resistance area will be the $3.80 level.
However, if the rally loses momentum, RNDR could return to the $2.15 horizontal area currently expected to provide support.
Cronos (CRO)
The price of CRO, one of the popular altcoin projects of the week, has risen alongside a rising support line since the beginning of the year. Recently, it jumped on the line (green icon) on April 24. The price successfully broke out of the $0.073 resistance area on April 27. Now, the region is expected to provide support.
If the increase continues, the CRO could reach the next resistance at $0.086. However, if the rally loses momentum, the CRO could drop to the $0.073 area, which is currently expected to provide support.
Injective (INJ)
Injective (INJ) price has risen within an ascending parallel channel since the beginning of the year. The ascending parallel channel is a type of corrective pattern in which price bounces between two parallel lines and eventually breaks most of the time. However, the fact that price continues to trade above the channel, bouncing around its midline (green icon) makes a breakout somewhat more likely.
If the price is rejected at the resistance line of the channel, it may fall back to the middle line. However, if there is a break above the resistance line, it could see an increase to $15.
MultiversX (EGLD)
The price of the popular altcoin MultiversX (EGLD) has dropped below a descending resistance line since February 13. More recently, EGLD conducted a breakout attempt on April 27. However, this failed and the price formed a long upper wick. This is a bearish signal because it means that buyers are unable to sustain the price. Rather, sellers took over and pushed it down.
If a breakout occurs, EGLD could rise as high as $50. However, if the line causes another rejection, there will be a drop in the cards to $38.
WOO Network (WOO)
Woo Network completes the list of altcoins that have been on the rise this week. Similar to INJ, WOO price is also trading inside an ascending parallel channel since the beginning of the year. The price was rejected by the resistance line of the channel on April 15 and has since fallen. However, WOO bounced off the $0.26 horizontal support area (green icon) on April 24 and started an upward move.
If the increase continues, WOO could reach the resistance line of the channel at $0.36. However, if the rally loses momentum, the WOO could drop back to the $0.26 region.
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