BeInCrypto looks at five altcoins that increased the most from the entire crypto market this week, specifically from Jan. 27 to Feb. 3.
These popular altcoins have stolen the crypto news and cryptocurrency market spotlight:
- dYdX (DYDX) price increased by 40.88%
- Mina (MINA) price increased by 30.36%
- Optimism (OP) price 32.03%
- Loopring (LRC) price increased by 30.45%
- Convex Finance (CVX) price increased by 20.89%
dYdX Price Leads Altcoin Gainers
DYDX was the top altcoin gainer last week. The DYDX price has increased rapidly since the beginning of the year. On Jan. 30, the price broke out from the $2.50 resistance area and reached a high of $3.67 two days later. However, it created a long upper wick and a bearish close (red circle), signs of selling pressure.
If a downward movement begins, the DYDX price could test the $2.50 support area once more. On the other hand, if the increase continues, the price could move to $4.40.
Mina Struggles to Move Above Resistance
The MINA price broke out from a descending resistance line on Jan. 25 and validated it as support two days later (green icon). Afterward, it began the current upward movement, leading to a high of $0.97 on Feb. 1.
The high validated the $0.97 area as resistance and created a long upper wick (red icon).
If the downward movement continues, the closest support area would be at $0.77. On the other hand, an upward trend could lead the digital currency to a high of $1.15.
Optimism Reaches New All-Time High
The OP price has increased at an accelerated rate since the beginning of the year. On Jan. 21, it broke out from the $2 resistance area. Afterward, it returned to validate it as support three days later (green icon).
The OP price reached a new all-time high of $3.13 on Feb. 2. The high was very close to the 1.61 external Fib retracement resistance of $3.23. A breakout above it could accelerate the rate of increase toward the 2.61 Fib extension at $4.83.
On the other hand, a rejection from the area could lead to a fall toward $2.
Loopring Altcoin Clears Resistance
After three unsuccessful attempts (red icons), the LRC price broke out from a descending resistance line on Jan. 24. It reached a high of $0.45 on Feb. 2. The upward movement also caused a breakout from the $0.34 horizontal resistance area.
In case the upward movement continues, the next resistance would be at $0.50. However, if the upward movement loses momentum, altcoin could fall to the $0.34 area.
Convex Increased by 100% in Jan
The CVX price doubled in Jan. On Jan. 14, it broke out from a descending resistance line, leading to a high of $7.26 on Feb. 2. The upward movement also caused a reclaim of the $5.90 resistance area. In case the upward movement loses steam, the $5.90 area would be expected to provide support.
On the other hand, the next resistance would be at $7.80 if the upward movement continues.
For BeInCrypto’s latest crypto market analysis, click here.
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